Biden wages war on capitalism during SOTU, promotes government-controlled economy
RsbnetworkFeb 08, 2023
The Facts
In a new Gallup survey, 50% of Americans have claimed that they are financially worse off now than they were the previous year — the highest percentage since the Great Recession over a decade ago.
The latest results are based on answers received between Jan. 2 - Jan. 22, with 35% of Americans stating they are better off than they were a year ago, compared to an even split between the two choices in the two years prior, with 41%-41% in 2022.
The Spin
Republican narrative
Biden is blaming inflation on the pandemic rather than his reactionary policies to it, and many of his comments at the SOTU highlight the real danger of his administration's attempts to arbitrarily control the markets rather than support them. Such a strategy has historically only taken power away from the average worker and destroyed nations — under Biden, the US economy looks likely to continue to suffer.
Democratic narrative
Americans' economic woes aren't unfounded, but it's Biden's agenda that's keeping hope alive. In a U-turn from years past, the president is calling out corporate corruption and tax evasion while highlighting the importance of a strong working class. Even Republicans, albeit grudgingly, applauded some of the president's speech, which — along with the poll's optimism surrounding the economy's future — shows the American people are willing to latch onto the hopeful message Biden has for the country.
Nerd narrative
There's a 30% chance that the US will enter a recession before the end of 2023, according to the Metaculus prediction community.