Cuz most folks are not benefiting from the “strong” economy. Its all about the debt, folks. Only the wealthy benefited from years of appalling fiscal & monetary policy. The much-too-late rate hike is now hurting low & middle income people the most. t.co/FYvLs5ipQd
— Frank Giustra (@Frank_Giustra) February 11, 2024
Steven F. Hayward, a professor and author, suggested in an op-ed for the New York Post that despite strong economic numbers, President Biden has low ratings because the economy might not be benefiting most Americans.
“Biden should benefit from what’s usually the single most important factor in determining whether an incumbent president is re-elected: a robust economy,” he wrote, noting strong unemployment rates, a rise in consumer confidence and easing inflation. “Below the headline economic numbers are indicators the overall economy may not be strong or benefiting most Americans.”
Hayward noted that household debt was on the rise and therefore could indicate Americans were spending more to keep up with higher prices.
“Millennials in particular — people between the ages of 30 and 39 — are falling behind in debt payments at a much higher rate than other groups,” he wrote.