The Economy Looks Sunny, a Potential Gain for Biden
WASHINGTON — A run of strong economic data appears to have finally punctured consumers’ sour mood about the U.S. economy, blasting away recession fears and potentially aiding President Joe Biden in his reelection campaign.
Biden has struggled to sell voters on the positive signs in the economy under his watch, including rapid job gains, low unemployment and the fastest rebound in economic growth from the pandemic recession of any wealthy country.
For much of Biden’s term, forecasters warned of imminent recession. Consumers remained glum, and voters told pollsters they were angry with the president for the other big economic development of his tenure: a surge of inflation that peaked in 2022, with the fastest rate of price growth in four decades.
Much of that narrative appears to be changing. After lagging price growth early in Biden’s term, wages are now rising faster than inflation. The economy grew 3.1% from the end of 2022 to the end of 2023, defying expectations, including robust growth at the end of the year. The inflation rate is falling toward historically normal levels. U.S. stock markets are recording record highs.
https://news.yahoo.com/economy-looks-sunny-potential-gain-174100513.html?.tsrc=daily_mail&uh_test=0_00
