Kerby Anderson
As I mentioned yesterday, Americans are concerned about the direction of the country. They also believe the economy has become much worse in the last few years. The explanation from the White House is that the President’s message about Bidenomics isn’t getting through to the American people.
One economist has another suggestion. He argued that Americans have “demonstrably false views about the current economy.” Also, he mentioned the slight difference between how Republicans and Democrats view the economy. That might suggest there is a political element to the current dissatisfaction.
A Harris poll shows that two-thirds (68%) of respondents reported that it was difficult to be happy with the economic news. Only a slightly higher number of Republicans (69%) agreed with the statement compared to Democrats (68%).
Even more telling was the fact that nearly two-thirds of Americans (65%) believe the economy is worse than the media makes it out to be. Here is where you see some political differences. A higher percentage of Republicans (82%) believe the economy is worse than reported by the media than Democrats (49%). But it is telling that nearly half of all Democrats agree with that statement.
The administration and the media can point to the fact that unemployment is close to a 50-year low and economic growth is improving. But those economic figures don’t seem to be influencing Americans trying to make ends meet.
Earlier this year, Bankrate published its annual Emergency Fund Report. They found that two-thirds (68%) of Americans were worried they wouldn’t be able to cover their living expenses for just one month if they lost their primary source of income. More than half (57%) said they couldn’t afford a $1,000 emergency expense.
This is the economic reality for millions of Americans. That is why they don’t express confidence in our economy.
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Penna Dexter