More than thirty years ago, political pundit James Carville famously said, “It’s the economy, stupid,” as a campaign rally cry for then-candidate Bill Clinton during the 1992 presidential campaign. It’s a saying used repeatedly to stress the importance of economic conditions with the public during campaigns.
This year might be no different.
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Recent polls have shown that most voters feel the “economy is the biggest issue the country faces” in the upcoming election. Moreover, a survey conducted by Rasmussen on Dec. 26-28, 2023, found that “barely a third of Americans expect their financial situation to improve in 2024.” The poll revealed that only 34% of adults think “their finances will be better a year from now.” If this is so, it could be an ominous sign for President Joe Biden’s presidential reelection chances in November. Economic insecurity typically does not bode well for an incumbent president during elections.
The Rasmussen survey also found that 33% of respondents expect their finances to get worse this year, and 24% believe there will not be any significant changes to “their financial situation” in 2024. Surprisingly, this economic skepticism was largely shared by Republicans, Democrats, and Independent voters alike. While 31% of Republicans felt that their finances would improve in 2024, only 40% of Democrats also felt that way, according to Rasmussen. It’s a startling realization that most Democrats are not exactly thrilled with the Biden economy.
Perhaps the doomsday predictions for the economy stem from people’s sentiments about the economy in 2023. According to Rasmussen, 45% of respondents felt they were “worse off economically” than they were the previous year. Comparatively, 29% believed their finances were the same, while only 23% thought they were “better off than they were when 2023 began.”
Either way, the results represent the failure of the Biden administration to sell the public on its economic agenda.
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Biden and Democrats have spent significant time and resources trying to convince the public how great Biden’s economy has been. Through various propaganda efforts, they have tried to sell Bidenomics. However, with nearly everything more expensive today than during the last day former President Donald Trump was in office, Biden and the Democrats’ efforts have fallen flat.
With less than a year left before the election, it remains to be seen if this will negatively impact Biden and the Democrats. Come November, we shall see if “it’s the economy, stupid.”