NY Times Poll: Improving Economy not Boosting Biden

While inflation has come down to about 3% and the unemployment rate is under 4%, President Joe Biden may not be benefiting politically from the positive economic news.

According to nationwide polling of registered voters by The New York Times and Siena College, only 26% say the economy is good or excellent. 

Nearly two-thirds of registered voters in the Times/Siena poll rated the price of food and consumer goods as poor.

As overall inflation rates have fallen over the past year, food prices have consistently outpaced baseline inflation, according to the Bureau of Labor Statistics. There are various reasons for this, CNBC noted, ranging from the impact of the war in Ukraine on grain prices to high charges at restaurants.

In the New York Times survey, 40% said the economy was worse than it was a year earlier, compared with 23% who thought it was better — even though a narrow majority rated their personal financial situation as good or excellent, the newspaper noted.

CNBC commented: "Biden has been fighting tooth and nail to convince voters that the economy's post-COVID recovery is the result of his economic agenda, which aides have dubbed Bidenomics. But voters, still feeling the inflationary squeeze on their budgets, have yet to give Biden credit for the objectively strong economy, even as they get more optimistic about its trajectory."

Voters are concerned about high interest rates on mortgages and credit card purchases, and rising insurance costs.

The Federal Reserve has raised interest rates 11 times in the past 18 months to curb inflation. Mortgage interest rates remain around 7% on average.

"The run-up in housing prices that began during the pandemic has yet to subside, pushing a home purchase far beyond what many feel comfortable paying," The New York Times noted.

Fifty-three percent of voters say the housing market is poor, especially younger people and those who rent homes. More than half of homeowners (57%) rated their own finances as good or excellent, compared with 36% of renters.

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