Bidenomics Won't Swing It for the Democrats
Newsweek US|February 23, 2024
Biden's economic policies are reaping benefits in battleground states, but immigration is proving to bea more important issue for voters in the presidential election
OMAR MOHAMMED
Bidenomics Won't Swing It for the Democrats

ESIDENT JOE BIDEN'S ECOnomic policies might be working to his advantage, particularly in six swing states, data shows-but other figures suggest that immigration risks overshadowing Bidenomics at the ballot box come November.

While the current presidency has been plagued by high inflation, which soared to its highest level in 40 years leading some analysts to anticipate a recession-the economy has proved resilient. Inflation has slowed. In January, employers added 353,000 jobs, crushing economists' forecast of 185,000, according to government data. The unemployment rate has stood at 3.7 percent, its lowest level in decades, and last year the economy grew by 2.5 percent.

The private sector is also hiring, adding more than 100,000 jobs in January, while wages also went up, according to research institute ADP both slower than in previous months but a signal that the economy was achieving a soft landing.

This is where the Federal Reserve's hiking of rates helped cool inflation without doing too much damage to the economy.

"This economy has softly landed and is relaxing at its destination, with two things happening: slowdown in hiring, but still solid, and wage pressures [are] easing, which also helps the case to keeping inflation under control," ADP's chief economist Nela Richardson told reporters last month.

The Biden administration says the economy shows his policies-dubbed Bidenomics are working. And in the battleground states of Arizona, Georgia, Michigan, Nevada, Pennsylvania and Wisconsin, low unemployment, below-average gas prices and economic growth indicate he might be right.

"The U.S. economy grew 3.1 percent over the past year while adding another 2.7 million jobs, and with core inflation moving back down toward the pre-pandemic benchmark," Biden said last month, comparing growth in the fourth quarter of 2023 with the same time the previous year.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM NEWSWEEK USView all
The Next Phase of War
Newsweek US

The Next Phase of War

After thousands of elite soldiers from North Korea joined Vladimir Putin’s forces against Ukraine, how has this latest move affected the conflict?

time-read
6 mins  |
November 29, 2024
Saying No to Trump and Men
Newsweek US

Saying No to Trump and Men

The election has led some women to boycott relationships and sex

time-read
7 mins  |
November 29, 2024
My Fight for Equality and Justice
Newsweek US

My Fight for Equality and Justice

It will take more than just science to end AIDS. Inclusion, empathy and compassion are essential, too

time-read
3 mins  |
November 29, 2024
NEW WORLD ORDER
Newsweek US

NEW WORLD ORDER

HOW LEADERS ACROSS THE GLOBE ARE REACTING TO DONALD TRUMP'S REELECTION AS U.S. PRESIDENT

time-read
10+ mins  |
November 29, 2024
America's Best CONTINUING CARE
Newsweek US

America's Best CONTINUING CARE

EDUCATIONAL OPPORTUNITIES, RESTAURANTstyle dining, unlimited pickleball-an impressive number of amenities are becoming standard at Continuing Care Retirement Communities.

time-read
4 mins  |
November 29, 2024
Hey, Don't Be So SAD
Newsweek US

Hey, Don't Be So SAD

Seasonal affective disorder affects millions of people. Here’s how you can prep your body and mind for darker days

time-read
5 mins  |
November 29, 2024
Wendi McLendon-Covey
Newsweek US

Wendi McLendon-Covey

AFTER 10 YEARS OF PLAYING BEVERLY GOLDBERG ON THE GOLDBERGS, Wendi McLendon-Covey was not eager for a break. \"I need to go do a job where I can just throw everything at it and then come home totally exhausted.\"

time-read
1 min  |
November 22, 2024
'I'm the Highest Earner in Esports'
Newsweek US

'I'm the Highest Earner in Esports'

Johan \"NOtail\" Sundstein has won over $7 million but says, \"I don't really crave that status.... I play for my own reasons\"

time-read
6 mins  |
November 22, 2024
AMERICA'S BEST Weight Loss CLINICS & CENTERS 2025
Newsweek US

AMERICA'S BEST Weight Loss CLINICS & CENTERS 2025

WHETHER IT'S FOR MEAL PLANS, PROFESSIONAL guidance or access to medications like GLP-1s, weight loss clinics can offer personalized assistance for those hoping to make sustainable lifestyle changes.

time-read
3 mins  |
November 22, 2024
AMERICA'S MOST ANTICIPATED NEW VEHICAL 2025
Newsweek US

AMERICA'S MOST ANTICIPATED NEW VEHICAL 2025

WHETHER IT'S A NEWLY IMAGined sport utility vehicle or the re-emergence of a highly regarded halo car, the vehicles coming to market in 2025 prove that Americans' attitudes about personal transportation are diverse and are being served from all angles.

time-read
10+ mins  |
November 22, 2024