As of December 18, 2024, President Joe Biden's re-election campaign is grappling with a challenging economic landscape, where a staggering 70% of U.S. adults now rate the economy as poor, a significant increase from 60% in October. This negative sentiment is predominantly driven by self-identified Democrats, with only 50% viewing the economy positively, down from 60% just two months prior. A recent poll conducted by The Associated Press-NORC Center for Public Affairs Research from December 5-9, 2024, highlights this trend, showing that 33% of Americans are extremely or very concerned about affording groceries. [242004f3]
Despite the administration's claims of substantial progress, including record job growth and a decrease in the unemployment rate to 4.2%, public perception remains grim. The AP-NORC poll indicates that 51% of Americans believe the economy is heading in the wrong direction, reflecting ongoing concerns about inflation and the high costs of living. [242004f3]
In a speech at the Brookings Institution, Biden defended his economic legacy, highlighting achievements such as the addition of 254,000 jobs in September 2024. However, these accomplishments are overshadowed by persistent inflation, which, although decreased since its peak in 2022, still affects many households, particularly those earning $50,000 or less. Concerns about affording groceries and holiday expenses are prevalent among this demographic. [242004f3]
In contrast, Republican sentiment appears more optimistic, with only 16% currently viewing the economy positively, but a notable 70% expecting improvement in 2025, particularly if Trump returns to the White House. Following Trump's victory, Republicans have shown greater optimism about the U.S. economy compared to Democrats. This shift in sentiment is notable, as the poll reveals a significant change among Democrats post-election, with around 60% citing the economy as their top concern. [242004f3]
Biden acknowledged the challenges his administration faces in effectively communicating its economic vision, particularly in light of contrasting pandemic relief measures introduced by Trump. In response to ongoing public concerns, the White House has launched a new website aimed at promoting the 'Biden Economy' and its achievements. [242004f3]
Despite positive indicators such as solid GDP performance and major infrastructure investments, 47% of Americans believe that 'Bidenomics' has negatively impacted the economy. This perception complicates Biden's messaging as he seeks to connect with voters ahead of the November election. [242004f3]
A new poll from the Martins Ferry Times Leader, also conducted by The Associated Press-NORC Center, reinforces these findings, indicating that concerns about affordability, particularly among those earning $50,000 or less, are high. Trump's potential policies, including tariffs and tax cuts, are anticipated to influence economic expectations, but uncertainty remains regarding their actual impact. [242004f3]
As the election approaches, Biden's administration continues to emphasize its economic achievements, but the persistent negative sentiment poses a significant hurdle in securing voter support. Experts suggest that the lingering effects of the pandemic and the influence of social media may distort public perceptions, further complicating Biden's efforts to rally support. [242004f3]
In addition, Trump's plans to renew tax cuts and impose tariffs may further influence economic expectations among voters, particularly as Republicans express confidence in economic recovery under his leadership. [242004f3]
Overall, the economic outlook for 2024 remains grim for many Americans, with a notable divide in perceptions based on political affiliation, as Republicans express optimism for the year ahead while Democrats grapple with economic concerns. [af86ab29]