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Monday, December 09, 2019 {{ new Date().getDay() }}


President Joe Biden

A survey released on Monday by the Federal Reserve Bank of New York found that American households say they expect increased personal earnings and better employment prospects in President Joe Biden's second year in office.

The Survey of Consumer Expectations is a monthly survey of approximately 1,300 households giving their views on earnings growth, job prospects, inflation, and credit.

In the December 2021 survey, respondents said they expected their earnings growth for the year ahead to be 3.0 percent, which was an increase of 0.2 percent over the previous month's survey. The New York Fed said that the most optimistic expectations came from respondents "with an annual household income below $50,000."

People responding to the survey also expressed the view that unemployment will continue to decrease. Only 35.2 percent said they believe unemployment will be higher in a year, and even that was a 0.9-point drop from the November survey.

The number of respondents who said they perceived the possibility of losing their job in the next 12 months was also down 1.3 percent to 11.6 percent.

The national unemployment rate is currently 3.9 percent, down from the 6.3 percent that Biden inherited from former President Donald Trump in January 2021.

The survey also showed optimism about consumer costs in the coming year, in spite of Republican efforts to attack the Biden administration over the issue of inflation.

Respondents said that while they expected inflation to remain steady, they expect prices for gas and food to fall in the coming year.

In December, Biden said he believed supply chain problems have contributed to increased costs and expressed optimism for lowered prices in the near future.

"We are making progress on pandemic-related challenges to our supply chain which make it more expensive to get goods on shelves, and I expect more progress on that in the weeks ahead," Biden said in a December 10 statement.

Published with permission of The American Independent Foundation.

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President Joe Biden

Republican-linked dark money groups have spent millions of dollars on false ads trying to convince voters to oppose President Joe Biden's Build Back Better plan. But two new polls indicate the attacks haven't made a dent in the strong public support for the $1.75 trillion social infrastructure package that includes climate and caregiving provisions.

A Monmouth University poll released Wednesday found that 61 percent of American adults support the Build Back Better plan, described in the survey as Biden's spending plan "to expand access to healthcare and childcare, and provide paid leave and college tuition support," and 35 percent oppose it. Those numbers were barely changed from the pollster's June survey, which showed 61-34 percent support.

Another poll, released Wednesday by Data for Progress, found that 64 percent of likely voters support Build Back Better and just 30 percent oppose it.

Data for Progress' polling memo noted that this too has been quite consistent: "In four surveys since early November, Build Back Better is supported by at least 60 percent of all voters. Opposition to the legislation has remained well below 40 percent over the four surveys."

Over the past few months, right-wing groups including the Club for Growth and the American Action Network have spent heavily on "issue ads" aimed at defeating the package.

These spots included several clearly false claims about what is in the bill and what impact it would have. Several incorrectly suggested the bill — which raises taxes on corporations and those earning $400,000 annually, but cuts 2022 taxes for millions of lower- and middle-income families — would mean a large tax hike for average Americans.

Some Republican lawmakers, all of whom unanimously oppose the package, claim the public is with them despite what polls show.

On Monday, Arkansas Rep. French Hill falsely tweeted that "over 2/3 of Americans do not support President Biden's Build Back Broke bill."

"The more details Americans learn about the President's Build Back Better bill, the more unpopular it becomes," claimed Idaho Sen. Jim Risch in November. "It's time for Democrats to pull their reckless spending spree before it does irreversible damage to our country's economy."

Oklahoma Sen. James Inhofe complained that the Senate had spent too much floor time "waiting for an unpopular, partisan bill."

The House passed its version of Build Back Better on November 19.

It is likely to see some changes in the Senate, where Democratic leaders are hoping to get something passed "before Christmas."

Experts say passage would create and support hundreds of thousands of jobs, lower the federal budget deficit, and curb long-term inflation.

Published with permission of The American Independent Foundation.