Created
Wed, 23/08/2023 - 07:00
This is a very useful piece about the timing of good economic news from Bill Scher: Despite near-record low unemployment, respectable Gross Domestic Product growth, wages outpacing inflation, and disposable personal income rising, Joe Biden’s job approval numbers have been stuck in the low 40s. Even more perplexing, approval for his handling of the economy is usually a tick worse than his overall job approval. In turn, several commentators are openly wondering: Why hasn’t Biden gotten credit for the improving economy? But the better question is: How long does it take for any president to get credit for an improving economy? We don’t have a pat answer because every president’s economic circumstances differ. But we have evidence to suggest that credit does not come quickly. Ronald Reagan experienced a sharp recession early in his first term, from July 1981 to November 1982, with the unemployment rate peaking at 10.8 percent a month after the recession officially ended.