Stuart Varney: Voters don’t trust Biden’s economy, despite good news

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During his “My Take,” Monday, “Varney & Co.” host Stuart Varney discussed why so many Americans are unhappy with Biden’s economy, arguing voters’ financial situations don’t match what economists tell them about their finances the way they did with Trump’s “spectacular economy.”

STUART VARNEY: There’s plenty of good news on the economy

Job growth, cooling inflation, and an expanding economy.

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So why are so many people unhappy? And they are unhappy. 

Joe Biden Wisconsin Bidenomics

U.S. President Joe Biden speaks about his “Bidenomics” economic plan on the anniversary of the Inflation Reduction Act.  (Biden speaks to guests at Ingeteam Inc. / Getty Images)

Look at this from the latest NBC poll.

Trump leads Biden by 22 points when voters are asked who they trust to do a better job on the economy.

Why the contradiction? An improving economy and voters are not buying it. Why?

BIDEN TOUTS COOLING INFLATION, BUT PRICES ARE UP SHARPLY FROM 2021

I think it’s because people don’t focus on the big-picture numbers. They’re not economists. 

Economic growth of 3.3% or an unemployment rate of 3.7% doesn’t mean that much. 

The news that inflation is cooling doesn’t mean much either.

What people focus on is their situation. 

The proverbial “kitchen table talk” is not a discussion about the number of jobs available or GDP. 

It’s about the cost of the meal on the kitchen table, and how those costs don’t go down. They just stay high.

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Mortgage rates are coming down. True, but they’re still double what they were four years ago. 

The table talk is about unaffordable rents, which don’t come down. 

Discussion centers on real estate unaffordability. That is what it’s like for most people. 

The wealthy, who tend to vote Democrat, are doing just fine. 

Their assets, stocks, and real estate are at record-high values. The wealth gap is expanding, very much in their favor. 

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Voters look at this and turn thumbs down because their financial situation doesn’t match what the economists tell us about the economy’s performance.

They may remember that the guy who produced a spectacular economy, and who narrowed the income gap, was President Donald Trump.

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