The United States has witnessed a commendable recovery from the aftermath of the COVID-19 pandemic; however, President Joe Biden finds himself facing challenges in garnering credit for this achievement and even risks potential job loss in 2024.
Positive Economic Indicators Amidst Public Skepticism:
Despite third-quarter GDP growth of 4.9% and successful efforts by the Federal Reserve to reduce inflation, President Biden’s administration receives limited acknowledgment. Job opportunities are abundant, and the misery index, combining inflation and unemployment rates, is historically low.
Surprisingly, the University of Michigan Consumer Sentiment Index reflects a more pessimistic outlook than expected under such favorable conditions.
Public Disapproval and Its Impact:
Recent surveys, as tracked by Real Clear Politics, show a large discrepancy in support for Biden’s economic management, with a disapproval margin of around 22.5 percentage points.
This disapproval extends to inflation alone, with a staggering 32-point gap. Since Biden assumed office, real incomes have seen a decline despite a 17% increase in the Consumer Price Index (CPI) and a 14% rise in hourly wages.
The aftermath of the COVID-19 recession has caused certain prices to surge, leading to genuine concerns among consumers.

Balancing Act: Addressing Inflation without Recreating History:
While consumers desire a halt to inflation, a significant rollback of prices may require drastic measures akin to the Great Depression. A delicate balance is needed to address these concerns without risking economic stability.
Macroeconomic Outlook and Worker Dissatisfaction:
Looking ahead, the macroeconomic outlook appears underwhelming, with economists predicting slower U.S. growth in 2024. Simultaneously, a struggle between workers and employers over remote work contributes to overall job dissatisfaction.
Uneven Wage Trends and Economic Impacts:
Notably, the disparity between nominal wage gains and real wage losses is evident, especially in the automotive industry. Before the UAW strike, autoworkers earned $37 per hour compared to the overall manufacturing workers’ average of $27.
Despite autoworkers securing a 25%-plus inflation raise over four years, these gains might not significantly benefit the average worker outside the auto sector. Additionally, consumers now face higher car prices.

Challenges in Foreign Policy:
The international front presents challenges for President Biden’s foreign policy objectives. The Hamas attack on Israel has raised concerns, impacting Biden’s efforts to foster relations with Tehran and encourage normalization between Saudi Arabia and Israel. Tensions persist as Israeli Prime Minister Netanyahu resists the establishment of a Palestinian state.
Concerns in Ukraine and Global Implications:
The approach to dealing with Ukraine, relying on sanctions and limiting Kyiv’s access to certain weapons, has led to a stalemate and potential negative repercussions. This situation could potentially strain both the European Union and U.S. budgets, posing a persistent challenge.
Public Disapproval on Multiple Fronts:
Public sentiment reflects disapproval of Biden’s foreign policy decisions. A 25-point margin indicates more disapproval than approval. Similar disapproval extends to domestic issues, with a 21-point margin on crime in U.S. cities and a substantial 30-point margin concerning the influx of unauthorized immigrants.
Challenges in Fulfilling Promises:
President Biden pledged to address critical issues such as the high cost of college, home ownership, and childcare. Unfortunately, progress in these areas remains stagnant, with colleges opting for less aggressive tuition hikes while significantly increasing dorm fees.
Assessment of Build Back Better Program:
Biden’s Build Back Better program outlined an ambitious agenda, encompassing initiatives like free community college tuition, student loan relief, improvements to Medicare, universal pre-K education, and federally funded childcare. However, the achieved outcomes fall short, with only a handful of accomplishments, such as the regulation of a limited number of prescription drug prices.

Mixed Responses and Public Dissatisfaction:
The administration’s efforts, particularly in limited student loan forgiveness, have left Generation Z voters dissatisfied, believing that too little has been done. Conversely, older voters perceive the actions as excessive. The overall public sentiment reflects dissatisfaction, with those believing the country is heading in the wrong direction outnumbering those pleased by approximately 43 points.
Comparative Approval Ratings:
While it’s common for U.S. presidents to face low approval ratings at this point in their tenure, Gallup polls indicate that Biden’s approval ratings are lower than all former presidents going back to Ronald Reagan. The challenges in garnering public support are significant.
Public Disapproval and Its Impact:
Despite efforts to address crucial issues, President Biden faces challenges in meeting the expectations set by his promises. Public dissatisfaction is evident, with mixed responses to policy initiatives. It’s crucial to navigate these challenges to align public sentiment with the positive aspects of an improving economy, with controlled inflation and a robust job market anticipated in 2024.
Conclusion
Despite efforts to address crucial issues, President Biden faces challenges in meeting the expectations set by his promises. Public dissatisfaction is evident, with mixed responses to policy initiatives. It’s crucial to navigate these challenges to align public sentiment with the positive aspects of an improving economy, with controlled inflation and a robust job market anticipated in 2024.
FAQs:
How has the U.S. economy recovered from the COVID-19 pandemic, and why does President Biden face challenges in receiving credit?
The U.S. economy has shown a 4.9% GDP growth post-COVID, but President Biden faces credit challenges due to public skepticism despite positive indicators.
What disparities exist in wage gains, especially in the automotive industry, and how does it impact the overall economy?
Nominal wage gains in the automotive industry, including a 25%-plus inflation raise, may not significantly benefit the overall economy, contributing to higher car prices.
What are the major challenges in President Biden’s foreign policy, particularly related to the Hamas attack on Israel and Ukraine?
Challenges in foreign policy include the impact of the Hamas attack, hindering efforts to foster relations and the Ukraine situation, leading to a stalemate with potential budgetary implications.
How has President Biden addressed promised reforms, and what are the key accomplishments and shortcomings in the Build Back Better program?
President Biden’s promised reforms face challenges. The Build Back Better program has limited accomplishments, with only a handful of achievements such as prescription drug price regulation.
How has President Biden’s limited student loan forgiveness influenced public opinion, and what do different demographics think?
Dissatisfaction with restricted student loan forgiveness has an impact on public opinion. Generation Z voters feel that too little has been done, whilst older generations believe that too much has been done.
What factors contribute to the overall dissatisfaction expressed by Americans, and how do President Biden’s approval ratings compare to past presidents?
Unfulfilled promises, foreign policy issues, and inequalities in public perception all contribute to overall unhappiness. According to Gallup surveys, President Biden has lower approval ratings than previous presidents.
Despite challenges, how do positive indicators like controlled inflation and a robust job market in 2024 contribute to an optimistic economic outlook?
Positive indicators, such as controlled inflation and a robust job market in 2024, contribute to an optimistic economic outlook despite public sentiment.