Biden's 2024 dilemma: US economy looks solid, but voters still not feeling it (apnews.com)

submitted 11 months ago by MicroWave@lemmy.world to c/politics@lemmy.world

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President Joe Biden goes into next year’s election with a vexing challenge: Just as the U.S. economy is getting stronger, people are still feeling horrible about it.

Pollsters and economists say there has never been as wide a gap between the underlying health of the economy and public perception. The divergence could be a decisive factor in whether the Democrat secures a second term next year. Republicans are seizing on the dissatisfaction to skewer Biden, while the White House is finding less success as it tries to highlight economic progress.

“Things are getting better and people think things are going to get worse — and that’s the most dangerous piece of this,” said Democratic pollster Celinda Lake, who has worked with Biden. Lake said voters no longer want to just see inflation rates fall — rather, they want an outright decline in prices, something that last happened on a large scale during the Great Depression.

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[-] Nudding@lemmy.world 29 points 11 months ago

When the economy is doing well, that means businesses are doing well. When businesses do well, the workers are paid less. The economy is not your friend.

[-] NightAuthor@lemmy.world 11 points 11 months ago

Or some people like to say “the stock market is not the economy”. Which I think points in the same general direction.

[-] BeeRadTheMadLad@lemm.ee 4 points 11 months ago

This is a popular sentiment but believe it or not real - as in inflation adjusted - wages - are now actually above pre-pandemic levels.

[-] grue@lemmy.world 2 points 11 months ago

Is that a median or a mean?

[-] BeeRadTheMadLad@lemm.ee -2 points 11 months ago

I believe average but I'm not sure that's particularly relevant here. We're talking about wages, not wealth. It's the latter that your Bezos's, Zucks, etc can potentially throw off when measuring averages.

[-] grue@lemmy.world 3 points 11 months ago

I believe average

I was asking about which specific kind of average.

[-] BeeRadTheMadLad@lemm.ee -2 points 11 months ago

I can only go by the words that you use when you ask a question my guy, and the words you used indicated that you were asking if it was the average (mean) OR the middle figure in the distribution of incomes (median).

[-] grue@lemmy.world 2 points 11 months ago

"Average" can mean either mean, median, or mode. You're the one who doesn't know what words mean, not me.

[-] BeeRadTheMadLad@lemm.ee 1 points 11 months ago

Regardless of whether that's technically true, the context in my initial comment made it clear that the answer to your question is "mean", did it not? I specifically cited those wealthy outliers to exclude median since outliers wouldn't change a median value, after all.

[-] 0ops@lemm.ee 3 points 11 months ago

Still, it would be interesting to see the distribution of these wages, whether the whole distribution shifted uniformly to increase the average, or it just became more skewed

this post was submitted on 11 Dec 2023

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