Biden touts economic success in Chicago despite high inflation, low approval rating
CHICAGO (CBS) – President Joe Biden was in Chicago on Wednesday to deliver a major speech on his economic agenda and success during his term in office.
CBS 2's Chris Tye spoke to an expert on what credit and blame should be given to Biden as he gears up for his 2024 reelection bid.
The president said new bridges, highways, broadband, and jobs will help make a stronger economy than what the country saw under President Donald Trump, and helps Biden make a better argument for why he deserves a second term.
Into a smoky Chicago, the president cleared his way to the Old Post Office where the new phrase "Bidenomics" offered him a new way to talk about his administration's economic successes.
"Bidenomics is working," Biden said. "When I took office, the pandemic was raging and our economy was reeling."
He framed his two-and-a-half years as a boon for the economy, citing infrastructure, technology, and employment, but the kitchen table issues tell a more complex story.
Compared to when he took office, the cost of a gallon of milk is up almost a dollar. The cost of a gallon of gas has increased even more. Interest rates have soared and inflation, though down from earlier this year, is still way up.
The unemployment rate has been a silver lining coming down from 6% to under 4%.
"Now it's been below 4% for the longest stretch in 50 years of American history," Biden said.
CBS 2 asked an expert to weigh in.
"In general, I'd give him a B," said Mark Zandi, of Moody's Analytics. "He gets an A+ on jobs and unemployment, but obviously inflation is painfully high and it's hard to give him a good score on that."
Zandi is the chief economist at Moody's.
"The Fed is fighting that inflation with higher interest rates, so that's also very painful for people," he added.
The president's overall approval rating is at 41% according to a CBS/YouGov poll. His rating on the economy is at 36%.
And for critics who say he's not sharp enough for another term, another example was on display in Chicago.
"Three-quarters of U.S. industries grew more consecrated, I mean excuse me, consecrated," Biden said. "I'm thinking I didn't go to mass. They were moving to diminish competition."
Biden did not talk about immigration or crime as it pertains to Chicago.
He held two fundraisers before taking off from O'Hare Airport on Wednesday afternoon.