{"id":544983,"date":"2023-01-29T01:00:00","date_gmt":"2023-01-28T22:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/biden-gets-set-to-lean-into-economy-in-2024\/"},"modified":"2023-01-29T01:00:00","modified_gmt":"2023-01-28T22:00:00","slug":"biden-gets-set-to-lean-into-economy-in-2024","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/biden-gets-set-to-lean-into-economy-in-2024\/","title":{"rendered":"#Biden gets set to lean into economy in 2024"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a276b3de1242\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a276b3de1242\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/biden-gets-set-to-lean-into-economy-in-2024\/#Biden_gets_set_to_lean_into_economy_in_2024\" >Biden gets set to lean into economy in 2024<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Biden_gets_set_to_lean_into_economy_in_2024\"><\/span>Biden gets set to lean into economy in 2024<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/bidenjoe_121622gn6_w.jpg?w=900\" \/><\/p>\n<div>\n<p>President Biden is expected to lean into an economic message as he and his campaign team conduct a soft launch of his reelection campaign in the coming weeks, sources familiar with his plans say.\u00a0\u00a0<\/p>\n<p>A strong report on the economy this week that showed the nation is adding jobs even as inflation cools is stoking confidence among Democrats that the economy can bolster Biden in 2024, after many feared it was a hindrance in the 2022 midterm message for the party.<\/p>\n<aside class=\"ad-unit ad-unit--mr1_ab\"><\/aside>\n<p>With the State of the Union address on Feb. 7, Biden is likely to give an upbeat tone on the economy that will roll into a campaign message that Democrats expect will highlight strong job numbers and rising wages.<\/p>\n<p>\u201cThe economy can and will be a winning issue for Biden,\u201d said Gabriel Horowitz, senior vice president of the economic program at centrist think tank Third Way. \u201cWhen you look at the top-line stats, they\u2019re incredibly impressive. These are massive accomplishments.\u201d\u00a0<\/p>\n<p>If an expected message at the State of the Union is that this union is strong, the projected message Biden wants to tout in 2024 is that the nation is stronger under his leadership and is emerging in good shape after the coronavirus pandemic.<\/p>\n<p>\u201cAre we better off than we were two years ago? Yes,\u201d said Robert Wolf, a prominent Democratic fundraiser and the former chairman and CEO of UBS Americas, said of Biden\u2019s message. \u201cWe have a strong jobs market with wages going up. And inflation has peaked and is coming down.\u201d\u00a0<\/p>\n<p>Biden is eager to claim credit for a record-breaking recovery from the COVID-19 recession \u2014 powered in part by the stimulus he and Democrats deployed soon after he took office.<\/p>\n<p>Under Biden, the U.S. economy gained 11.2 million jobs, and gross domestic product bounced back rapidly from the onset of the pandemic in 2020. The U.S. has replaced all of the jobs and GDP lost during the recession, all while a record-strong labor market lifted wages for millions of American workers. The December jobless rate of 3.5 percent is also even with the unemployment rate in February 2020, which was then the lowest in more than 50 years.<\/p>\n<aside class=\"ad-unit ad-unit--mr2_ab\"><\/aside>\n<p>Inflation also <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be firmly on its way down after several months of cooling price growth.<\/p>\n<p>The annual inflation rate fell to 5 percent in December, according to personal consumption expenditures price index data released Friday, down from 5.5 percent in November and a peak of nearly 7 percent in June. That steady decline will likely let the Federal Reserve slow down its interest rate hikes, which may also give consumers relief.<\/p>\n<p>\u201cI don\u2019t think it\u2019s unfair to say that this is all evidence that the Biden economic plan, because of you all, is actually working,\u201d Biden said Thursday in a speech to union workers in Springfield, Va.<\/p>\n<aside class=\"ad-unit ad-unit--mr3_ab\"><\/aside>\n<p>\u201cWe\u2019re moving in the right direction,\u201d he said.<\/p>\n<p>Republicans have criticized Biden for claiming economic victories and are prepping their own arguments for why his policies are holding back growth.\u00a0<\/p>\n<p>\u201cAmerican families are poorer because of Biden,\u201d Tommy Pigott, the rapid response director for the Republican National Committee wrote to reporters this week, pointing to 20 months of high inflation that ran ahead of wage growth on the heels of Biden\u2019s $1.9 trillion stimulus package. \u201cThat\u2019s nothing to brag about.\u201d\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr4_ab\"><\/aside>\n<p>Much of the recovery under Biden was also in the works well before he took office.<\/p>\n<p>Economists say two years of low Fed interest rates, groundbreaking COVID-19 vaccines and bipartisan stimulus packages passed under former President Trump were also key forces behind the swift recovery under Biden. Many experts, however, still credit Biden\u2019s March 2021 $1.9 trillion stimulus bill and efforts to staunch the energy shock driven by the war in Ukraine for some of the economy\u2019s resilience.<\/p>\n<p>\u201cThe Biden administration (and the Trump administration beforehand) did not make grievous errors macroeconomically. They got the Big Stuff right \u2013 keep household incomes fairly steady,\u201d wrote Matthew Darling, employment policy fellow at the Niskanen Center, in an email to The Hill.<\/p>\n<aside class=\"ad-unit ad-unit--mr5_ab\"><\/aside>\n<p>Wolf said the GDP numbers in particular \u201cshow that the consumer is still spending and the chances of a deep recession is not around the corner, as so many economists have predicted.\u201d\u00a0<\/p>\n<p>But other Democrats acknowledge it will be a challenge for Biden, with constant talk about a recession and companies like Microsoft and Google laying off thousands of employees.<\/p>\n<p>There are still plenty of obstacles ahead that could throw the U.S. economy off course and hamper Biden\u2019s message.<\/p>\n<aside class=\"ad-unit ad-unit--mr6_ab\"><\/aside>\n<p>The Fed\u2019s aggressive rate hikes and plans to leave borrowing costs high have slowed the economy, and economists warn the U.S. has not yet felt the full impact.<\/p>\n<p>Retail sales and consumer spending fell in November and December, according to federal data, a sign that Americans are finally buckling under the weight of high prices and rising rates. And while new claims for unemployment insurance remain below pre-pandemic levels, the mounting numbers of corporate layoffs are rattling both job-seekers and hiring managers alike.<\/p>\n<p>\u201cA lot of folks who are pessimistic about the economy have been saying that the next data pull will show things are going badly. They\u2019ve been wrong every time so far. But they will eventually be right,\u201d Darling said.<\/p>\n<aside class=\"ad-unit ad-unit--mr7_ab\"><\/aside>\n<p>Financial markets are also rattled by uncertainty over whether Biden and House Republicans can strike a deal to avoid a default on the national debt. While standoffs over the federal debt limit aren\u2019t new, an unprecedented default on the debt would likely cause a financial crisis and deep recession.<\/p>\n<p>And even if the White House and GOP find common ground on the debt ceiling, Biden may find it difficult to get Republicans on board with stimulus if the economy slips into recession anyway.<\/p>\n<p>\u201cPresident Biden and all Democrats are going to have to find a way to talk about how big the economic wins have been,\u201d one Democratic strategist said. \u201cSometimes it feels like we\u2019re letting Republicans drown them out with their talk of a poor economy and high inflation but even that\u2019s improving dramatically, and they need to find ways of talking about it every single day.\u201d<\/p>\n<p>The strategist and other Democrats say they are aware it won\u2019t be easy if public sentiment is an indicator. An Associated Press-NORC Center for Public Affairs Research poll out last month, showed that only 25 percent of those surveyed say the country is headed in the right direction or the economy is in good condition.<\/p>\n<p>Horowitz said it isn\u2019t surprising Americans feel that way, given the uncertainty felt by the supply chain shortage, record high inflation and the war in Ukraine throughout 2022.\u00a0<\/p>\n<p>\u201cThere were a lot of things that felt outside of their control,\u201d Horowitz said, adding that some of those factors \u201care getting better.\u201d\u00a0<\/p>\n<p>Horowitz said he\u2019s expecting a shift in the public\u2019s sentiment about the economy in the coming months.\u00a0<strong><\/strong><\/p>\n<p>\u201cThere\u2019s a feeling right now that there\u2019s a wind at our back, not in our face, and I hope that keeps up,\u201d he said.\u00a0<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thehill.com\/homenews\/administration\/3833804-biden-gets-set-to-lean-into-economy-in-2024\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Biden gets set to lean into economy in 2024 President Biden is expected to lean into an economic message as he and his campaign team conduct a soft launch of his reelection campaign in the coming weeks, sources familiar with his plans say.\u00a0\u00a0 A strong report on the economy this week that showed the nation&#8230;<\/p>\n","protected":false},"author":1,"featured_media":544984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/bidenjoe_121622gn6_w.jpg?w=1280","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[78209,134344,30889,134417,134418,70375,70551,5070,71525,91485,134345],"class_list":["post-544983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-2024-presidential-election","tag-administration","tag-biden","tag-blog-briefing-room","tag-congress-blog","tag-cybersecurity","tag-inflation","tag-jobs","tag-national-security","tag-state-of-the-union","tag-state-watch"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/544983","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=544983"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/544983\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/544984"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=544983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=544983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=544983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}