The Atlantic Attempts To Explain Why Americans Aren’t Happy With Biden’s Economy

The Atlantic recently published an article titled “Why Americans Hate a Good Economy,” delving into the purported paradox of President Biden’s declining approval ratings despite certain positive economic indicators.

The article, written by staff writer Jerusalem Demsas, offers seven explanations for this phenomenon, exploring the complex relationship between public perception and economic reality.

A Financial Times poll highlighted in the article reveals a majority of voters feel financially worse off under Biden, despite a 3.9% unemployment rate, stable consumer prices and a reduction in wage inequality. Demsas suggests that the rapid economic changes following the COVID pandemic and subsequent inflation spike have left Americans needing time to adjust their perceptions.

“Although price jumps are leveling off, it’s important to appreciate that economic conditions changed really fast in both directions, and people may need time to register what’s going on,” Demsas remarks.

Demsas also acknowledges the severe impact of inflation, stating, “If someone has a good-paying job in an inflationary environment, they may tell a pollster that they’re doing well — but the economy is doing poorly.”

The article further examines the heightened expectations set by government support during the pandemic, such as eviction moratoriums, direct financial assistance and tax breaks. Demsas argues that the withdrawal of these supports could contribute to a sense of economic decline, even in the face of personal financial improvements.

Addressing the issue of housing costs, Demsas points out that while rent prices have soared, there’s a silver lining in the form of rising wages for the lowest income earners. She cites a study showing that the bottom 10% of income earners have seen significant real wage increases since the pandemic.

The role of media in shaping economic perceptions is another factor Demsas explores. She quotes President Biden’s criticism of negative media reporting, suggesting that a media bias toward bad news could influence public opinion.

Finally, Demsas discusses the political implications of economic narratives, pondering the lessons policymakers might draw from the pandemic recession. She questions whether future responses to economic crises will be shaped by fears of inflation or demands for permanent social supports.