Liberal News Outlet Faces Backlash for Defending Biden's Economic Policies

Axios Faces Criticism for Asserting that the US Economy is in Good Shape

Liberal news outlet Axios was recently the subject of ridicule on social media after it claimed that the American economy is in good shape and that there is no recession. This statement was made despite contrary data points indicating economic difficulties.

Majority of Americans Believe the US is in a Recession

According to Axios, more than half of Americans believe that the country is currently in a recession. The outlet, however, argued that this is a misconception and that the economy is actually healthy. This belief, Axios claims, is a political challenge for President Biden and a potential advantage for former President Trump in their respective bids for second terms.

Axios Claims Economy is Growing Despite Inflation and Rising Cost of Living

Axios further argued that the economy is doing well because it grew by 1.4% (as measured by GDP) so far in 2024 and the stock market is up. However, the outlet acknowledged that Americans remain pessimistic about the economy due to inflation and the rising cost of living.

High Cost of Living and Inflation Shape Americans' Economic Views

Axios pointed out that inflation and the higher cost of living, which are not typically part of the recession call by the NBER, could be shaping Americans’ views. A significant 70% of Americans stated that the cost of living is their biggest economic concern, followed by inflation at 68%. Moreover, two-thirds of Americans, including 65% of Democrats, find it hard to be happy about positive economic news when they feel financially squeezed each month.

Axios Overlooks Other Economic Concerns

Despite its defense of the current economic state, Axios failed to mention other underlying reasons behind Americans’ dissatisfaction with the economy under Biden. For instance, household net worth remained stagnant during Biden’s term when adjusted for inflation, growing by only 0.07% compared to 16% during Trump’s first three years. Additionally, households are spending an extra $11,400 annually to afford basic necessities due to inflation.

Social Media Mocks Axios' Defense of the Economy

Axios' attempt to paint a rosy picture of the economy was met with widespread ridicule on social media. Users pointed out the disconnect between Axios' claims and their personal experiences with rising costs and financial difficulties.

Conclusion

The debate over the state of the US economy continues to rage on, with outlets like Axios asserting that the economy is in good shape despite widespread public sentiment to the contrary. This raises important questions about the role of media in shaping public perception and the reality of economic hardships faced by many Americans. What are your thoughts on this matter? Do you agree with Axios' assessment of the economy, or do you side with the majority of Americans who believe we are in a recession? Share this article with your friends and join the conversation. Don't forget to sign up for the Daily Briefing, delivered to your inbox every day at 6pm.