As President Joe Biden’s term draws to a close, the persistent challenge of inflation looms large over his administration, highlighting the inadequacies of his “Bidenomics.” Despite efforts to paint an optimistic picture of the economy, Biden’s approval ratings reflect widespread dissatisfaction among Americans. Around 39.1% approve of his performance, according to recent polls, but his economic policies face even greater dismal ratings, with about 60% of respondents disapproving of his handling of the economy.
The disconnect between Biden’s economic narratives and the experiences of everyday Americans was acutely reflected in the exit polls from the latest election. An overwhelming 68% of voters described the economy as “not so good” or “poor” compared to a meager 5% who deemed it “excellent.” Among those dissatisfied with the economic situation, Donald Trump garnered a substantial portion of the vote, winning 70% of those rating the economy poorly, and 81% of voters who prioritized economic issues trusted him more than Biden.
Biden’s attempts to champion his economic initiatives, including a push towards “middle-out and bottom-up” growth, have largely failed to resonate beyond his partisan base. His speeches, often criticized for lacking clarity and conviction, failed to address the real concerns of voters grappling with high living costs and stagnant wages. While Biden emphasized legislation like the American Rescue Plan as a panacea for economic woes, many argue that such measures led to inflationary pressures unseen in over four decades.
The administration’s initial dismissal of inflation as “transitory” further alienated many Americans facing rising costs for essential goods. While unemployment rates decreased and wages saw some upward movement, prices for everyday necessities remained stubbornly high, eroding the earnings of working- and middle-class families. This juxtaposition of falling unemployment and persistent inflation paints a stark picture of an unforgotten economic past, one characterized by low inflation and strong job growth during the Trump administration.
Biden’s farewell speech at the Brookings Institution attempted to juxtapose the perceived achievements of his tenure with the perceived shortcomings of his predecessor, Donald Trump. However, the reality remains that a significant portion of the electorate views the economic legacy of the Trump administration more favorably, seeing it as a period of prosperity with manageable inflation.
With the baton ready to be passed back to Trump, the discourse underscores the failure of Biden’s economic strategy to connect with the American populace. As he leaves office, Biden challenges Trump to dismantle his economic policies, yet a plurality of voters appears eager to return to policies they trust more. This marks a poignant denouement to Biden’s presidency, encapsulated in a saying that perhaps sums up his tenure: from bottom-up and middle-out, to over and out.
