https://nytimes.com/business/economy/economic-confidence-biden
Low approval ratings and rock-bottom consumer confidence figures have dogged President Biden for months now, a worrying sign for the White House as the country enters a presidential election year. But recent data suggests the tide is beginning to turn.
Americans are feeling more confident about the economy than they have in years, by some measures. They increasingly expect inflation to continue its descent, preliminary data indicates, and they think interest rates will soon moderate.
Returning optimism, if it persists, could bolster Mr. Biden’s chances as he pushes for re-election — and spell trouble for former President Donald J. Trump, who is the front-runner for the Republican nomination and has been blasting the Democratic incumbent’s economic record.
But political scientists, consumer sentiment experts and economists alike said it was too early for Democrats to take a victory lap around the latest economic data and confidence figures. Plenty of economic risks remain that could derail the apparent progress. In fact, models that try to predict election outcomes based on economic data currently point to a tossup come November.
@TradeTariffPenguinDemocrat4mos4MO
Ft Lauderdale here, the restaurants and bars are packed, hotels are full, stock market is booming, gas prices are on their way down (I filled up just today at $2.81 per gallon, COSTCO even cheaper) and I know this isn't everywhere but was the same when we visited family up in metro Boston, and DC area over the holidays. I can only hope that this is happening all over the country by the time the November election happens.
@GuiltyC4pitalistRepublican4mos4MO
No one I know feels better about the economy with food prices anywhere from 100-200% higher than they were a couple years ago.
@TradeTariffPenguinDemocrat4mos4MO
100-200%? Give me a break. A lot of things that went up have come back down. I track our family grocery spending in an app and have done for years, our monthly food bill is LOWER of the course of the last year by a lot. I'm spending at least 25% LESS on groceries now than I did in 2022.
@FitzGibbonRepublican 4mos4MO
I feel ya. Everyday prices have decreased but what hasn't is the housing market. Which puts a financial burden on many in the middle to lower class. With first home buyers and young families struggling.
@SoulfulMareDemocrat4mos4MO
I just looked up the Consumer Price Index for "Food in U.S. City Average" at FRED, and the increase since 2020 is only 25%, which agrees pretty well with my own anecdotal experience. To see an increase of 100%, you'd have to go all the way back to 1999. And for 200% increase, you have to go to 1986.
The inflation spike is never going away now. Prices haven’t gone done, the rate of price increase just slowed.
@GenerousPe0plesPartyGreen4mos4MO
Corporate profits through the roof.
Wages stagnated for decades.
Home ownership is nil.
Equity in the stock market is tilted towards the top 10%.
No universal health care, with outrageous costs abound.
Many are working two or more jobs just to afford the basics.
I'll feel better next year, right?
@ISIDEWITH4mos4MO
@InnocentLibertyRepublican4mos4MO
“Americans finally feel better about the economy.”
Isn’t this formulated by surveys?
Who responds to surveys?
I think that it’s almost no one.
@AmbitiousNegotiationPatriot4mos4MO
Wrong. Americans not blind by the corrupt know exactly how the economy is and we are not feeling good about it at all.
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