No wonder Americans are so gloomy. A new Yahoo Finance-Ipsos poll shows many think a super-strong job market is historically weak.
President Biden faces two economic challenges as he campaigns for reelection next year. The first is getting inflation down and helping Americans regain some of the purchasing power they’ve lost since prices began shooting up in 2021. That will probably happen slowly as inflation continues the downward trend that’s been in place since last year, assuming wages hold up.
They’re off the mark, however, on the strength of the job market and the broader performance of the US economy. Employers have created 14 million new jobs since Biden took office, the strongest job growth under any president, ever. Yet Americans think the job market is only so-so, with 48% saying job growth has been about average and 31% saying it’s unusually weak. Only 20% say it’s unusually strong, which is what the employment data actually shows.
Yet when we asked how the US economy is doing compared with other developed nations, only 21% said it was doing better. Forty percent said it was doing about the same and 38% said it was doing worse. Maybe, but the Yahoo Finance-Ipsos poll suggests many Americans don’t even know the basic facts about the state of the US economy. Biden must feel that he’s certainly not to blame for that, given that he gives speeches all the time talking up the job market and the quick US recovery from COVID. If people are listening to Biden, they don’t seem to believe him. And if they’re not even listening to Biden, well, maybe that’s the first problem he needs to address.
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