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Checks and Balance from The Economist
Checks and Balance: Growth states
Mar 15, 2024
Exploring the strong American economy under Biden, surprises in low inflation, labor market resilience, US economy benefits from legal migration, power dynamics between Federal Reserve and presidency, impact of high inflation on voter sentiment, complexities shaping Biden's approval rating beyond the economy
47:48
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Quick takeaways
- Despite America's strong economy, voters remain unconvinced about Joe Biden's economic policies.
- America's economic strength is attributed to factors like excess savings, federal deficit, diversified economy, labor force participation, and productivity growth.
Deep dives
Joe Biden's Hope for Re-Election Based on Strong Economy
Despite America's strong economy with a 3% growth in 2023 and a low unemployment rate below 4%, President Joe Biden is facing challenges as voters remain unconvinced about his economic policies. The soaring economy, back to pre-pandemic growth trend and outperforming other major countries, is not translating into support for Biden as expected. The economy's buoyant and resilient performance is attributed to strong demand-side factors, fiscal support, and a diversified economy, but voters seem hesitant to credit Biden for the positive economic indicators.
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