A poll by Bloomberg/Morning Consult reveals a surprising preference among Americans for former President Donald Trump over President Joe Biden concerning the economy, despite more robust economic growth under Biden's administration.
The poll indicates that 51% of respondents believe they were better off financially during Trump's presidency, despite the current administration overseeing the best job market since the 1960s and more robust economic growth than international peers.
What Happened: Despite the Biden administration's efforts to lead a "great American comeback," the Trump campaign argues that job losses during the pandemic should be discounted.
It promises to "reimplement his America First, pro-growth, pro-job agenda and uplift all Americans" if Trump is re-elected.
One key measure of living standards, real disposable personal income per capita, has improved under Biden, but only at about a quarter the pace set during the Trump years.
This is mainly due to Trump's more aggressive deficit-financed stimulus measures.
However, the Biden-era inflation has resulted in disposable income growth that's on track to be one of the worst of any post-World War II presidency.
The cumulative increase in consumer prices during Biden’s term is likely to be higher than that of any other president in the past 40 years.
Despite these challenges, the Biden administration can boast a jobless rate below 4% for more than two years, the longest stretch of such low unemployment in more than half a century.
Additionally, the U.S. economy has outpaced global peers under Biden as it recovered from COVID.
Why It Matters: These poll results from earlier surveys indicate a potential defeat for Trump in the upcoming 2024 presidential race.
A poll conducted by the University of North Florida showed Trump outpacing Biden by a slim margin of two points, indicating a tightening race.
However, another poll by Florida Atlantic University and Mainstreet Research suggested Biden led among likely voters with 44%, against Trump's 39%.
Bloomberg reported that Michael Binder, the faculty director of the Public Opinion Research lab at UNF, believes these mixed results point to a "very close race" in the forthcoming November elections.
Given the complex economic realities shaped by the COVID-19 pandemic, the judgment of the two presidents' performance will likely continue to be a significant factor in the upcoming election.
This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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