The effectiveness of President Biden’s claim to have built an economy “from the middle out and the top up” is facing challenges as more than twice as many American voters say they feel worse off than better off before the coronavirus pandemic, according to a recent survey conducted by CBS News/YouGov. The poll discovered that only 20 percent of voters believe they are “better off today” compared to when the pandemic hit, while 45 percent feel they are “worse off today,” and 35 percent say they are “about the same.”
These findings suggest that Biden’s economic record, which he has coined as ‘Bidenomics,’ is likely to become a pivotal point of contention as the 2024 presidential election approaches. Polling indicates that Donald Trump has a strong lead among Republican voters when compared to other potential GOP candidates, potentially setting the stage for a rematch of the 2020 election battle.
Since taking office, President Biden has pursued an interventionist economic strategy, starting with the authorization of the American Rescue Plan. This $1.9 trillion stimulus package was aimed at jumpstarting growth after the pandemic. Additionally, he has invested significant funds into reviving U.S. manufacturing, such as through the 2022 Inflation Reduction Act, which allocated $300 billion in funding for green energy.
Critics argue that the increased spending has contributed to a surge in inflation, which peaked at over 8 percent in 2022 before receding to 3.7 percent in August. However, President Biden has defended his economic record, stating on X, formerly Twitter, that he is “continuing to build an economy from the middle out and bottom up, with better jobs and lower costs.” He contrasted his approach with Trump’s “Maganomics,” which he claims favored “more tax giveaways for the wealthy and large corporations.”
The CBS/YouGov poll, which surveyed 4,002 U.S. adult residents between September 12 and 15, found that Trump is the preferred presidential candidate for 50 percent of Americans, while 49 percent favor Biden. The poll further revealed concerns about Biden’s fitness to serve, with 43 percent of respondents stating that Trump is the only one “physically healthy enough to serve as president.” Another 29 percent believed that neither man is fit for the role, 12 percent believed that both are, and 16 percent believed Biden alone is fit.
Furthermore, the poll indicated that only 34 percent of voters believed Biden would serve a full second term if re-elected in November 2024, compared to 55 percent for Trump. In contrast, 44 percent believed Biden would leave office early, while 16 percent believed the same about the Republican frontrunner.
Meanwhile, Trump is currently facing four criminal cases that could complicate his potential return to the White House. These cases involve allegations of orchestrating the payment of hush money to a pornographic actress, mishandling classified documents, and allegedly breaking the law in attempts to overturn the 2020 presidential election on a nationwide and state level, specifically in Georgia. Trump has pleaded not guilty to all charges and maintains that they are politically motivated.
It is important to note that the CBS News/YouGov poll has a margin of error of ±2.1 points. Newsweek has reached out to the White House for comment via email.
Overall, the survey highlights the challenges faced by President Biden in convincing American voters that his economic policies have improved their financial situations. With Trump leading among Republican voters in polling and concerns about Biden’s fitness to serve, the 2024 presidential election promises to be a contentious battle over differing economic visions for the country.