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US – economy: Why Americans don't trust Biden

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Inflation and housing costs continue to hurt many voters' image of Joe Biden's administration

ΗΠΑ - οικονομΙα: Γιατ Ι οι ΑμερικανοΙ δεν εμπιστεyοντ αι τον Μπàιντεν

Joe Biden has made economic recovery the focus of his election campaign ahead of next November's presidential election.

He even claimed last week, from the floor of his State of the Union speech, that the course of the American economy has been “enviable”, especially if compared to the course of most other developed economies.

Indeed, based on the statistics, or at least some of them, the 81-year-old Biden is entitled to talk about “successes”.

The US growth rate (3.1% in 2023) has been higher than that of most other Western economies, while the unemployment rate has now fallen below 4%.

Yet, however Biden is trying to present a more positive image, Americans don't seem convinced.

According to a poll (FT-Michigan Ross) conducted between February 29 and March 4, 59% of respondents did not approves of the Biden administration's handling of the economy, while 67% believe that economic conditions in the US today are not good.

As for the biggest economic problem, for the vast majority of Americans (80%) it is currently price increases and, in particular (for 72%), food price increases.

The inflation tops the economic issues that will influence Americans' votes next November, followed by housing costs and fuel prices.

But who bears the main responsibility for these increases in prices? According to the data of this poll, 63% of Americans believe that big business is profiting by raising the prices of products and services even higher under the pretext of inflation.

In this light, however, they acquire ( communicative, if nothing else) meaning and the “fire” that Biden unleashed against big business and America's billionaires from the floor of his State of the Union address last week in Washington.

With information from FT

Source: www.kathimerini.com.cy

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