OPINION:
In 1992, Democratic presidential nominee Bill Clinton famously told American voters who were hurting because of a lousy economy, “I feel your pain.”
Whether Bill was being sincere or not, it was a good line, and it resonated.
Now, President Biden is running for reelection with the opposite message: Stop complaining. Everything is going great. Some of his sycophants in Congress and his stooges in the media are complaining that the problem isn’t Mr. Biden’s failed policies, but that Americans are too stupid to understand how good things are today.
Gail Collins of The New York Times recently groused: “I know that we aren’t supposed to lecture people about how good their lives are, but it’s weird that the nation doesn’t seem more conscious of how well things are going. … Prices have begun to stabilize or even drop.”
She might as well have taken out a bullhorn and screamed: Listen up, all you little people: “Bidenomics” is as good as it gets. You’re just going to have to learn to live with 20% higher prices, trillion-dollar deficits, declining purchasing power, schools that don’t teach, crime on the streets, a porous border, and $4-a-gallon gas.
Most of the people boasting about the gleaming economy are inside the Washington bubble or nested in college faculty lounges.
This Grand Canyon divide between the ruling class and Americans in blue-collar jobs or starting careers has seldom been more pronounced. Even former President Barack Obama’s political director, David Axelrod, has warned Mr. Biden to stop hyping an economy that has left more than half of this country behind.
“It drives me crazy when he does that,” Mr. Axelrod said.
It also makes Mr. Biden seem hopelessly out of touch with Main Street America. When nearly 2 in 3 Americans say things aren’t going well for them financially, the “don’t worry, be happy” bromide isn’t the response most voters are looking for.
The chart below shows that the vast majority of Americans have seen wages and salaries lag behind inflation for more than three years. The inflation rate appeared late last year to be falling to 3% but is now trending back to closer to 5% on an annual basis. There are lots of ways of measuring the decline in real take-home pay for middle-class families, but the best measure is about a $2,500 decline in purchasing power since Mr. Biden took office.
Even the job market, which has been strong under Mr. Biden — with more job openings than people looking for work — is showing cracks. Part-time employment is surging and full-time jobs have been negative in the last two months. So hourly wages are rising even as weekly pay is falling.
Mr. Biden’s strategy so far has been to blame former President Donald Trump for the weakling economy — which is a big stretch given that Mr. Trump was already pulling the economy out of the COVID recession six months before Mr. Biden occupied the Oval Office. Inflation was 1.7% when Mr. Trump left office, and then 18 months and $4 trillion of debt later — the consumer price index had soared to 9.1%.
If this is “morning in America,” something tells me voters are worried about what the afternoon will look like. To borrow another phrase from Bill Clinton, “It’s still the economy, stupid.” If Mr. Biden wants to run for reelection on this economy, it’s all his.
• Stephen Moore is a senior fellow at The Heritage Foundation and an economist with FreedomWorks. He serves as the co-founder of the Committee to Unleash Prosperity.
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