Steve Moore, a noted conservative economist, recently provided some pointed commentary on President Biden’s efforts to put the blame of his dwindled approval ratings in the economic sphere on media’s portrayal of the situation. Moore went as far as to deem it ‘almost laughable’, his argument resting on the heavy impacts of inflation seen under Biden’s administration.
As per the reports from Fox News, President Biden seemed to call out the press on their approach to economic coverage during a press announcement. He urged them to ‘report it the right way’, a comment targeted towards how he felt the economic state was being put forward to the public.
The evaluation of the situation by Moore, currently chairing the Committee to Unleash Prosperity, was voiced during a chat with David Asman, a guest host on ‘Kudlow’. Expressing bemusement, Moore argued, ‘The president’s contention that he’s not receiving favorable press treatment is almost amusing.’
Drawn from his experience working as part of the Trump administration, Moore questioned the comparison between media coverage then and now. He quizzed Asman, ‘When I was part of the Trump team, did we ever receive the kind of adoring press coverage Biden seems to enjoy?’
Backed up by recent polling data, President Biden’s approval rating concerning the economy has slipped to a low 37.2%, in stark contrast to a hefty 59.7% disapproval rate. This information is aggregated from a range of polls taken from the start of November to mid-December, as compiled by RealClearPolitics.
Despite the challenging situation, some might argue we are in a better position now than we were a year ago when inflation hovered around 9%. A point highlighted by Asman, albeit with a crucial caveat. ‘However,’ he adds, ‘real personal income is still lagging compared to when Biden assumed office.’
Not to discount another distressing statistic, Asman pointed out the surging personal debt issue. The everyday American is seemingly not bearing the brunt with credit card receipts and significantly higher mortgage payments. ‘You now fork out almost double the amount compared to Trump’s departure from office’, he observes.
Capitalizing on the conversation about inflation, it’s essential to focus on the Consumer Price Index’s trajectory. We saw a 3.1% climb in November, following a 3.2% hike in October. It hints at the persistency of inflationary pressures in the current economic landscape.
Making matters bleaker, an alarming 17.2% inflation increase has been charted since Biden started his presidency in January 2021. A statistic that raises valid concerns about the economic strategies of the current administration and its impact on everyday Americans.
Again coming back to Moore’s perspective, he calls out what he perceives as the President repeatedly misinterpreting the situation. ‘He maintains that prices are declining,’ Moore points to Asman. ‘In reality, only the rate of increase has lessened. Yet, we’re shouldering costs that are 20% higher than when Trump exited office.’
Alongside approval ratings for economic performance, Biden’s handling of the inflation issue is also coming under a scrutinous lens. More Americans appear to be expressing their dissent, as the data from RealClearPolitics suggests.
A substantial 32.4% approve of how Biden is managing the inflationary pressures. On the other hand, a noticeably larger 64.4% disapprove. These figures signify a significant divide in public opinion and raise questions about the government’s economic policy effectiveness.
On a broader note, shifts in public sentiment and the evident economic issues will likely play a role in the political landscape. Economic discontentment might increasingly become a focal point in the political discourse, shaping the narrative of the Biden administration moving forward.
In conclusion, public opinion and approval ratings reflect the perceived effectiveness of an administration. The current climate suggests a critical evaluation of President Biden’s economic policies is necessary, and perhaps, lessons can be drawn from past success and critique for a more prosperous future.