Biden says the economy is great. The media, even WSJ articles, praise the economy. But polls show Biden is in trouble. What’s going on?
CPI data from the BLS via the St. Louis Fed, chart by Mish
Despite the Media whitewashing every bit of bad news about the president, and numerous reports in unexpected places about how great the economy is, President Biden blames the media for the US’s sour mood.
Biden Blames the Media
USA Today reports President Biden Blames the Media for American’s Negative Views of the Economy.
“We have the highest share of working-age Americans in the workforce in 20 years,” Biden said in remarks from the White House’s Roosevelt Room. “And it’s no accident. It’s Bidenomics.”
Yet polling shows Americans remain concerned about the economy primarily due to stubborn inflation, which although down significantly from a year ago, remains above pre-pandemic levels.
Biden, asked by a reporter why many Americans still don’t feel good about the economy despite progress on jobs, pointed to negative media coverage.
“You all are not the happiest people in the world – what you report,” Biden said. “And I mean it sincerely. You get more legs when you’re reporting something that’s negative. I don’t mean you’re picking me. It’s just the nature of things.“
“I think the 300,000-plus people who got jobs feel better about the economy,” Biden said. “The American people are smart as hell and know what their interests are. I think they know they’re better off financially than they were before. It’s a fact.“
What’s the Media Saying?
The Economist, April 13: America’s Economic Outperformance is a Marvel to Behold
CEPR, May 10: Joe Biden Has Given Us the Greatest Economy Ever
Inquirer, June 20: Spread the News: U.S. Economy is Strong Under Biden
Yahoo Finance, July 14: Americans Haven’t Felt this Good About the Economy in Almost Two Years
Bloomberg, August 7: The US Economy Is Great. Stop Worrying About It.
WSJ, September 2: Resilient U.S. Economy Defies Expectations
The Guardian, September 15: US Economy Going Strong Under Biden – Americans Don’t Believe It
WSJ October 18: The Economy Is Great. Why Do Americans Blame Biden?
Bloomberg, October 22: Biden’s Economy Is Great Everywhere Except in the Polls
Bloomberg, October 26: Yellen Says GDP Data Show US Economy Is ‘Doing Very Well’
WSJ November 1: The Economy Is Great. Why Are Americans in Such a Rotten Mood?
No one reads the Economist, CEPR, the Inquirer, the Wall Street Journal, Yahoo Finance, Bloomberg, or the Guardian.
Everyone get their news from Zerohedge and Mish. I cannot speak for ZH, but I offer an apology. I am clearly to blame for Biden’s poor polling.
Well, maybe not. Maybe Bidenomics is working for everyone who owns a house but not those struggling with rent and struggling to put food on the table.
And what about those who see $7,500 subsidies going to people can afford a new EV when they struggle buying gasoline.
The Unmistakable Message
People do not believe Bidenomics is working. Inflation is moderating, but prices are still going up.
CPI Rises More Than Expected as Rent Jumps Another 0.6 Percent
I repeat the core key theme for something like two years now. People keep telling me rents are falling, I keep doubting.
All these “rents are falling” projections have been based on the price of new leases, but existing leases, vastly more important, keep rising.
On October 12, I noted CPI Rises More Than Expected as Rent Jumps Another 0.6 Percent
Rent of primary residence, the cost that best equates to the rent people pay, jumped 0.6 percent. Rent of primary residence has gone up at least 0.4 percent for 26 consecutive months!
It is not the wealthy who make up the majority of renters. So rent alone is fueling the pain. Factor in food.
A rising stock market and home prices does not help those with no assets. And the poor have no assets.
Existing Home Sales Drop Another Two Percent to a 13-Year Low
Existing-home sales courtesy of the National Association of Realtors via the St. Louis Fed
On October 19, I reported Existing Home Sales Drop Another Two Percent to a 13-Year Low
Existing-home sales are at the lowest level since 2010, down 18 of the last 20 months.
Who can afford them among those who don’t own a home but want to? I believe that question is explains this poll result: Voters under 30 favor Mr. Biden by only a single percentage point.
Cramming EVs Down Everyone’s Throat
Renters with no place to charge a car and no means to afford one anyway are rightfully upset at Biden’s energy policies.
Even unions are upset at Biden for cramming EVs down everyone’s throats. The Unions understand that EVs will cost union jobs, and lots of them.
Wake Up Mr. President, Consumers Want Hybrids, Not EVs
On October 16, I commented Wake Up Mr. President, Consumers Want Hybrids, Not EVs
A better title would have been Wake Up Mr. President, Consumers Don’t Want EVs
While the President harps about how great things are, consumers don’t see it that away and I have been covering all the reasons why.
By the way, I just did a doublecheck of a stat I knew. Here it is, from CNBC: 60% of Americans are Still Living Paycheck to Paycheck.
On November 8, I reported Credit Card Delinquencies Surge as Consumer Debt Tops $17 Trillion
Clearly things would be so much better if we stopped this kind of news.
For discussion of the latest polls, please see Five Alarm Bell – Biden Trails Trump in Five of Six Battleground States
Mainstream media struggles to figure out why Biden is doing so poorly, but I have. Clearly this is my fault.