"Voters' Economic Optimism Fails to Boost Support for Biden, Data Reveals"

A recent CBS News poll found that 65% of Americans remember the economy under former President Donald Trump as being good, compared with 38% giving the current economy under President Joe Biden the same positive assessment. The key difference between the two periods is inflation, with the post-pandemic economy experiencing a 40-year high of 9.1% in June 2022. Wages rose at about 3% annually prior to the pandemic, but failed to keep up with inflation in the wake of the pandemic. Despite the current economy showing surprising resilience and dodging a recession, Americans are facing higher interest rates, making it more expensive to make purchases with debt compared to the steady state of the economy during Trump's presidency.