Objective data show significant economic improvement during President Biden's term, with low unemployment, rising real wages, and strong GDP growth forecasts.
Inflation, which peaked at 9.1% in June 2022, has improved but still stands at 3.2% in the United States, impacting consumer prices.
Gas prices have been volatile, contributing to the negative perception of the economy.
Housing affordability has reached historic lows, with mortgage rates surpassing 7% compared to 2.65% at the start of Biden's term.
A CNN poll reveals souring views on President Biden's economic handling, with only 2% of Republicans and 48% of Democrats believing economic conditions have improved.
These economic concerns pose a political challenge for President Biden's re-election campaign, requiring a nuanced approach to address public sentiment.
Despite positive economic data, 58% of Americans believe President Biden's policies have worsened economic conditions, up from 50% a year ago, primarily due to concerns about inflation, housing affordability, and political factors.
A CNN poll indicates that both Republicans and Democrats are growing increasingly dissatisfied with President Biden's handling of the economy. Only 2% of Republicans and 48% of Democrats believe economic conditions have improved under his leadership.
Housing affordability is at a historic low, with mortgage rates climbing above 7%, compared to 2.65% when Biden took office. The median US home price has risen significantly.