President Joe Biden's official Twitter handle is invariably flooded with tweets that highlight his administration's achievements on the economic front.
Biden's Trumpeting: As recently as Tuesday, a tweet from the president's @POTUS handle showed a graphic of job growth in the first four years of various presidents, beginning with former President Ronald Reagan.
"My Administration has created more jobs in two years than any previous administration has created in the first four years," he said in the tweet.
"It's no accident. It means our economic plan is working and this is only the beginning."
Biden officially announced his nomination for the Democratic presidential primary in late April, with Vice President Kamala Harris his running mate for a second time.
Public Not Impressed? What Biden is striving to project as the brightest spot of his tenure has not been perceived as positive by the voting public, according to polls, Fortune reported.
Only 33% of the respondents approved of Biden's leadership on the economic front, the results of a survey by AP-NORC Center for Public Affairs showed.
The president has in the past blamed the Ukraine war and the pandemic for the galloping inflation and sky-high cost of living, the Fortune report said. His approval ratings went for a toss in the summer of 2022 when inflation spiked to a 40-year high.
Source: FiveThirtyEight.com
Biden is scheduled to speak Wednesday in Chicago and he is expected to reassure people that the U.S. economy is heading in the right direction under his leadership and may not be drifting toward a recession, the report said. The White House has come to believe that public messaging about "Bidenomics" will cut ice with Democratic voters going into 2024, it added.’
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What Data Suggests: Through the current monetary policy tightening cycle, the economy has remained resilient. Although there have been concerns about pockets of the economy, overall growth held up fairly well.
The job market has shown surprising resilience. The May non-farm payrolls report showed that the U.S. economy added 339,000 jobs and the unemployment rate, though rising 0.3 percentage points, was still at a low 3.7% level.
Economic researcher Eric Basmajian, however, said the labor market is decelerating "with a growth rate that is just on the cusp of turning negative," citing the coincident employment index.
Consumer prices remained hot for much of Biden's tenure and continue to stay above the Fed's target. This is the primary reason for the central bank not relenting and staying on course.
Analysts, including Ark Invest's Cathie Wood, have been vocal about the Fed's intransigence and its lack of a forward-thinking approach. The cumulative impact of rate hikes will begin to manifest slowly through the economy and push it into a recession, they argue.
GOP Rivals Drum Up Flaws: Biden's bitterest rivals on the opposite end of the political spectrum have not missed even a single opportunity to find flaws with the president's handling of the economy.
As was evident in the bickering over the budget deal, which was finally clinched, Republicans have blamed Biden for his extravagant spending. This has pushed up the budgetary deficit, they say.
Biden has also been criticized for his focus on alternative energy and giving stepmotherly treatment to the nation's oil industry.
GOP candidate and Florida Governor Ron DeSantis said, "Biden is deliberately trying to kneecap our energy production and he's trying to force Americans into electric vehicles, which will make us more reliant on China, who provides most of the materials for the batteries."
The results of the Morning Consult poll released Tuesday Donald Trump leading Biden by 3 percentage points in a hypothetical general election matchup. This is despite the plethora of legal issues the Republican presidential primary candidate is grappling with.
Read Next: Biden’s $42B Internet Initiative: Which Among 19 States Receiving Over $1B Gets The Most?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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