Former N.Y. state senator David Carlucci and GOP strategist Joe Pinion discuss the state of the U.S. economy and President Biden’s approval ratings among minority voters. President Biden spoke to small businesses Friday in and around the Philadelphia suburb of Allentown, which the White House said is experiencing an “economic comeback,” as he touts his “Bidenomics” agenda in an effort to shore up his record on the economy.
Biden’s pitch Friday was that he’s been better for small businesses than former President Donald Trump, a billionaire, real estate magnate, and reality television host who won the presidency in 2016 on the premise that he knows how to grow the economy. During his visit to Allentown, Biden visited local establishments, such as Nowhere Coffee Co., and ordered a mango smoothie.
The president highlighted the positive outlook on the economy, citing the decline in inflation from its June 2022 high of 9.1% to 3.4%. He emphasized that people are starting to feel better about the economy and that the benefits of his policies are beginning to sink in. Under Biden, Allentown has seen a significant decrease in unemployment, reaching a 20-year low at 3.9%. The region has also experienced job growth with 32,000 new jobs added and a 30% increase in new business applications in 2022.
However, critics argue that the touted economic recovery stands in contrast to recent layoffs announced by major institutions in the banking, tech, and business sectors. Citigroup plans to lay off 20,000 employees, Google is letting go of workers in its voice assistant and augmented reality hardware teams, and Amazon will lay off hundreds of employees in its Prime Video, MGM Studio, and Twitch divisions.
Republicans, including former President Trump and GOP presidential contenders, have been quick to criticize Biden’s economic record. GOP figures like Nikki Haley have highlighted the increasing costs of everyday items and argue that Biden’s spending is hurting American families. They call for fiscal responsibility, urging the administration to address the national debt.
A recent poll showed that only 14% of respondents felt personally helped by Biden’s economic policies, indicating a lack of public confidence. White House press secretary Karine Jean-Pierre acknowledged the need for more time for the effects of Biden’s economic policies to be felt, citing economists’ opinions.
Overall, President Biden’s visit to Allentown aimed to showcase his economic accomplishments and address concerns about rising inflation and economic recovery. While the White House emphasizes positive indicators such as low unemployment and job growth, critics raise concerns about recent layoffs and the perceived impact of Biden’s spending. As the 2024 campaign trail unfolds, the economy remains a central topic of debate and scrutiny.
