The American economy is hotter than it’s been in more than 20 years. Unemployment is just 4.2 percent, lower than it ever got during Barack Obama’s presidency, and 6.1 million jobs have been created just from January through November. Growth is also surging: As The Wall Street Journal reported, analysts expect a 7 percent annualized growth rate in the last quarter of 2021 — a rate better than Europe and even China.
The ongoing economic disruptions, the hypnotizing power of right-wing media and the Democrats’ own communication woes have something to do with it.
Yet contrary to all political conventional wisdom, President Joe Biden is getting no credit for it. Not only is his approval rating stuck in the low 40s, Gallup’s Economic Confidence Index was also recently measured at minus 33 — matching the initial stage of the pandemic, when jobs were vanishing by the millions and the Federal Reserve barely managed to stave off a global financial crisis.
It’s a mysterious situation. But the ongoing economic disruptions, the hypnotizing power of right-wing media and the Democrats’ own communication woes have something to do with it.
First, despite all the good news in the economy, not all is well. Thanks to the pandemic and fragile supply chains resulting from a previous decade of under-investment, there are shortages of many important goods — particularly cars, where production is still in the toilet thanks to the computer chip shortage — and inflation is at its highest point in decades. People like jobs, but they don’t like rising prices. By the same token, unemployment is low, but the total number of jobs is still several million short of where it was in 2019; many people probably would like to work but can’t because of the ongoing pandemic.
Meanwhile, we’re entering another grim pandemic winter, and though the omicron wave taking hold across the country will hopefully be less murderous thanks to possible lessened severity and increased population-wide immunity, it’s still going to be hard on hospitals. Parents are struggling with child care, people may fear going to work, others may end up sick and so on.
In short, the economy doesn’t feel nearly as good as 4 percent unemployment should feel.
The second factor is partisanship. The University of Michigan conducts a survey on consumer sentiment broken out by party, which shows a truly staggering gap between the two — a relatively recent development, incidentally. Since Biden won the election, Republican attitudes on the economy have soured to the point where they register worse consumer sentiment than at the pit of the Great Recession in early 2009.
Republicans are more biased in both directions these days: ecstatic when their guy was in office and operatically pessimistic now that he’s not.
Now, there is often some partisan bias in economic views. Democrats were quite upbeat about the economy during the Obama years and less positive during the Trump administration. But Republicans are more biased in both directions these days: ecstatic when their guy was in office and operatically pessimistic now that he’s not. Say what you like about economic problems today, things are categorically better than they were in March 2009 — and it’s a safe bet that no matter how great the economy was going, Tucker Carlson and Ben Shapiro would convince conservatives they were trapped in the worst of all possible nightmare hells.









