Amplify: Surge in Consumer Sentiment Under President Biden
In an encouraging sign for the Biden Administration, consumer sentiment – which measures overall optimism about the economy – has surged 29% over two months. That marks the biggest jump in three decades.
This comes at a time where the S&P 500 and Dow Jones are reaching record highs, showing confidence among investors and shoring up retirement savings for millions of Americans.
Additionally, according to new Census Department data, “the first three years of the Biden-Harris Administration are the strongest years on record for new business applications, with nearly 16 million applications filed. Analysis by the Council of Economic Advisers finds that this level of record applications also reflects higher levels of new business formation that would lead to job growth – the highest in the last quarter century.”
Why it Matters:
Voters’ perception of the economy has a strong correlation with the success (or not) of incumbent presidents and their party. These positive economic signs, combined with declining inflation and our seeming success at avoiding a widely predicted recession, bode well for Democrats in 2024.
Trump’s appeal to voters is that they were better off four years ago than they are now. With the inevitable market corrections that occurred across the globe as a result of pandemic-error interventions and disruptions, this appeal remains a threat to Democratic chances. The greater confidence voters have in the economy and their own financial well-being, the better chances Democrats have.
