The economic landscape in the United States is currently dominated by concerns over inflation and its impact on daily life.
A significant 84% of likely U.S. voters report that inflation and rising costs have adversely affected them, as highlighted in a recent McLaughlin & Associates national survey.
Americans believed ‘Bidenomics’ has negatively affected the economy
This survey also reveals that half of the respondents believe the economic policies under President Joe Biden, often termed ‘Bidenomics,’ have negatively impacted the economy, inflation, and cost of living.
Retailers are particularly apprehensive about consumer spending during the upcoming festive season.
Amidst these economic conditions, the political landscape is also shaping up, with 49% of respondents in McLaughlin’s survey indicating a preference for Donald Trump over Joe Biden in a hypothetical presidential matchup. This marks a 2-point increase since the last poll conducted by McLaughlin.
Trump’s strategy to target Biden’s policies is working
John McLaughlin, a noted pollster, commented to the Washington Examiner on this trend. He asserted, “President Trump’s strategy to run an issue-centered campaign challenging Joe Biden’s failed policies has worked perfectly.”
He further emphasized the proximity of key political milestones, stating, “With 54 days to the Iowa caucuses and 11 months to Election Day, Joe Biden is merely doubling down on failure.”
Biden’s response to the economic challenges
In response to these economic challenges, President Biden outlined a comprehensive economic plan in June, which he believes will rejuvenate the American dream.
During a speech in Chicago, he criticized the trickle-down economic approach and advocated for a shift in economic policy. “The trickle-down approach failed the middle class. It failed America,” Biden said. He elaborated on his vision for ‘Bidenomics,’ a term increasingly used in financial circles to describe his economic strategy.
The retail sector, pivotal to the U.S. economy, is closely monitoring the potential impact of inflation and general economic conditions on consumer spending.
Holiday discounts have started early
An article in The Hill this week shed light on this issue, with experts predicting a resurgence of pre-pandemic buying patterns this holiday season. Many retailers have preemptively offered substantial discounts, akin to Black Friday deals, much earlier in the season.
Ted Rossman, a Senior Industry Analyst at Bankrate.com, noted to The Hill, “It was basically Black Friday in October, and that is going to keep rolling through the holidays.”
Shoppers adjust spending habits
However, Rossman also highlighted the underlying economic anxiety affecting both retailers and consumers. He pointed out that about a third of holiday shoppers are explicitly adjusting their buying decisions due to inflation concerns.
This sentiment reflects a broader apprehension about the state of the economy and its implications for the future.
In summary, the current economic and political climate in the United States is marked by a significant concern over inflation and its effects on the general populace.
The approach to managing these economic challenges, particularly in the context of the upcoming holiday shopping season and the political landscape, remains a focal point of public discourse and analysis.