Bidenomics in the Ballot Box: A Business Beat on 2024

Written by Elli Jin (C’27); Edited by Hope Sheridan (W’26)

With the upcoming 2024 presidential election, it is imperative that Americans reevaluate their priorities before checking that box. But there are two factors– ‘the fundamentals — important to all citizens, regardless of partisanship: incumbency approval and economic perception.

So then, let’s take a closer look at the Biden administration’s impact on the economy: 16 million new business applicants since 2020, GDP has grown by about 22 percent, and while the stock market faced initial whiplash in 2022, it reached an all time high in early 2024. Despite seemingly good economic results, a recent survey of President Biden shows that over 50 percent of business owners say that they “strongly disapprove” of his role as president. There is often a sharp disconnect between economic realities and the public’s perception of the economy.

In fact, why is it that Americans often blame presidents for increasing inflation or credit them for decreasing unemployment? While it is true that presidents have some influence over the state of the economy, whether it be through employing unilateral action or vetoing fiscal bills, they have far less power than one may think. It was likely the legacy of former Roosevelt’s New Deal that resulted in Americans believing that presidents should play a larger role in the economy than constitutionally admissible. These large-scale interventions, coupled with the president's visibility and authority, have reinforced the idea that presidents can single-handedly shape economic outcomes. In reality, presidents should not be entirely blamed or entirely credited for economic downturns or upturns.

So, before we hit the polls, let's take a second, dig into the details, and remember that presidents are not wholly responsible for the “bads” or the “goods” of the economy.