Why Biden is getting little credit for the economy, especially in California
==========
President Biden is facing challenges in receiving credit for the resilient economy, particularly in California. While economists agree that the American economy has made a remarkable recovery under Biden's presidency, public opinion, especially in California, remains negative. Inflation appears to be the biggest economic concern for Biden, despite the fact that the rate of inflation has come down significantly. However, consumers tend to focus more on the rising prices of everyday items, such as gasoline, which are higher in California. The psychological impact of inflation is stronger in California due to the state's high cost of living. The perception of high inflation creates anxiety among Californians, particularly lower-income and younger residents. Although wages have increased and purchasing power has not been eroded, people tend to externalize the increase in prices and blame the government or others. Biden faces the challenge of overcoming this psychology and the negative mood caused by inflation, especially in California, where the economy has been lagging behind the national average. The state's job growth rate is half of the national rate, and consumer confidence in California is significantly lower than in other big states. Additionally, credit card delinquencies and financial struggles related to housing and living expenses are increasing in California. Gas prices in California are higher than the national average, which could further impact Biden's popularity. The high inflation and mortgage rates have also made it difficult for renters in their prime home-buying years to enter the housing market. Overall, Biden's handling of the economy is not receiving the credit it deserves, particularly in California.
#Biden #Economy #Inflation #California #PublicOpinion
https://www.latimes.com/business/story/2024-04-10/why-biden-is-getting-little-credit-for-the-good-economy
Los Angeles Times /
npub1ka…ct50x
2024-04-10 14:40:02
Author Public Key
npub1kat3x50s05kl9v0lqxq5qsl0znf0eu2rwyeq4xyplj80ga740k9q9ct50xPublished at
2024-04-10 14:40:02Event JSON
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"content": "Why Biden is getting little credit for the economy, especially in California\n==========\n\nPresident Biden is facing challenges in receiving credit for the resilient economy, particularly in California. While economists agree that the American economy has made a remarkable recovery under Biden's presidency, public opinion, especially in California, remains negative. Inflation appears to be the biggest economic concern for Biden, despite the fact that the rate of inflation has come down significantly. However, consumers tend to focus more on the rising prices of everyday items, such as gasoline, which are higher in California. The psychological impact of inflation is stronger in California due to the state's high cost of living. The perception of high inflation creates anxiety among Californians, particularly lower-income and younger residents. Although wages have increased and purchasing power has not been eroded, people tend to externalize the increase in prices and blame the government or others. Biden faces the challenge of overcoming this psychology and the negative mood caused by inflation, especially in California, where the economy has been lagging behind the national average. The state's job growth rate is half of the national rate, and consumer confidence in California is significantly lower than in other big states. Additionally, credit card delinquencies and financial struggles related to housing and living expenses are increasing in California. Gas prices in California are higher than the national average, which could further impact Biden's popularity. The high inflation and mortgage rates have also made it difficult for renters in their prime home-buying years to enter the housing market. Overall, Biden's handling of the economy is not receiving the credit it deserves, particularly in California.\n\n#Biden #Economy #Inflation #California #PublicOpinion\n\nhttps://www.latimes.com/business/story/2024-04-10/why-biden-is-getting-little-credit-for-the-good-economy",
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