In part of an interview with CNN that was scheduled to air on Wednesday’s broadcast of “OutFront,” President Joe Biden said that he has “already” turned the economy around and that most “people think they are in good shape economically, they believe the nation is not in good shape, but they’re, personally in good shape” in response to a question about rising home costs, declining real income, economic growth, and consumer confidence numbers.
Presenter Erin Burnett:
“Thus, it goes without saying that the economy is the most significant topic for voters when it comes to politics. Additionally, it is now true, Mr. President, that Americans overwhelmingly trust Trump more when it comes to the economy. That is what pollsters say, and part of the reason for that could be the numbers—many of which, of course, you are aware of. When compared to pre-pandemic monthly expenses, purchasing a home in the United States now costs twice as much. After accounting for inflation, real income has decreased since assuming office; last week’s economic growth fell well short of projections; and, perhaps unsurprisingly, consumer confidence is almost at a two-year low. Election Day is less than six months away. Do you fear that there may not be much longer left to make a change?”
“We have turned it all around,” Biden said. Consider the Michigan poll, which found that 65% of Americans believe their personal financial situation is excellent while the country’s economic situation is poor. The polling numbers have always been inaccurate. How many people do you have to get in touch with in order to receive one response from the CNN polling team? Despite the dire situation, we have succeeded in creating more jobs and placing people in a position to secure well-paying employment. As of the last time I looked, people are understandably concerned about inflation and other factors. For this reason, I am putting a lot of effort into lowering rental prices and expanding the pool of available properties. Let me put it this way: when I assumed office, many predicted that the economy would collapse. Our economy is the strongest on the planet. Again, let me emphasize this: around the globe.
“Although GDP last week came considerably short of forecasts,” Burnett continued.
In reply, Biden said, “No, it wasn’t. As you can see, the GDP is continuing to grow. The markets have responded positively, positively, positively. And the fact that people think the Fed will act is one of the reasons they are content that it is not as strong as it once was.
“They hope they are going to get a rate decrease,” said Burnett.
Biden concurred with that evaluation of rate reductions.
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