In a recent survey, the majority of Americans expressed doubt in President Joe Biden’s economic data, despite positive reports from his own statisticians. This raises the question: why are Americans so down on the economy when Biden’s team insists he is doing a fine job?
The Wall Street Journal (WSJ) recently published a lengthy essay delving into this very question. The WSJ is known for its support of Biden, so this article could be seen as almost an apology. The piece begins by highlighting that Americans are spending briskly and that inflation has come down from its high levels under Biden’s administration. Additionally, the GDP has shown solid growth at 3.1 percent for the year. Furthermore, official unemployment has remained below 4 percent for an impressive 24 months, the longest stretch since the 1960s.
Despite these positive indicators, opinion surveys reveal that the majority of Americans believe Biden is doing a poor job. Only one in seven Americans feel that they are better off since Biden took office. In fact, Biden currently holds the worst approval ratings for a third-year president in history, surpassing even Jimmy Carter’s dismal ratings.
The WSJ offers several theories to explain this disconnect between economic data and public sentiment. One theory suggests that a college degree is no longer a guaranteed ticket to the middle class, which could contribute to dissatisfaction with the economy. The article also mentions the ongoing wars and uninspiring leadership as potential factors. Additionally, the government is widely seen as dysfunctional, with issues at the border and crime-ravaged urban areas being prime examples.
However, the WSJ fails to mention a crucial factor contributing to Americans’ skepticism: the validity of the economic data itself. While not claiming that the numbers are fabricated, the article argues that they are cherry-picked and fail to consider important aspects of Biden’s economy.
One example is unemployment. While the official rate stands at an impressive 3.7 percent, this figure only accounts for individuals actively seeking work. It fails to include those who have dropped out of the workforce or left due to the economic impact of the COVID-19 pandemic. When considering these individuals, the real unemployment rate is closer to 7 percent, comparable to the pre-2008 financial crisis levels.
Another area of concern is GDP growth. While the numbers appear impressive, they are largely driven by federal deficits and soaring social spending. These factors, although contributing to GDP growth, are ultimately unsustainable and do not lead to long-term prosperity. Without these artificial stimuli, the economy would remain stagnant.
Consumer spending is also a cause for concern. Despite high levels of personal debt and rising defaults, consumer spending remains fueled by borrowing rather than genuine optimism for the future.
Finally, inflation poses a significant problem. While there have been temporary decreases in certain sectors, underlying inflation remains significantly above the Federal Reserve’s target. This suggests that the “Everything is Fine” narrative is built on lies and carefully crafted statistics designed to hide the true state of the economy.
Americans are not blind to these discrepancies. They can see with their own eyes that the economic narrative presented to them is false. The mainstream media is slowly starting to acknowledge this possibility, recognizing that Americans may have valid concerns about the state of the economy. However, there is still a long way to go until media fully grasps the extent to which it has been deceived by a regime that prioritizes its own interests over serving the people.
In conclusion, while Biden’s statisticians may present positive economic data, the majority of Americans remain skeptical. They see beyond the carefully crafted statistics and understand that the “Everything is Fine” narrative is built on lies. Until genuine economic progress is made and the concerns of everyday Americans are addressed, public sentiment towards Biden’s economic policies will likely remain negative.
