Frank Giustra: Most folks are not benefiting from the “strong” economy

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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.

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“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.”

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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.

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