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

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? 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 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.It would apparently be a surprise to nearly half of American adults, but one of the U.S.

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. 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,...that highlights survey data on topics on which Americans largely agree. Its goal is to correct political misperceptions, highlight common ground, and help people feel calmer and more united.

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