The economy is great. Why are Americans blaming Biden?

There is a marked disconnect between the underlying realities of the U.S. economy, which are good, and citizens’ attitudes toward the economy, which remain negative. Why is President Biden’s economic performance getting such poor marks when unemployment is near an all-time low, net jobs are still being created at a breakneck pace, and inflation has fallen significantly?

Although the Biden administration can’t boast about it, for fear of appearing out of touch, the economy is doing remarkably well. Inflation in the 12-month consumer price index, which peaked at around 9% in June 2022, has recently been around 3.5%. The unemployment rate, which was 6.3% when Mr. Biden took office, has now been 4% or lower for 22 consecutive months. Job creation remains well above the rate needed to absorb growth in the active population. Consumers continue to spend like crazy.