Tue • Aug 08, 23

Although the Democratic Party and mainstream media continue extolling the virtues of President Joe Biden’s economic policies, many Americans are giving it a ‘thumbs down.’ As the Dems are out there boasting that the president’s policies are turning the economy around, a majority of average voters are not buying it as shown in a recent poll from Issues and Insights/TIPP.

In recent weeks, the president has been promoting his Bidenomics, stating that his economic policies are “delivering for the American people.” But how many Americans actually believe this propaganda? The following results were from the I&I/TIPP Poll, taken July 5-7 from 1,341 adults.

You can see here that in total, 51% of Americans disagree, with 18% somewhat disagreeing, 33% strongly disagreeing. Only 42% agree strongly or somewhat that his policies are working, with 8% “not sure.”

Among the majority, 33% said they disagreed “strongly,” vs. only 16% saying they agreed “strongly” that Biden’s policies were turning things around.

And it’s not a surprise that the political divide shows a much different story. For Republicans, 83% disagreed that Biden’s policies were working, while just 14% agreed. Independents showed a majority of 56% disagreeing, 35% agreeing. Only Democrats had a majority of ‘Bidenomics believers’, with 68% agreeing that his policies were working while 22% disagreed.

Further poll data showed division among race and age. Blacks had a majority of agreement at 56%; whereas, Hispanics only had 37% agreeing. White Americans disagreed at 58%, and agreed at 34%.

Younger Americans favored the Biden policies at a much higher rate than older Americans. Those in the 18-24 year category (Gen Z) agreed at a 51% rate, with 37% disagreeing. The numbers for Millennials (25-44) was also very close, with 50% agree to 42% disagree. Gen X (45-64) takes a big leap with only 33% agreeing vs. 59% disagreeing. And Boomers (65 and older) were close to the Gen X numbers with 35% agree to 58% disagree.

One of the major reasons for the difference in age groups is due to their economic life cycles, with those who are younger having an entire work and earning career ahead of them. Younger Americans also tend to be more liberal in their voting preferences, with many not doing deep dives into how policies impact them.

Many older Americans are living on fixed incomes, and have been economically devastated by recent bouts of inflation. As TIPP Insights recently noted, since Biden entered office, overall inflation has soared 16%, as measured by TIPP’s proprietary CPI data. And inflation is not going anywhere, and will continue until we get a series of year-over-year readings close to the Fed’s long-term 2% inflation target.

Biden talks a lot about helping the shrinking middle class, which as a group saw its standard of living upended in recent years.

“Yet it is precisely those people who’ve been hurt most: With wages rising slower than prices, the average American family, in effect, has lost $10,000 under Biden,” as the New York Post recently observed.

When you layer in the two and a half years of insane government spending and the $1 trillion annual hole in the nation’s budget, it shakes your confidence as to how any economic policy can turn things around. Without massive spending cuts, enormous tax hikes or more damaging inflation it seems an almost impossible goal to fix our economy.

Check out the original Issues and Insights article here to learn more.