Now Even Democrats Aren’t Buying The White House’s Bidenomics Spin

The White House’s Branding Of The Economy As Bidenomics ‘Is Looking Like An Early Blunder’

“The Biden re-election campaign’s decision to brand the economy under the president’s name (Bidenomics) is looking like an early blunder that misread the public’s deep pessimism about how things are going on that front.” (“Some Democrats Fear Bidenomics Branding Is Backfiring,” Axios, 10/01/2023)

“His campaign ads laud the passage of COVID emergency funds, the bipartisan infrastructure law, the Inflation Reduction Act and funding for semiconductor manufacturing. But so far, the message isn’t resonating — especially among the working-class Americans he’s trying to win over. Polling indicates that college-educated voters are generally satisfied with the state of the economy, but voters living paycheck to paycheck are disillusioned.” (“Some Democrats Fear Bidenomics Branding Is Backfiring,” Axios, 10/01/2023)

“President Joe Biden placed a big bet that he could sell an improving economy under the banner of ‘Bidenomics.’ Three months later, some allied Democrats fear he’s made a serious misstep.” (“Dems Pressure White House To Change Economic Message,” Politico, 9/29/2023)

• “Several top Biden allies have privately raised concerns about the phrase to the White House, according to two people familiar with the backchanneling.” (“Dems Pressure White House To Change Economic Message,” Politico, 9/29/2023)

• “But nearly all acknowledged that the Bidenomics messaging blitz has failed to brighten voters’ view of the economy to date.” (“Dems Pressure White House To Change Economic Message,” Politico, 9/29/2023)

“Their worries are underscored by a slew of polling showing that the economic recovery the White House has sought to spotlight as a triumph is not making a dent in the public’s psyche.” (“Dems Pressure White House To Change Economic Message,” Politico, 9/29/2023)

• “Most Americans are still skeptical the U.S. is in an upturn, let alone one resilient enough to last much longer.” (“Dems Pressure White House To Change Economic Message,” Politico, 9/29/2023)

• “…polling shows that Americans’ overall perception of the economy is sour.” (“Some Democrats Fear Bidenomics Branding Is Backfiring,” Axios, 10/1/2023)

“The rising cost of living remains a dominant theme in voters’ minds, crowding out major gains in jobs and wages. And so far, the Bidenomics drumbeat that began earlier this summer has yet to prove it can change their minds.” (“Dems Pressure White House To Change Economic Message,” Politico, 9/29/2023)

“Instead, most polling still shows clear majorities remain unhappy with the overall state of the economy and inflation in particular. A recent NBC News poll found fewer than 4 in 10 approve of the president’s handling of the economy. And though 55 percent said they were satisfied with their own financial situation, that figure tied a record low for the poll question dating back to 1994.” (“Dems Pressure White House To Change Economic Message,” Politico, 9/29/2023)

‘Prominent Democrats Are Now Openly Criticizing The Biden Campaign’s Strategy, Arguing That It Appears To Be In Denial Of Americans’ Economic Reality’

“Driving the news: Some prominent Democrats are now openly criticizing the Biden campaign’s strategy, arguing that it appears to be in denial of Americans’ economic reality.” (“Some Democrats Fear Bidenomics Branding Is Backfiring,” Axios, 10/01/2023)

• “But the administration’s case for patience is no longer masking the angst within the party that Bidenomics as a brand is falling flat…” (“Dems Pressure White House To Change Economic Message,” Politico, 9/29/2023)

• “A president who wants more credit for his work may, Democrats worry, be alienating voters by appearing insulated from their real life struggles.” (“Dems Pressure White House To Change Economic Message,” Politico, 9/29/2023)

FORMER OBAMA ADVISOR DAVID AXELROD: “… food prices, gas prices are still high, and that’s how people judge the economy. That’s how they live the economy. They go to the store, they see prices on the cash register. They go to the gas station, and they see prices at the pump. And so it’s -- I know this from my own experience when we were in the Obama administration…. So I’m not sure that [California Gov. Gavin Newsom] is right, that it’s just a matter of not claiming these achievements enough. I think it’s also about people’s lived experience.” (CNN, 9/28/2023)

“‘I’ve never understood why you would brand an economy in your name when the economy hasn’t fully recovered yet,’ said Michael LaRosa, a former spokesperson for first lady Jill Biden. ‘People need to be able to see and feel an economy in their own personal bank accounts. And it doesn’t change no matter how loud you scream the economy is better.’” (“Dems Pressure White House To Change Economic Message,” Politico, 9/29/2023)

“‘At this point, Bidenomics doesn’t really have strong answers to people’s biggest worries,’ said Will Marshall, president of the Progressive Policy Institute, a centrist Democratic think tank. ‘There ought to be a lot of thinking in the White House now about changes in the way they present their case for the economic good that this administration has done.’” (“Dems Pressure White House To Change Economic Message,” Politico, 9/29/2023)

“‘Whatever stories Americans are told about the strength of the economy under President Joe Biden, they are not going to be persuaded to look past the issue of their own living standards,’ liberal economist James Galbraith wrote.” (“Some Democrats Fear Bidenomics Branding Is Backfiring,” Axios, 10/01/2023)

Even Voters Who Supported Biden In 2020 Are Unhappy About His Handling Of The Economy

“Interviews with a diverse group of striking autoworkers and other voters in the critical battleground state of Michigan this week highlighted Biden’s troubles: Many of them had voted for him in 2020 and appreciate that he joined the picket line Tuesday. But several were frustrated with his handling of high prices and other economic issues — and not yet sold on voting for him again next year.” (“Dems Pressure White House To Change Economic Message,” Politico, 9/29/2023)

“Tone Woods, a Black building trades worker from Detroit, said he is also undecided after voting for Biden in 2020. He attended Trump’s speech Wednesday in the Detroit area. ‘Gas is high. Inflation. So that’s why I’m stuck in the middle,’ he said.” (“Dems Pressure White House To Change Economic Message,” Politico, 9/29/2023)

“Detroit-area autoworkers tell Axios they’re deeply worried about the industry’s future…” (“Autoworkers’ Anxiety, Distaste For Politics Could Weigh On Biden,” Axios, 10/01/2023)

“That dissatisfaction — along with anxiety about inflation and apathy about the 2024 elections — are particularly bad signs for Biden…” (“Autoworkers’ Anxiety, Distaste For Politics Could Weigh On Biden,” Axios, 10/01/2023)

• “Again and again, autoworkers and others pointed to the rising cost of living, even though wages have increased.” (“Autoworkers’ Anxiety, Distaste For Politics Could Weigh On Biden,” Axios, 10/01/2023)

• “The big picture: Inflation and the economy — not politics — were top of mind for those interviewed. In suburban areas that typically have voted Democratic, many seemed more politically adrift than pro-Biden or pro-Trump.” (“Autoworkers’ Anxiety, Distaste For Politics Could Weigh On Biden,” Axios, 10/01/2023)

‘Survey Findings Underscore Why Many Americans Don’t Seem To Like Bidenomics And Are Giving President Joe Biden Poor Marks On The Economy’

“The cost of living continues to stress out American workers …  Sixty-seven percent of employees say the cost of living is outpacing growth in their salary and wages, according to a Bank of America survey … The Bank of America survey findings underscore why many Americans don’t seem to like Bidenomics and are giving President Joe Biden poor marks on the economy …  In an ABC News/Washington Post poll released over the weekend, 44% of Americans say they’re worse off financially under Biden, the most for any president in ABC/Post polls since 1986. The White House is getting more blame than credit for the economy these days. A CNN poll released earlier this month showed that 58% of the public say Biden’s policies have made economic conditions worse.” (“Two Out Of Three Workers Say Prices Are Still Rising Faster Than Wages, New Survey Shows,” CNN, 9/25/2023)

‘Americans’ Already Negative Assessments Of The U.S. Economy Have Become Slightly Worse’

“Americans’ already negative assessments of the U.S. economy have become slightly worse in September, both in their perception of current economic conditions and their outlook for the economy’s direction.” (“Americans’ Weak Economic Ratings Slip Further In September,” Gallup, 9/23/2023)

• “In this month’s update, 20% of U.S. adults say economic conditions are ‘excellent’ or ‘good,’ while 32% call them ‘only fair’ and 48% ‘poor.’ The overall positive rating is down slightly from 23% in August, while the poor rating is up from 42% and is the highest Gallup has seen in a year.” (“Americans’ Weak Economic Ratings Slip Further In September,” Gallup, 9/23/2023)

• “Asked about the economy’s direction, nearly three-quarters of Americans (73%) say conditions are getting worse, while 24% say they’re improving.” (“Americans’ Weak Economic Ratings Slip Further In September,” Gallup, 9/23/2023)

“Americans’ harsher view of the economy this month is also evident in their slightly increased focus on economic issues when asked to name the most important problem facing the country.” (“Americans’ Weak Economic Ratings Slip Further In September,” Gallup, 9/23/2023)

• “Most of the economic concerns that Americans mention relate to the economy in general (16%) or inflation specifically (9%).” (“Americans’ Weak Economic Ratings Slip Further In September,” Gallup, 9/23/2023)

‘Americans’ Overall Satisfaction With The Country Hasn’t Changed … It’s Already As Low As It Can Get’

“At the same time, Americans’ overall satisfaction with the country hasn’t changed -- likely because at 20%, it’s already as low as it can get without a major economic or political event that sparks bipartisan concern.” (“Americans’ Weak Economic Ratings Slip Further In September,” Gallup, 9/23/2023)

‘Sixty-Seven Percent Of Employees Say The Cost Of Living Is Outpacing Growth In Their Salary And Wages’

“The cost of living continues to stress out American workers …  Sixty-seven percent of employees say the cost of living is outpacing growth in their salary and wages, according to a Bank of America survey shared exclusively with CNN on [September 25^th]. That feeling has intensified, rising from 58% in February 2022.” (“Two Out Of Three Workers Say Prices Are Still Rising Faster Than Wages, New Survey Shows,” CNN, 9/25/2023)

• “High inflation is a major reason why just 42% of employees say they feel financially well, according to the Bank of America survey. That’s the lowest percentage in the 13-year history of the survey. Likewise, 64% of employees say they are stressed about their finances. Among older Millennials, those aged 35 to 44, 80% report feeling stressed about money. And women are much more worried than men.” (“Two Out Of Three Workers Say Prices Are Still Rising Faster Than Wages, New Survey Shows,” CNN, 9/25/2023)

“Everything from eggs and car rentals to a night out at a restaurant is significantly more expensive than before the pandemic. The average family is spending about $700 more per month on the same goods and services relative to two years ago, according to Moody’s Analytics.” (“Two Out Of Three Workers Say Prices Are Still Rising Faster Than Wages, New Survey Shows,” CNN, 9/25/2023)

• “Four out of five consumers’ spending habits have been affected by inflation, according to TD Bank’s annual consumer spending index. Soaring housing, food and child-care costs are putting pressure on household budgets on top of paying higher interest rates on credit card debt and auto loan payments, said Sophia Bera Daigle, CEO and founder of Gen Y Planning, an Austin, Texas-based financial planning firm. Monthly expenses are ‘starting to hurt,’ said Bera Daigle, who is also a member of the CNBC’s Advisor Council.” (60% Of Americans Are Still Living Paycheck To Paycheck As Inflation Hits Workers’ Wages,” CNBC, 9/27/2023)

According To One Survey, 60% Say They Are Living Paycheck-To-Paycheck

“After a prolonged period of high inflation and higher interest rates, Americans are just getting by. As of August, 60% of adults said they are living paycheck to paycheck, according to a new LendingClub report, unchanged from last year.” (“60% Of Americans Are Still Living Paycheck To Paycheck As Inflation Hits Workers’ Wages,” CNBC, 9/27/2023)

• “Inflation has shown some signs of cooling but the consumer price index, which measures costs across a broad array of goods and services, is still up 3.7% from a year ago, according to the U.S. Bureau of Labor Statistics’ August reading. Those higher prices have weighed on worker paychecks. Real average hourly earnings declined 0.5% for the month, the U.S. Department of Labor said in a separate release. Since wage growth hasn’t been able to keep up, households are having a harder time making ends meet.” (“60% Of Americans Are Still Living Paycheck To Paycheck As Inflation Hits Workers’ Wages,” CNBC, 9/27/2023)

‘Lower-Income Workers Have Been The Hardest Hit By Higher Prices’

“Lower-income workers have been the hardest hit by higher prices, particularly for food and other necessities, since those expenses account for a bigger share of the budget, studies show. Now, 76% of consumers earning less than $50,000 a year and 62% of those earning between $50,000 and $100,000 were living paycheck to paycheck in July, little changed from a year ago, LendingClub found.” (“60% Of Americans Are Still Living Paycheck To Paycheck As Inflation Hits Workers’ Wages,” CNBC, 9/27/2023)

Unsurprisingly, Consumer Confidence Declined In September

“The confidence of American consumers slipped [in September], particularly about the future, as expectations persist that interest rates will remain elevated for an extended period.” (“US Consumer Confidence Tumbles In September As American Anxiety About The Future Grows,” The Associated Press, 9/26/2023)

• “The Conference Board, a business research group, said Tuesday that its consumer confidence index fell to 103 in September from 108.7 in August…. The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. Most troubling was the decline in the index measuring future expectations, which tumbled to 73.7 in September from 83.3 in August. Readings below 80 for future expectations historically signal a recession within a year.” (“US Consumer Confidence Tumbles In September As American Anxiety About The Future Grows,” The Associated Press, 9/26/2023)

Astonishingly, The White House Seems Determined To Double Down On Bidenomics

“Last month, Biden gave a speech on Bidenomics in Prince George’s County, Maryland, in which he said: ‘For the first time in a long time, we’ve climbed out of our great economic crisis. It’s beginning to work for working people.’” (“Some Democrats Fear Bidenomics Branding Is Backfiring,” Axios, 10/1/2023)

• “‘Bidenomics is the president’s economic agenda and it is strongly supported by the American people,’ said White House spokesperson Michael Kikukawa.” (“Dems Pressure White House To Change Economic Message,” Politico, 9/29/2023)

• “Bidenomics, top aides believe, gives the president a shorthand for comparing his various achievements against Republicans’ unpopular policies.” (“Dems Pressure White House To Change Economic Message,” Politico, 9/29/2023)

WHITE HOUSE COUNCIL OF ECONOMIC ADVISORS CHAIR JARED BERNSTEIN: “Well we think Bidenomics is clearly working and it’s not just about the here and now although it’s about that too.” (CNBC’s Squawk Box, 10/02/2023)