President Joe Biden’s time in office has been marked by a paradoxical phenomenon: the significant economic growth paired with persistently low approval ratings. This constant disconnect between consistent economic performance and public perception has puzzled political analysts and economists alike, raising questions about the effectiveness of “Bidenomics” and its impact on the American people.
The Biden administration’s economic policies, collectively known as “Bidenomics”, have aimed to rebuild the economy from the middle out and bottom up, rather than relying on trickle-down economics. This approach has focused on three key pillars: making smart public investments, empowering and educating workers to grow the middle class, and promoting competition to lower costs and help entrepreneurs and small businesses thrive.
The economic indicators under Biden’s presidency have been remarkably strong. The administration has overseen the creation of over 16.6 million jobs, with job growth occurring every single month of his tenure which is a feat unprecedented in American history. The unemployment rate, which stood above 6% when Biden took office, has dropped to 4.1%, marking the lowest average unemployment rate of any administration in 50 years.
The stock market has also flourished during Biden’s term, with the Dow Jones Industrial Average reaching record highs. This bull market has contributed to significant wealth creation for many Americans, particularly those with retirement accounts and investments. The robust performance of the stock market has been seen as a vote of confidence in the overall economic direction set by the administration.
GDP growth has been consistently strong throughout Biden’s presidency. In the third quarter of 2024, real GDP grew at an annual rate of 2.8%, driven by robust consumer spending and business investment. This growth has outpaced many other advanced economies, with the U.S. real GDP growth since the fourth quarter of 2019 reaching 11.4%, more than double the next-largest expansion in the G7.
One of the most impressive achievements of Bidenomics has been its impact on small businesses. Over 20 million small business applications were filed in 2021 and 2022, marking the strongest two years on record. This surge in entrepreneurship suggests a growing confidence in the economic environment and the potential for success in starting new ventures.
The administration has also made significant strides inthe manufacturing and clean energy sectors. Nearly 800,000 manufacturing jobs have been added, and there has been a manufacturing and clean energy boom across the country. Inflation-adjusted manufacturing construction spending has grown by nearly 100% in just two years, indicating a resurgence in domestic production capabilities.
Despite these economic successes, Biden’s approval ratings have remained stubbornly low. Several factors may contribute to this disconnect. One possibility is the lingering effects of high inflation experienced earlier in his term, which, although significantly reduced, may have left a lasting impression on consumers. The year-over-year PCE inflation has settled around 2.1% in 2025, close to the Federal Reserve’s 2% target.
Another factor could be the uneven distribution of economic benefits. While overall economic indicators are strong, some Americans may not feel the impact in their daily lives. Income inequality and regional economic disparities may contribute to a sense of disconnect between macroeconomic success and individual financial well-being.
The complexity of Bidenomics and its long-term focus may also play a role in its unpopularity. Policies aimed at structural economic changes, such as investments in infrastructure and clean energy, may not yield immediate, tangible benefits for many voters. The administration’s emphasis on future-oriented policies, while potentially beneficial in the long run, may not resonate with those facing immediate economic pressures.
Media coverage and political polarization could also be contributing factors. The struggles of economic policy and its impacts can be challenging to communicate effectively, especially in a highly polarized political environment where opposing narratives compete for public attention.
As Biden’s presidency finished, the legacy of Bidenomics remains a topic of debate. While the economic data paints a picture of remarkable success, the disconnect with public opinion highlights the complex relationship between economic policy, perception, and political popularity. Despite hitting record numbers during his time in charge, the public doesn’t seem to notice based on the approval ratings.
Written by Aniruddh Sajan
