Hi everyone on Hive, it's the Business Guy back again.
I have to admit that I am slightly nervous about the state of the American economy under President Biden.
This is because I have been following the news and reading much about Gallup Economic Confidence Index, and it appears that many Americans are not optimistic.
Gallup has been consistently reporting a low Economic Confidence Index, sticking in a range between -20 and -40. Remember this is on a scale from -100 to 100 where -100 means that everyone feels that their economy is bad and getting worse, while 100 denotes everyone feeling it’s good or great and improving.
It looks like people’s opinion on how they feel about the country’s economy can be likened to a report card showing its performance – as at now it doesn’t look quite impressive.
The situation gets worse when one considers the fact that economics has become one of the major issues in presidential race. In Gallup survey about 30% of Americans identified economy as leading issue facing America.
Many people who are dissatisfied with their personal financial conditions?
But here is the thing: I have observed that there might be some hope on the horizon as well. The numbers are not impressive but there has been an increase in economic confidence recently.
Although it is still not to President Biden’s liking, it is a step in the right direction.
Some experts think that if the Biden administration keep making progress and showing they are trying to improve the economy, people may feel better about things by the time election season rolls around. You know what I mean?
If you can see that things are getting better, then you’re more likely to have faith in who’s running things.
It is not simply about statistics for me of course. It entails how economy impacts ordinary people’s lives.
When economy is bad, it means that people might find it hard to get jobs, pay off their debts or even eat a meal. And this affects all of us no matter our race or socio-economic status.
I believe that it is essential for President Biden and his team to keep concentrating on measures of improving the economy especially of those who are most distressed.
It could be about promoting job creation, raising the minimum wage or supporting small-scale enterprises; there are ways through which this can be achieved.
Nonetheless, it is not only up to the government to put things in order. We all have a part to play in ensuring a stronger economy.
Supporting local businesses, investing in education and skilling or simply being mindful of how we spend money can contribute towards making things better.
However, at the end of the day I am optimistic that things will get better. Perhaps it would take some time; there may also be highs and lows along the way but I am confident that we can develop a more resilient economy that accommodates everyone.
Thus as I continue keeping an eye on what’s happening in news and see how events unfold, I will rally behind President Biden and pray that his efforts for economic recovery bear fruits since with strong economy every citizen benefits.