Democrat Voters See Economy Improving

A new survey from the Pew Research Center has found that, “Americans’ views of the nation’s economy – while mostly stagnant for the past few years – are showing signs of improvement.”

• According to the poll, “slightly more than a quarter (28%) rate economic conditions as excellent or good, a 9 percentage point increase from last April. Virtually all the change since then has come among Democrats and Democratic-leaning independents. Currently, 44% of Democrats have positive views of the economy – the highest share of Joe Biden’s presidency.”
• The survey comes as the White House appears set for a pivot to the economy after yesterday’s ‘blockbuster’ GDP report provided more evidence that the US can avoid recession and stick a soft landing.
• Of particular note, growth was largely driven by a construction boom (Semafor’s Jordan Weissman described is as, “unlike any on postwar record”) which could provide credibility to the White House’s message on ‘Bidenomics.’
• Last year, Biden’s message on easing inflation was greeted by a largely unconvinced electorate. Similarly, a nationwide tour from cabinet members and officials in the summer touting ‘Bidenomics’ failed to convince voters that positive economic data had contributed to better economic realities on the ground. This time around, a pivot to the economy may be more likely to gain traction.

Figure 1: Percentage of US Voters Who Describe the Economy as Excellent or Good

Source: Pew Research Center