Joe Biden Insists US Economy Is Doing Well Amid Mounting Criticisms on 'Bidenomics'

By Jace Dela Cruz

May 09, 2024 05:00 AM EDT

President Joe Biden has reaffirmed his belief that the US economy is on an upswing despite widespread criticism of his economic policies.

In a recent interview with CNN, Biden emphasized that the economy has rebounded significantly under his administration, contrasting it with predictions of a collapse at the outset of his term.

President Biden Speaks At Gateway Technical College In Wisconsin
STURTEVANT, WISCONSIN - MAY 08: U.S. President Joe Biden speaks to guests during an event at Gateway Technical College’s iMet Center on May 08, 2024 in Sturtevant, Wisconsin.
(Photo : Scott Olson/Getty Images)

Joe Biden Defends 'Bidenomics'

Joe Biden has expressed confidence in the strength of the US economy, asserting that it is the strongest globally. The president also acknowledged concerns about the high costs of goods and housing driven by inflation.

He cited the latest Consumer Price Index data showing a 3.5% increase in prices compared to the previous year.

READ NEXT: More US Voters Trust Donald Trump Than Joe Biden to Deal With Inflation and Cost of Living, New Poll Shows

Response of Joe Biden to Inflation

While Joe Biden claimed a decrease in inflation from 9% at the beginning of his term, the actual rate was 1.4% when he assumed office. He highlighted efforts to address inflation by targeting excessive fees that burden consumers, such as limiting bounced check fees to $8 and capping late payment fees for credit cards.

Despite the president's optimistic narrative, public sentiment remains critical of 'Bidenomics,' as recent CNN polling data revealed significant disapproval ratings for his handling of the economy and inflation. 

READ MORE: Joe Biden Criticizes Media for Negative Coverage of US Economy

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