Biden and GOP clash over economy definition.

The Mixed Messages of Bidenomics

Democrats and Republicans are both talking about‍ Bidenomics. The White House began promoting the term, which it⁣ insists the press ⁢created, to make ‌its case that the economy is strong and growing under President Joe Biden. But⁤ the GOP uses a different⁢ definition.

“For most Americans, ‘Bidenomics’ ⁢means higher inflation​ and ⁢tax ⁣hikes — ⁢and they are not wrong,”‍ Republican ‌National Committee spokesman⁢ Jake Schneider said. “Since Biden took office, prices have skyrocketed by 16.6% and real ‌wages have plummeted by three percent.”

There are plenty of​ numbers the⁣ Biden administration can point to​ that signal a⁢ healthy economy. Gross ​domestic product is up,⁣ inflation‍ is elevated but falling, and unemployment is below 4%.

But there’s a contradiction⁢ that may explain‌ why Team Biden⁤ is focusing so much energy on economic messaging.

Polls ‍consistently show⁣ that voters‍ do not feel so hot about the way things are going. A recent CBS-YouGov‌ survey, for example, found that 70% of respondents felt their⁤ income was not keeping up‌ with inflation.

Just 13% said ⁣they’re getting ahead financially, and ⁣the four most commonly used words to describe the economy ​were “struggling,” “uncertain,” “unfair,” and⁢ “punishing.”

Biden is pushing to change perceptions, ‍saying his plans beat ‌”trickle-down” Republican policies while plugging increased infrastructure spending and the ways his government will build the middle class.

The White House is ⁣hoping to‌ align ⁢public perception with the improving economic statistics, argues progressive economist David ‍Madland.

“I ‍see this as⁢ kind of a lag, and my expectation ⁢is that as the economy continues on its current trajectory, the public’s​ mood will start to improve,” Madland, a⁢ senior fellow at the Center​ for American Progress, said. “Over time, people’s perceptions of the economy will more closely ⁣match⁣ the reality.”

There’s plenty of ground to make up. Biden’s economic approval rating ⁣is just 38.3%, ‍4 points below his overall ‌rating.

GOPers are working to craft their ​own economic messaging ‍to take advantage of voter misgivings. ⁢On Monday ⁢in New Hampshire, Gov. Ron DeSantis (R-FL) unveiled ⁣his Declaration of Economic Independence plan.

The 10-point plan, DeSantis says, “will reverse the decline⁤ of our nation’s struggling economy and fight for the middle class‌ by taking on the elites, DC bureaucrats, and Communist ⁤China.”

It includes a mix of traditional Republican talking points⁢ about ⁤cutting‌ government spending ⁣and waste with more populist ideas about ⁤creating an “industrial revival” and making the United States a top destination for skilled trades.

DeSantis ‌and ​other 2024 hopefuls will continue hitting ‌Biden over his economy. The question is‍ who voters believe ‌and⁤ how they‍ feel about the state ‌of things next fall.

The​ risk⁤ for Biden is that even if measures continue to⁤ improve, talking up ‍an improving ​situation could backfire if ​voters don’t​ agree. A‍ recession that ran from the⁢ summer of ‌1990 to early‌ 1991⁢ is widely⁤ believed to have helped ​Bill Clinton oust George H.W. Bush in 1992, even though it was long over by⁤ Election Day.

“The state of the economy is among the⁢ most important things ​for an incumbent’s reelection,” Madland ⁤said. “Biden feels like⁣ he has a strong record to run on.”

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But American Action Forum President Douglas Holtz-Eakin argues that Biden has a long way ‌to go to convince an electorate that still remembers what prices were in 2019 and 2020.

“The economy has hung in there better than ⁢expected, but better than a recession is not ‍the same as improving,” he said. ⁣”[Democrats are] doing a‌ lot of fiscal⁣ stimulus to try to make this‌ look good, but the flip side is you don’t⁣ get diminished inflation. That’s the risk they’re going to ​run — they’ll end up ⁢with a public that’s really⁤ upset⁣ because everyone⁣ hates high inflation.”