Headline RoundupMay 22nd, 2024

A Confusing Economy: Stocks Soar, But Americans' Outlook Remains Bleak

Summary from the AllSides News Team

Voices across the political spectrum are divided on the state of the American economy. How is the economy performing, and how is that performance impacting President Joe Biden’s chances of winning reelection? 

From the Left: A writer in The Atlantic (Left bias) determined Biden is “losing his reelection campaign” despite “presiding over the strongest economy the United States has ever experienced.” Despite pay increases, low unemployment, and cooling inflation, Biden is trailing former President Donald Trump in swing-state polls. The writer concluded that the main economic indicators “fail to account for some cloudier elements,” stating, “Americans remain stressed by, and ticked off about, high interest rates and high prices.” Pointing to media outlets highlighting negative economic factors, partisan bias influencing perception, and the lingering impact of inflation, the writer concluded, “A strong economy did not save Trump from becoming a one-term president. It might not save Biden either.”

From the Right: A writer in the Washington Examiner (Lean Right bias) pushed back on claims that negative media coverage or Americans’ ignorance is slanting economic perceptions, stating, “When prices suddenly jump up by magnitudes entirely outside your experience … and when they show no sign of falling back to familiar levels, you may be inclined to blame a national administration, particularly one that boasted of injecting vast sums into an economy that had high savings rates during the pandemic.” The writer concluded, “a spell of persistent inflation leaves them feeling they’re falling behind. No wonder ‘Bidenomics’ is a hard sell.”

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