“In survey after survey, large majorities of respondents say both that the economy is terrible and that Biden is doing a bad job managing it. For months, American economists and policy wonks have expressed puzzlement about these results, pointing to strong GDP growth, low unemployment, the lack of a recession in the US, and cooling inflation rates.
But after a two-year period featuring the highest inflation in decades, prices are still a whole lot higher than they were four years ago — and voters seem not to have forgiven that just yet. (This has been a global phenomenon, worse in Europe than in the US, that could be dragging down many incumbents.) And governments’ chief inflation-fighting tool, high interest rates, may also be painful to many people, making it harder to get credit. Stock markets have stagnated or fallen since early 2022 (after many years of continuous upward expansion in the US). Some Americans could also see their incomes taking a hit due to the expiration of generous pandemic aid.”
https://www.vox.com/2024-elections/23949102/biden-polls-2024-losing-old-economy