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.”
Featured Coverage of this Story
From the Left
The Worst Best Economy Ever![AllSides Media Bias Rating: Left AllSides Media Bias Rating: Left](https://www.allsides.com/sites/default/files/bias-left.png)
![](https://www.allsides.com/sites/default/files/styles/feature_image_300x200/public/original_209.jpg?itok=akz-A7MA)
Joe Biden is, at the moment, losing his reelection campaign. And he is doing so while presiding over the strongest economy the United States has ever experienced.
The jobless rate is below 4 percent, as it has been for nearly two and a half years. Wage growth is moderating, but it is higher than it was at any point during the Obama administration; overall, Biden has overseen stronger pay increases than any president since Richard Nixon. Inflation has cooled off considerably, meaning that consumers’ purchasing power is strong.
Yet Biden’s...
From the Center
S&P 500 on track for strongest first 100 trading days in election year ever![AllSides Media Bias Rating: Center AllSides Media Bias Rating: Center](https://www.allsides.com/sites/default/files/bias-center.png)
![](https://www.allsides.com/sites/default/files/styles/feature_image_300x200/public/market.jpeg?itok=icR5GYt9)
It would apparently be a surprise to nearly half of American adults, but one of the U.S. stock market’s major benchmarks is on track to post its strongest 100-day start to an election year on record.
With Thursday marking the 100th trading day of 2024, the S&P 500 SPX is up 11.6% so far this year — its best first-100-day performance since 2021, when it rose 11.7% over the same stretch, according to Dow Jones Market Data.
From the Right
Biden not fooling voters on economy![AllSides Media Bias Rating: Lean Right AllSides Media Bias Rating: Lean Right](https://www.allsides.com/sites/default/files/bias-leaning-right.png)
If you want to explain to a puzzled left-leaning writer like the Atlantic’s Annie Lowrey why most voters this year rate the economy during Donald Trump’s presidency more favorably than that during President Joe Biden’s, you might start with a pair of simple charts.
Lowrey said the Biden years have seen “the strongest economy the United States has ever experienced.” She cited an unemployment rate below 4%, wage growth higher “than at any point during the Obama presidency,” and “stronger pay increases” than any in the last 50 years. Inflation,...
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