Bidenomics Faces Persistent Public Disapproval, Polls Show 34% Approval

Adam Kovacevich, founder and CEO of the Chamber of Progress, recently highlighted what he perceives as a "deep unwillingness" among former Biden economic team members to acknowledge the "fundamental unpopularity" of the Bidenomics agenda. In a social media post, Kovacevich stated, > "Bidenomics woulda won if we just 10x’d it” represents the deep unwillingness of ex-Biden economic team to acknowledge their agenda’s fundamental unpopularity." This commentary comes amidst consistent polling data indicating low public approval for President Biden's economic policies.

Recent polls reveal a significant disconnect between the administration's economic messaging and public sentiment. An AP-NORC Center for Public Affairs Research survey indicated that only 34% of U.S. adults approve of President Biden's handling of the economy. This figure is lower than his overall approval rating and reflects a broader public skepticism, with a Gallup survey showing 48% of adults rating economic conditions as "poor."

Despite the administration's efforts to promote "Bidenomics" – a strategy emphasizing investments in infrastructure, clean energy, and domestic manufacturing – many Americans do not feel the positive impact. While unemployment rates have remained low and inflation has cooled from its peak, consumer sentiment has only slightly improved, and prices for everyday goods remain significantly higher than pre-pandemic levels. This has led to a perception that the policies are not addressing immediate financial concerns.

Former Biden economic advisors have acknowledged the messaging challenges, noting that the benefits of large-scale investments take time to materialize. Jared Bernstein, chairman of Biden’s Council of Economic Advisers, stated that "peoDple want to hear about falling prices, because they remember what prices were, and they want their old prices back." Some Democratic strategists have even criticized the "Bidenomics" branding, calling it "probably the worst messaging you could ever imagine" for its failure to resonate with voters.

Adam Kovacevich, a former Google executive and Democratic aide, founded the Chamber of Progress, a center-left tech industry policy coalition. His critique underscores the ongoing struggle for the Biden administration to align public perception with its economic policy goals, particularly as the 2024 election cycle progresses and economic issues remain a top concern for voters. The challenge lies in convincing a skeptical public that the long-term vision of Bidenomics will ultimately translate into tangible improvements in their daily lives.