Sarah Bedford of The Washington Examiner believes that it is too late for President Joe Biden to change voters’ opinions on the economy. During a recent appearance on Fox Business’s Cavuto: Coast to Coast, she discussed polling data that showed most people believe the country is in a recession. Interestingly, former President Donald Trump, who is expected to be Biden’s opponent in 2024, has polled better on economic issues, with voters viewing his policies more favorably than Biden’s.
Bedford explained that changing voters’ perceptions of the economy at this point would be challenging. If people have been struggling to pay for essentials like groceries and gas or saving up for big purchases like a house, a single interest rate cut with only four months left in the year is unlikely to change their opinions significantly. Most voters have already formed their views on the economy, which poses a significant challenge for Biden as he tries to address their concerns.
The Federal Reserve recently announced that it would keep its rate target between 5.25% and 5.50%, with officials expecting only one rate cut for the year. This decision comes after the Federal Reserve did not raise interest rates in 2021 and is now in its seventh consecutive month without lowering rates. Additionally, inflation decreased by 0.2% in May and fell to 2.2% for the year ending in that month.
In conclusion, Sarah Bedford believes it is too late for President Joe Biden to change voters’ opinions on the economy. She explains that if people have been struggling to pay for essentials or save up for big purchases, a single interest rate cut with only four months left in the year is unlikely to change their opinions significantly. The Federal Reserve’s recent decision not to raise interest rates and its seven consecutive months without lowering rates also pose significant challenges for Biden as he tries to address voter concerns about the economy.
