Republicans pinning their hopes for 2024 on Bidenomics being a flop should develop a backup plan.
Conservatives have treated Bidenomics as a laughing matter. That could be a strategic mistake.a few months ago, this looked like a high stakes gamble. Americans were giving the Biden administration very low marks for economic stewardship, inflation was still uncomfortably high, and a recession seemed to still be inevitable.inflation. The Biden administration’s attempt to accentuate the positive looked doomed to fail.
Even worse, many economists believed that resolving the inflation problem would require undermining the strength of the labor market. So, even if inflation was brought down, it would likely be at the cost of millions of jobs. If layoffs became widespread and employment precarious,. So, the Biden administration might simply wind up being unpopular for a different set of economic worries..
. The Conference Board’s measure of confidence soared beyond even the most optimistic forecasts in July to the best reading since March of 2020, according to data released Tuesday. The University of Michigan’s survey of consumer sentiment rose for the second month in a row.confidence about future business conditions and job availability
. This likely reveals consumers’ belief that labor market conditions will remain favorable,” said Dana Peterson, Chief Economist at The Conference Board.Indeed, the expectations for the labor market over the next six months have. The share of consumers saying they expect more jobs to be available rose to 16.4 percent, above the 14.8 percent expecting fewer jobs. Last month, the figures were 15.4 percent expecting more jobs and 16.7 percent expecting fewer.
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