Economists warn Biden can't bet on strong economy during election campaign: 'Prices are still too high'

Economists warned President Biden that he can't rely on the economy to carry him to victory in 2024 as prices and inflation remain high, citing a "pretty powerful headwind," Politico reported Tuesday.

"The reality is we’ve only seen wages outpace inflation for six or seven months," Diane Swonk, chief economist at KPMG, told Politico. "Prices are still too high. Inflation is cooling; it isn’t enough."

Others agreed that the 2024 contest would be very close as the president has struggled to get his economic message across. 

"The unemployment rate is exceptionally low … but the fact that we’re paying so much more for everything we buy, food, rent, gasoline — that’s a pretty powerful headwind," Mark Zandi of Moody's analytics said.

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He said the economy might not be enough of a "tailwind" for Biden.

"The economy should be something of a tailwind for the president, but it may not be enough of a tailwind, given everything else that’s going on, to reelect him," Zandi continued. 

 A New York Times/Siena College poll released in November found that just over 80 percent of voters believe the condition of the economy was either "fair" or "poor." The poll also found that Biden was trailing Donald Trump in several key swing states. 

"Voters already disapprove of Biden’s handling of the economy despite how much the economy has improved since he took office," Democratic pollster Carly Cooperman told Politico. "If it actually worsens, then ratings of Biden will likely worsen."

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The NYT/Siena College poll found that 59 percent of registered voters trust Donald Trump to do a better job of handling the economy, compared to just 29 percent of voters who said they trust Biden to do a better job. 

The president and his administration have been pushing "Bidenomics." 

The president said in October that Americans "know they’re better off financially than they were before — that’s a fact — and all that data, all that polling stuff shows they are more positive about the economy than they’ve been, more positive about their jobs, etc."

Critics disagreed, as Rep. Andy Biggs, R-Ariz., suggested the president was celebrating high prices.

"Why is he celebrating high inflation, high interest rates, high gas prices, and high national debt?" Biggs asked.

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