In a display of grating discontent and deep-seated fear, polling numbers for President Joe Biden continue to plunge abysmally, except this time, it’s directly linked to his signature economic policy. American citizens are expressing skepticism around the current administration’s economic prowess, as they contend with a turbulent economy punctuated by high inflation rates. Chuck Todd of NBC weighed in on this growing disillusion on his Sunday segment on “Meet the Press.” With Biden’s approval rating in late June sinking to a meager 41%, nearly the lowest point of his term as shown by a Reuters/Ipsos poll, Todd observed that the American people are “not feeling” the impact of ‘Bidenomics.’
Starting off by claiming credit for an improving economy, Biden and his administration embarked on a messaging tour to amplify the economic agenda that he tactfully labeled as ‘Bidenomics.’ In spite of this apparent economic luminance, the situation on the ground tells a different narrative. Although inflation has been reduced consecutively over 11 months from a high of 9.1% in June of last year to 4% this May, and unemployment fluctuating around an almost 50-year low of 3.6%, the general perception among the public remains unphased. Over 13 million jobs have been provided since Biden assumed office, and with a complete recovery from the pandemic-induced slump, one would assume the American public would be content. But the numbers tell us a different story. A paltry 34% of Americans gave their nod to Biden’s handling of the economy, according to a recent AP poll released at the end of June, and only one in five believe the nation is on the right track.
Adding to this economic anxiety, the Bureau of Labor Statistics revealed alarming data that showed a massive surge in part-time positions taken on by economically challenged U.S. workers. In June alone, 452,000 additional part-time jobs were filled, indicating that a substantial portion of Americans are incapable of finding full-time employment. Businesses are equally stifled, unable to provide their workers the necessary hours to be considered full-time. This revelation certifies E.J. Antoni, a research fellow in the Heritage Foundation’s Grover M. Hermann Center for the Federal Budget’s statement regarding the gloaming effect of Bidenomics on the labor market. Referring to the surge of part-time jobs in June, Antoni noted, “This tells us that Bidenomics is strangling the labor market.” Moreover, he warned of an ominous sign that the reduction in full-time job vacancies is very archetypal of the stages preceding an economic recession.
As the decline continues to besiege Biden’s administration with relentless force, the incumbent president must handle the burden of profound expectations and deep economic uncertainties. His economic narrative, packaged as ‘Bidenomics,’ seemed to promise a great deal, but the American public have felt none of the prosperity it promised. Their dissatisfaction is deafeningly reflected in the spiraling approval ratings. As job scarcity heightens, and part-time positions proliferate, one cannot help but question the effectiveness of ‘Bidenomics.’ As Antoni correctly pointed out, this evidently constricted labor market combined with surging part-time employment could be the harbingers of an impending recession. Only time can fully betray the ramifications of Bidenomics on the American economy. With President Biden’s hope of persuading the people of the economic trajectory in a positive direction looking increasingly flimsy, the political narrative around this might just be ‘a tale full of sound and fury, signifying nothing.’ Delving beyond political rhetoric into concrete economic realities, it is clear that the chapters of ‘Bidenomics’ are likely to be written in scarlet letters of economic apprehension and possibly, failure.
