President Biden's record and accomplishments have been overshadowed by voter perception and media coverage, according to an analysis by Heather Cox Richardson in the Milwaukee Independent [78ecc5fe]. Despite the positive economic indicators under Biden, many Americans believe the economy is poor [78ecc5fe]. However, the economy has actually reached record highs, with all three major stock indexes reaching new peaks on May 15 [78ecc5fe]. This surge in the stock market was driven by the cooling of inflation, which has benefited American households [78ecc5fe]. The Congressional Budget Office has reported that goods and services consumed by American households in 2019 were cheaper in 2023 due to income growth outpacing prices [78ecc5fe]. Additionally, the unemployment rate has remained below 4% for a record 27 months, and over 15 million jobs have been created since Biden took office [78ecc5fe].
Despite these positive economic indicators, a poll found that 78% of Pennsylvania voters considered the economy to be 'fair' or 'poor,' with 54% trusting Trump more than Biden to handle the economy [78ecc5fe]. This highlights the impact of media coverage on shaping public perception. The article draws parallels to historical events such as the Teapot Dome scandal and the economic recovery under Grover Cleveland to emphasize the significance of media portrayals and their impact on public opinion [78ecc5fe].
The article also highlights the lack of coverage by national television news of a story about Trump promising to remove climate change regulations in exchange for campaign donations from oil executives [78ecc5fe]. This further underscores the influence of media coverage on public perception and the need for responsible journalism to provide a comprehensive view of political leaders' actions and achievements [78ecc5fe].
In a recent opinion piece by Paul Krugman in The New York Times, he discusses the question of whether President Biden should downplay his own economic success [c28f5e30]. Krugman acknowledges the remarkable performance of America's economy over the past two years, with strong economic growth, rising stocks, low inflation, and low unemployment [c28f5e30]. However, there is a lingering conventional wisdom that suggests Biden should not boast about his economic record and should instead acknowledge the economic challenges faced by everyday Americans [c28f5e30]. Krugman disagrees with this view, arguing that denying the positive economic news would be a mistake [c28f5e30]. He emphasizes that most Americans' negative views about the economy are not reflective of their actual lived experience [c28f5e30]. Krugman concludes by stating that it is important for the Biden administration to carefully communicate the positive economic news without excessive boasting [c28f5e30].
Illinois State Treasurer Michael Frerichs published a news release touting a record $130 million in earnings for the state's investment portfolio during May [8978b67a]. However, the record gain came during a phenomenal run for U.S. financial markets, which have become the envy of the world, based on factors unrelated to Frerichs [8978b67a]. U.S. stocks and bonds have performed well due to a resilient economy, strong corporate earnings, moderating interest rates, soaring home values, and a boom in artificial intelligence and the green economy [8978b67a]. Frerichs and other investors should remember that markets always come back to earth eventually [8978b67a]. In a debate, Trump took credit for the strong stock market under Biden's presidency, while Biden emphasized that he doesn't judge the economy based on the stock market [8978b67a]. However, Biden has recently acknowledged the stock market's record gains under his watch [8978b67a]. Frerichs, who has taken credit for investment earnings and reforms, should be prepared to take the blame if the market sours [8978b67a]. The article highlights that market performance is influenced by various factors and that politicians and investors should exercise caution in taking credit for market booms [8978b67a].
The economic records of President Joe Biden and former President Donald Trump are difficult to interpret due to the impact of the pandemic and inflation [c40d56dc]. The pandemic and Russian war were to blame for inflation, not Biden [c40d56dc]. The pandemic also scrambled job numbers, so Biden cannot be solely blamed for job losses [c40d56dc]. Comparing the two presidents' economic records is challenging as the shocks are still working their way through the system [c40d56dc]. The economy has not settled into a steady-state equilibrium yet [c40d56dc]. Presidential elections have become more complex and are no longer solely determined by economic factors [c40d56dc]. Metrics that were once reliable indicators, such as labor participation rates for women, may no longer be effective [c40d56dc]. The S&P 500 may be performing well, but for the average person, the price of everyday items like eggs and gas is more important [c40d56dc]. Economic data only means so much to the average person [c40d56dc].
In a recent interview with Fox Business, Rep. Andy Biggs, R-Ariz., discussed new criticisms over President Biden's handling of the U.S. economy [e7a1a676]. Biggs emphasized the impact of the economy on voters' perceptions of a president's success [e7a1a676]. He highlighted the importance of economic indicators and how they shape public opinion [e7a1a676]. Biggs also mentioned the need for responsible economic policies that benefit everyday Americans and address their concerns [e7a1a676]. The interview adds to the discussion on the influence of the economy on voters' perceptions and the challenges in interpreting presidents' economic records [e7a1a676].
Leaders around the world are facing a reckoning as voters hold them accountable for broken promises and unfulfilled expectations, according to an article in The Spectator by Kate Andrews [62872c3a]. Rishi Sunak, Joe Biden, Emmanuel Macron, and Justin Trudeau are among the leaders whose popularity has plummeted due to their handling of the pandemic and the resulting economic consequences [62872c3a]. The public's acceptance of endless spending and government support during the pandemic has given way to concerns about inflation and the high cost of living [62872c3a]. Voters are demanding that politicians acknowledge the trade-offs and be transparent about the challenges facing their countries [62872c3a]. Immigration has also become a focal point in elections, with politicians making unrealistic promises and failing to deliver [62872c3a]. The public is increasingly disillusioned with politicians who overpromise and underdeliver, and polling day has become a day of payback for voters [62872c3a].
In conclusion, the strong economy under President Biden has been overshadowed by voter perception and media coverage. Despite reaching record highs and creating millions of jobs, many Americans still believe the economy is poor. The article emphasizes the importance of media coverage in shaping public perception and calls for responsible journalism that provides a comprehensive view of political leaders' actions and achievements. The opinion piece by Paul Krugman adds to the discussion by highlighting the question of whether Biden should downplay his economic success and argues against denying the positive economic news. The economic records of Biden and Trump are challenging to interpret due to the impact of the pandemic and inflation, and metrics that were once reliable indicators may no longer be effective in assessing the economy [c40d56dc]. Politicians and investors should exercise caution in taking credit for market booms, as market performance is influenced by various factors [8978b67a]. The interview with Rep. Andy Biggs further emphasizes the impact of the economy on voters' perceptions of a president's success and the importance of responsible economic policies [e7a1a676]. The article in The Spectator highlights the growing voter accountability and the consequences faced by leaders who fail to deliver on promises and address the challenges of their countries [62872c3a].