https://issuesinsights.com/2022/05/19/economic-optimism-has-collapsed-under-build-back-better-biden-tipp-poll/
Last week, President Joe Biden gave a speech about the economy, saying that “as I go across the country, our economy has gone from being on the mend to on the move.” What country is Biden talking about, exactly? Because here in the U.S., the economy went from booming under President Donald Trump to disaster under Biden.
The latest evidence of Biden’s detachment from reality comes from the IBD/TIPP Economic Optimism Index, which plunged 9.5% in May, dropping down to 41.2 (anything under 50 signals pessimism).
That puts it below the Index’s worst reading during the height of the COVID pandemic, when it bottomed out at 44 in July 2020. By the time Biden took office, it had rebounded and was back above 50, where the Index had been during the entirety of the Trump administration.
The IBD/TIPP Financial Stress Index, meanwhile, has shot up to 69.3 (anything above 50 indicates high stress), roughly where it was during the 2008 financial crisis. It has climbed 22% on Biden’s watch.
For Biden to say the economy “is on the move” is truly delirious. GDP was down 1.4% in the first quarter, and nearly half of adults think we are already in a recession, the IBD/TIPP poll found.
Biden also bragged about how the economy created “8.3 million jobs in my first 15 months in office – a record.”
Big deal.