Biden is struggling to persuade voters on the economy, despite strong accomplishments including laws directing government spending to improve roads, bridges and other infrastructure.
The usual explanation for this is inflation – his problems rooted in the 18% jump in prices during his time in office.
As of last July, the typical American household was paying $700 more per month for the same goods and services than in 2021, according to an analysis by Moody's Analytics.
The inflation rate slowed, falling from more than 9% in June 2022 to 3.1% in January. Wages appear poised to catch up.
But although consumer surveys suggest the mood may be brighter, the improvement has done little to lift its popularity.
To make matters worse, Biden has overseen a period of major economic transformations — from a post-pandemic boom to a slowdown caused by a sharp rise in interest rates that many fear will turn into a recession.
However, there is a growing consensus that we are out of the woods, which may help in the coming months.
