Biden’s chances of re-election are better than they appear
The economy is providing a headwind at present. That could soon change
AMERICANS HAVE not been impressed by President Joe Biden’s handling of the economy. In fact, according to polling averages, nearly 60% disapprove of it. Meanwhile, Donald Trump’s ratings on economic matters are considerably better. The gap in perceptions augurs ill for Mr Biden’s chances of winning the presidential election in November, especially since voters rank the economy as the most important issue facing the country.
But the economy is itself improving fast. Inflation is falling, growth is strong, the stockmarket is booming and, if investors are right, the Federal Reserve will cut interest rates by a percentage point before voters go to the polls—an expectation that is reducing the cost of mortgages. Despite Mr Biden’s poor approval ratings when it comes to economic management, could the state of the American economy actually boost his chances of re-election?
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This article appeared in the Finance & economics section of the print edition under the headline "I forgot that inflation existed"
Finance & economics February 3rd 2024
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From the February 3rd 2024 edition
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