Great news for Joe Biden as consumer confidence explodes

| 3:00 pm EST January 20, 2024
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It has been frustrating to watch the economy rebound under the Biden administration without much of an acknowledgment about the leadership and policies driving it. Part of this has to do with the media. Indeed, just before 2023 ended, President Joe Biden admonished the press to “[t]ake a look” and “[s]tart reporting it the right way.”

Another big part of what is happening is about “consumer sentiment,” which refers to how confident or optimistic people feel about the strength and direction of the economy and their personal finances. Even though the United States has recovered better from the pandemic than other nations, consumer sentiment has been low—until recently.

Newly released data from the University of Michigan’s Survey of Consumers on Friday is showing a significant shift. “Consumer sentiment soared 13% in January to reach its highest level since July 2021, showing that the sharp increase in December was no fluke,” according to the release. Consumers believe “inflation has turned a corner,” they have seen gas prices drop amid stock market gains, and they now have stronger income expectations. The cumulative 29% climb of sentiment over the last two months is the largest two-month increase since 1991.

As for what this implies for 2024, with sentiment having risen almost 60% above June 2022’s all-time low, the economy is likely to get a further boost. The report also reveals that both Democrats and Republicans showed their most favorable readings since the summer of 2021, and there was a broad consensus across age, income, education, and geography.

The new set of data is uplifting news for the economy and the United States. Plus, the growing consumer sentiment is even greater proof for the skeptics and the hyperpartisans that Bidenomics is working. With sentiment now rising, the direct connection with the Biden administration’s shrewd actions should become increasingly evident to voters in the upcoming months. There is even more reason now to be optimistic about Election Day.