Biden touts economic record as polls show frustration
- Biden, breaking with Democratic tradition, touted Wall Street gains
- ‘Doing what's always worked in this country: Giving people a fair shot’
- Polls show Americans are frustrated with the state of the economy
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WASHINGTON (NewsNation) — President Joe Biden is defending his economic record, citing a recent consumer sentiment report that he said backs him up.
The president, comparing his policies with those of former President Donald Trump, rejected polls that show voters trust Trump on the economy more than they trust Biden.
Biden recommended voters “look at the markets” for reactions to the recent 1.6% gross domestic product report for the first quarter, which indicated a slowing economy. Cooling indicators of output are expected to lower inflationary pressures.
Democratic presidents for eons have argued that Wall Street bets are not the real economy, but rather Main Street holds the tape measure.
“We’re doing what’s always worked in this country: Giving people a fair shot, leaving nobody behind,” Biden said at a campaign event in Racine, Wisconsin. “(We’re growing) the economy from the bottom up, not the top down.”
Biden also touted the current rate of inflation of 3.5%, which is down from a pandemic-era high of 9% in March 2022.
Biden conceded Wednesday that voters have many reasons for worrying their purchase power and their economic well-being have eroded. But, he said 15 million jobs have been created during his term and wages are higher.
He criticized Trump as invested in the wealthy, not the middle class, and as a spinner of economic promises, many of them illusions.
NewsNation affiliate The Hill contributed to this report.
