As the Dow Jones Industrial Average soared above 40,000 points, President Joe Biden’s campaign team celebrated a rare economic victory. But beneath the surface, a more complex reality persists.
Despite a strong economic record, Americans remain skeptical of Biden’s handling of the economy. To turn the tide, Biden must engage in some class warfare, targeting the corporate greed and price gouging that has fueled inflation and hurt ordinary Americans.
The stock market’s record high may not be the game-changer Biden’s team hopes for. Most Americans don’t benefit from stock market gains, and other economic indicators, like job creation and inflation, have had little impact on public perception.
Trump’s Blunder Hands Biden a Powerful Political Weapon
The root of the problem lies in everyday expenses, like rent and auto insurance, which continue to rise. Voters resent previous price increases and feel the pinch of higher interest rates, even if inflation statistics don’t reflect it.
Biden’s options are limited, with Republican control of the House and the Federal Reserve’s independence. But he can still wield the bully pulpit, attacking exploitative corporations and daring Trump to do the same.
Voters are receptive to this message, and Biden has a chance to draw a clear contrast with Trump, who has already shown his willingness to prioritize corporate interests over American consumers.
By endorsing investigations into price fixing and monopolies and highlighting his administration’s work against corporate greed, Biden can shift the narrative and show that he is fighting for ordinary Americans.
The data supports this approach, with studies revealing that corporations have used pandemic-related disruptions to raise prices and increase profits. Some Republicans, like Senator Josh Hawley, have even shown willingness to take on corporate monopolies.
Biden should embrace the hatred of corporate leaders and show voters that the same forces that have hurt Americans want Trump back in the White House. By doing so, he can turn the economy into a winning issue and secure a second term. As Franklin Delano Roosevelt famously said, “I welcome their hatred.”
