US President Joe Biden Asks Why Americans Have Negative Sentiments on the Economy
Many indicators show that the US economy is doing decently, but the US President is asking why citizens do not agree with those metrics.
Several major factors indicate the economy is reasonably healthy, including jobs reports and consumer spending figures. Even inflation has started to shift in the right direction and is at a three-year low point. So, what’s the problem?
President Biden is asking his advisors why American sentiment is sour on the US economy. There is an overall negative outlook from many Americans when it comes to the economy, and it could be because they are looking at different factors than economists and presidential staff.
It is a vital question to ask for an election year, when Biden is planning to run for a second term. His chances of reelection will hinge in a large way on how people feel about the economy and how good of a job they think he is doing. CNN reported that Biden is questioning his advisors about these problems and why the public is not happy with the state of the economy.
Factors to Consider
Investment in the US dollar will not be high if the public fears a new recession or depression. The USD/Euro pairing is down 0.0008%, and the USD/JPY pair is up 0.19%. Compared to the northern neighbors, the USD/CAD pairing looks to be down 0.0014%.
Americans are looking at grocery store prices and gas prices as indicators of the economy. Prices are not climbing the way they did the last couple years, but the grocery prices have not come down much at all from 2023’s record highs. Americans might not be seeing soaring costs, but they are seeing a return to what they think of as normal. The new high prices are the new normal for them, but they are still pushing back against that.
Gas prices are up and will continue to rise in the US as part of a seasonal demand that affects the industry. Gas is at $3.14 per gallon average right now in the US. If that seems high, compare it to the price in 2022 when it reached as high as $5.006 per gallon.
Even if some metrics look promising, American sentiment toward the economy has stayed negative because they feel the effects of the recent recession much more than those in places of power.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals