President Joe Biden’s re-election prospects have received a significant uplift, thanks to a surge in consumer confidence surrounding the economy, according to a new survey reported by Newsweek on Tuesday, November 28, 2023.
The Consumer Confidence Survey, conducted by The Conference Board, unveiled a positive shift in Americans’ economic outlook, particularly in the areas of job availability and incomes. This notable development comes as a timely boon for President Biden, who has been grappling with challenges ranging from inflation to foreign policy, all of which have cast shadows on his approval ratings.
The survey, indicating a resurgence in consumer confidence after three consecutive months of decline, unveiled key insights. Respondents expressed an optimistic anticipation of more job opportunities in the upcoming six months, coupled with an expectation of increased incomes. Conversely, those foreseeing a decline in jobs or income experienced a slight decrease in numbers.
Dana Peterson, Chief Economist at The Conference Board, affirmed the positive trend, stating, “Consumer confidence increased in November, following three consecutive months of decline. Consumer expectations for the next six months recovered in November, reflecting improved confidence about future business conditions, job availability, and incomes.”
Further analysis of the survey data unveiled variations among age and income groups. Americans aged 55 and above exhibited higher confidence levels compared to their counterparts aged 35 to 54. Additionally, higher-income households displayed greater confidence than their lower-income counterparts. Despite these disparities, Peterson noted that “general improvements were seen across the spectrum of income groups surveyed in November.”
Political analysts, while acknowledging the positive trajectory in consumer confidence, cautioned that it may not be sufficient to secure Biden’s re-election. Joshua Doss, a senior political analyst at HIT Strategies, emphasized that, despite the optimistic sentiment, voters are still wary of impending challenges such as rising prices, global conflicts, and elevated interest rates.
“These numbers are directionally good. Voters might feel a little bit better in this moment but are still bracing for impact,” said Doss, stressing the need for Biden to demonstrate competence and a clear vision in addressing these concerns.
Biden’s efforts to showcase leadership include his push for the Build Back Better agenda—a $1.75 trillion package aimed at social spending and climate measures to create jobs, lower costs, and combat global warming. However, the bill faces resistance from Republicans and some moderate Democrats, leaving its fate uncertain in Congress.
Biden, amidst the fallout from the U.S. withdrawal from Afghanistan, tensions with China and Russia, and the ongoing pandemic, is tasked with convincing voters of his ability to navigate these challenges. As he gears up for a tough re-election campaign next year, the recent uptick in consumer confidence provides a glimmer of hope, yet the President acknowledges there is still a long road ahead.
