The Economy Poses Challenges for Biden's Reelection Campaign
As President Biden prepares for his reelection campaign, many American voters are unhappy with his handling of the economy. Biden has acknowledged this dissatisfaction and is aiming to appeal to voters by emphasizing his record and promising to complete the work he started when he took office. A joint survey by RealClear Opinion Research and Emerson College Polling Institute found that a majority of registered voters believe the economy is in a recession, a state of stagnation, or an outright depression. This dissatisfaction and the independent voter support for the Republican Party's economic approach could give the GOP an opportunity in 2024.
Inflation is the biggest economic challenge facing the country, with 70% of voters citing it as the most important. Biden has made combatting inflation his "top domestic priority." However, he is still pushing to change the economy from the "so-called trickle-down economy" to one that "works for working families." This push could come into conflict with House Republicans, who want spending cuts before allowing the Department of the Treasury to borrow more money. Although Democrats want to raise the debt ceiling, most independents, who are an increasing group, do not.
Last month, Biden proposed a budget that aimed to reduce the deficit by almost $3 trillion over the next ten years. However, a majority of Americans do not believe Biden values fiscal responsibility. According to the survey, 51% of voters disapprove of how Biden has handled the federal budget deficit, while only 32% approve. Furthermore, 52% of independent voters disapprove of the way Biden has handled national finances.
Although inflation is the top economic concern, many voters still believe that government spending was necessary and a good idea. For instance, 63% report that the CARES Act, which former President Trump signed into law, was "a good idea." A similar-sized majority, 59%, said the same about Biden's American Rescue Plan. However, with the pandemic in the rearview mirror, 34% report that there wasn't enough spending, 28% say the right amount was spent, and 38% believe too much was distributed from the government. When presented without the name of the president who signed them into law, voters had different views on the CARES Act and the American Rescue Plan. Although knowing that Trump was behind the CARES Act had little impact on independent voters' attitudes toward the legislation, Biden's American Rescue Plan was viewed more favorably when voters were aware that he had signed it into law.
