Love it or hate it, this is President Biden’s economy and he’s taking credit for it. In recent weeks, Biden has been rolling out his economic pitch to Americans. It started with a high-profile speech in Chicago where he branded his policies as “Bidenomics” and positioned them in opposition to trickle-down “Reaganomics.” Since then, Biden and his campaign surrogates have fanned out across the country to make their pitch.
This is coming at a time when Americans are quite pessimistic about the economy. In recent polls, less than a third of Americans say the economy is good. But still, economic data paints a relatively strong picture. The unemployment rate — according to data out last Friday — stands at 3.6 percent. That’s close to a 50-year low. And inflation, although it remains somewhat high, has fallen to 4 percent from a high of 9 percent last summer.
In this installment of the FiveThirtyEight Politics podcast, Galen speaks with Jeanna Smialek, who covers the Federal Reserve and economy for the New York Times, and Neil Irwin, chief economic correspondent for Axios. They discuss how much of Biden’s approach to economic policy is actually new, what it looks like on the ground and why Americans are so pessimistic.