President Biden insists that the U.S. economy is thriving under his leadership, brushing aside concerns about rising inflation, weak economic growth, and low consumer confidence.
President Biden has asserted that he has the strongest record of any president when it comes to handling inflation and creating jobs. In a recent CNN interview, Biden dismissed polls showing that voters disapprove of his handling of the economy and trust former President Trump more on the issue.
"We've already turned it around," Biden insisted when asked about low consumer confidence about the economy, including rising housing costs and declining real income.
Biden cited a survey indicating that Americans believe their personal finances are in good shape, despite concerns about the overall economy. He also criticized polling methodology, questioning the accuracy of CNN's polling data.
"The idea that we're in a situation where things are so bad, folks — I mean, we've created more jobs. We've made — we're in a situation where people have access to good-paying jobs," the president said.
While acknowledging that inflation is a concern, Biden maintained that his administration has made progress in lowering the rate, which stood at 9% when he took office. He pointed to the creation of jobs and the reduction of junk fees as evidence of his economic policies' effectiveness.
Biden also defended his handling of the GDP, which fell short of expectations last week. He pointed to "the response of the market" as an indication that the economy is not in as dire straits as some suggest.
However, critics have argued that Biden's claims do not reflect the reality that many Americans are facing. They point to rising prices for basic goods and services, along with stagnant wages, as evidence that the economy is not working for everyone.
In a recent poll conducted by the Pew Research Center, only 33% of Americans approved of Biden's handling of the economy, while 67% disapproved. Additionally, a majority of respondents (56%) said that the economy is in "not so good" or "poor" condition.
Despite these concerns, Biden remains confident in his economic record, insisting that the United States has the strongest economy in the world. He has attributed the current economic challenges to global factors, such as the COVID-19 pandemic and the war in Ukraine, and has pledged to continue implementing policies that he believes will address these issues.
