Wednesday 8 May 2024

Biden on Falling Real Income: ‘We’ve Already Turned’ Economy Around

 During a portion of an interview with CNN set to air on Wednesday’s broadcast of “OutFront” that was aired on Wednesday’s broadcast of “The Lead,” President Joe Biden responded to a question on increasing home costs, falling real income, economic growth, and consumer confidence numbers by stating that he’s “already” turned the economy around and most “people think they’re in good shape economically, they think the nation’s not in good shape, but they’re, personally, in good shape.”

Host Erin Burnett, “So, when you talk about the economy, of course, it is, by far, the most important issue for voters. It’s also true right now, Mr. President, that voters, by a wide margin, trust Trump more on the economy. They say that in polls, and part of the reason for that may be the numbers, and you’re aware of many of these, of course. The cost of buying a home in the United States is double what it was when you look at your monthly costs from before the pandemic, real income, when you account for inflation, is actually down since you took office, economic growth last week, far short of expectations, consumer confidence, maybe no surprise is near a two-year low. With less than six months to go to Election Day. Are you worried that you’re running out of time to turn that around?”

Biden responded, “We’ve already turned it around. Look at the Michigan survey where 65% of the American people think they’re in good shape economically; they think the nation’s not in good shape, but they’re, personally, in good shape. The polling data has been wrong all along. How many — you guys do a poll at CNN, how many folks do you have to call to get one response? The idea that we’re in a situation where things are so bad, we’ve created more jobs, we’ve made — we’re in a situation where people have access to good-paying jobs. And the last I saw, the combination of the inflation, the cost of inflation, all those things, that’s really worrisome to people, with good reason. That’s why I’m working very hard to bring the cost of rentals down, to increase the number of homes that are available. Let me say it this way, when I started this administration, people were saying there’s going to be a collapse in the economy. We have the strongest economy in the world. Let me say it again, in the world.”

Burnett then said, “Although GDP last week was far short of expectations.”

Biden responded, “No it wasn’t. Look, GDP’s still grow[ing] — look at the response of the markets, overwhelmingly positive, overwhelmingly positive. And one of the reasons why people feel good about it not being as strong as it was before is they believe that the Fed’s going to respond –.”

Burnett then cut in to say, “They hope they’re going to get a rate cut.”

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