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Only 14 per cent of US voters believe they are better off financially now than when Biden took office, according to a new poll for the Financial Times, in the latest sign that the president’s economic record could undermine his re-election chances.
The survey was conducted by the University of Michigan’s Ross School of Business and found that almost 70 per cent of voters thought Biden’s economic policies had either hurt the US economy or had no impact, including 33 per cent who said they believed the president’s policies had “hurt the economy a lot”. Only 26 per cent said his policies had helped.
The poll shows that inflation continues to cloud the Biden campaign’s efforts to convince voters of “Bidenomics”, the president’s strategy to rejuvenate the country’s industrial sector and reverse years of middle-class wage stagnation.
The Bureau of Labor Statistics is due to publish the latest data on consumer prices tomorrow. It is expected to show inflation cooled to an annual rate of 3.3 per cent last month, according to economists polled by Bloomberg. That would mark a significant easing from a headline rate of 3.7 per cent in September.
The FT-Michigan Ross poll comes on the heels of several other national surveys showing that Biden would lose to Trump in a hypothetical general election match-up.
The new monthly poll will seek to track how economic sentiment affects the race for the White House in the lead up to next year’s presidential election. Here’s more on the survey and its findings.
Third-party candidates: Joe Biden is facing a growing cast of potential spoilers to his re-election bid from across the political spectrum. The resignation of Joe Manchin last week triggered speculation he could be the latest independent to enter the race for the 2024 presidential election.
Here’s what I’m keeping tabs on today:
US-Indonesia relations: Joe Biden hosts Indonesia’s Joko Widodo to discuss, among other issues, the green energy transition. In an interview with the FT last week, the Indonesian president questioned the west’s “commitment” to helping developing countries cut climate emissions.
Economic data: The Federal Reserve Bank of New York issues its latest survey of consumer expectations.
Results: Tyson Foods and Grindr report their latest financial figures later today.
Five more top stories
1. Rishi Sunak has stunned the UK political establishment by restoring David Cameron to the political frontline as foreign secretary, in a dramatic reshuffle that included the sacking of his controversial home secretary Suella Braverman. The former prime minister has been virtually absent from UK politics since losing the Brexit vote in 2016. Follow the latest on this developing story.
2. Gaza’s largest hospital has “ceased to function” after running out of fuel and being surrounded by Israeli troops. Al-Shifa hospital, in the heart of Gaza City, ran out of fuel over the weekend, local officials and the World Health Organization said, risking the lives of patients as fighting raged outside its doors. Here’s the latest on the situation in Gaza.
3. Joe Biden and Xi Jinping are expected to hold frank talks about Taiwan when the US and Chinese presidents meet in San Francisco on Wednesday. It will be the first meeting of the two leaders since last year’s G20 summit in Bali, Indonesia. Here’s more on what to expect.
4. Argentina’s two presidential candidates presented starkly different visions for the struggling South American nation during a combative final debate before next Sunday’s election. Polls show Peronist economy minister Sergio Massa and libertarian outsider Javier Milei are neck-and-neck. Here’s more on last night’s debate.
5. The four biggest US lenders grabbed almost half of all banking profits in the third quarter, according to BankRegData. Earnings at JPMorgan Chase, Bank of America, Wells Fargo and Citigroup were up 23 per cent. By contrast profits at all other institutions dropped by an average 19 per cent in the quarter. The figures highlight the advantage big banks have over their smaller rivals in the new era of higher-for-longer interest rates.
Today’s big read
Academics from some of America’s leading universities will meet next week to explore ways to defuse the tensions that have shaken campuses and alarmed donors in the aftermath of Hamas’s attack on Israel. Registrations for Brandeis University’s two-day Presidential Initiative to Counter Antisemitism in Higher Education — originally planned as a niche event for Boston colleges — have surged since the attack on October 7.
We’re also reading . . .
Trade: This week’s Apec summit in San Francisco will cover any number of predictable topics, from trade relations to currency and debt issues. It will also cover an unexpected one: fentanyl. The highly addictive narcotic offers a window into how global supply chains work, writes Rana Foroohar.
FT investigation: A rare look inside the covert Russian-led operation to get strategic technology protected by European export controls into the hands of the state.
Artificial intelligence: Sam Altman, the chief executive of ChatGPT maker OpenAI, tells the Financial Times his company is seeking more funding from Microsoft to build more sophisticated AI models.
Chart of the day
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The dearth of decent, affordable childcare has long been identified as a leading factor driving women from the workforce. Federal data shows labour force participation among women aged 25 to 54 has recovered from the coronavirus pandemic to hit an all-time high. But that is misleading, according to today’s Lex column.
Take a break from the news
Not that long ago, the office whipround was a reasonably straightforward affair, writes Pilita Clark. But the process has been transformed by electronic services such as Collection Pot, Giftround and Thankbox that have resulted in some new and not always pleasant politics.
Additional reporting by Grace Ramos and Benjamin Wilhelm
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Source: Economy - ft.com
