A majority of Americans think that the U.S. economy is heading in the wrong direction, according to an exclusive poll for Newsweek, with many blaming Joe Biden‘s economic agenda—Bidenomics—for it.
But experts told Newsweek that the U.S. economy is doing relatively well, especially when compared to most other Western economies. The negative outlook on the economy that many Americans hold is likely linked to the fact that the economic picture is objectively complicated and hard to understand right now.
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“The combination of economic indicators is confusing even for economists who spend all their time looking at these numbers,” Stephan Weiler, a professor of economics at Colorado State University, told Newsweek. “This is just a very unusual combination of fiscal monetary and global circumstances, and that uncertainty is translating into pessimism.”
According to John Van Reenen, Ronald Coase Chair in Economics and School Professor at the London School of Economics (LSE) in London and Digital Fellow, Initiative for the Digital Economy at the Massachusetts Institute for Technology (MIT), part of the unhappiness with the U.S. economy is also a “hangover” from the rise of inflation which followed the pandemic.
