No matter how many times the Biden administration, including President Joe Biden himself, tries to sell his economic plan to the American people, they just don't want it. That hasn't stopped the president from promoting his economic priotiies at less than opportune times, especially so soon after Hamas attacked Israel on October 7, less than a week later in Philadelphia. More recently, Biden gave remarks on Tuesday, which also happened to be Halloween, as to how he was going to "protect Americans' retirement security."
Biden began his speech by expressing thanks "for all the good work you do at AARP and helping Americans achieve security retirement." Just last week, though, Sen. Rand Paul (R-KY) wrote a column for Townhall addressing how the AARP "primarily functions as a marketing and advocacy tool for United Health, the largest health insurance company in the United States" and appears to be more focused on promoting the interests of this corporate entity." Paul also wrote "it is disheartening to observe that AARP's revenue is channeled into supporting Democratic candidates and causes, further blurring the lines between its supposed mission and partisan politics."
The president also made quite the suggestion that he's looking to get Acting Labor Secretary Julie Su confirmed as "the full-time Secretary of Labor," since she's "doing such a great job as acting." Su's nomination had been languishing for months, with her confirmation by the Democratic-controlled Senate looking increasingly less likely, leaving the Biden administration to just have her remain as acting. That hasn't stopped them from trying to skirt around how Su isn't actually the full-time secretary, and have even gone about quietly placing her in the line of succession.
Once Biden actually got into the real content of his speech, it was full of bits to promote his agenda, with lines that we've all heard before.
"Folks, you’ve--you’ve heard me say it before: I ran for President to make sure our economy works for everyone--at least gives everyone and equal shot--and to build an economy from the middle out and the bottom up," Biden mentioned. "Because when that happens, everybody does well, rather than just the top down."
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Be that as it may that Biden does indeed constantly say as much, that doesn't make it true, especially when it comes to how Americans view the economy.
BIDEN: "I ran for president to make sure the economy works for everyone!"
— RNC Research (@RNCResearch) October 31, 2023
Under Biden, Americans have seen a 3.2% pay cut while prices have risen by 17.7%. pic.twitter.com/EuzldYJfq2
In addition to currently showing Biden with a 40.9 percent job approval, while 55.7 percent disapprove, RealClearPolitics (RCP) shows the president's approval rating on various issues, including the economy and inflation. On the former, Biden has just a 37.8 percent approval rating on the economy, while 59.5 percent disapprove. His approval rating on inflation is even worse, though, at just 33.6 percent. Meanwhile, 63.2 percent disapprove.
Biden also mentioned how American workers don't tend to think about retirement when they're younger, arguing that "an awful lot of people don’t think about that retirement when they’re 20, 30, and 40 years old."
"But here’s what it means," Biden continued, speaking about how he's looking to eliminate junk fees from retiement savings. "Many Americans spend their whole lives working, putting every dime left at the end of the month into a retirement account so, after working hard for decades, they can retire with dignity and a little bit of security."
The picture may not be as rosy as Biden looks to paint it, though.
BIDEN: "An awful lot of people don't think about that retirement when they're 20, 30, 40 years old..."
— RNC Research (@RNCResearch) October 31, 2023
Under Biden, paying bills and saving for emergencies has REPLACED saving for retirement as the top concern for workers between the ages of 21 and 64. pic.twitter.com/lubhj1sLit
In late September a YouGov poll for Bankrate was released showing that 56 percent of Americans feel behind on savings for retirement. That was the headline, but there were other takeaways, too. "For many American workers, the biggest question about retirement isn’t how they’ll spend their free time, it’s if they’ll be able to retire at all. Retirement has become another financial milestone, like homeownership or starting a family, that isn’t guaranteed for workers in 2023," the Bankrate write-up startling began with.
The poll also found that 56 percent of respondents feel behind on where they should be when it comes to saving for retirement, with 37 percent saying they feel "significantly behind."
When broken down by age group, a plurality or majority of each generation say that they're "significantly behind" where they should be in saving for retirement. This includes 25 percent of those aged 18-26, 28 percent of those aged 27-42, 51 percent of those aged 43-58, and even 40 percent of those ages 59-77, some of them who should be retired by now.
The sample size for the poll conducted online from August 23-25 included Americans, of whom 1,301 are working full-time, part-time or temporarily unemployed
The Biden administration has also looked to put workers' retirement savings at risk by priortizing companies more favorable and willing to comply with Environmental, Social and Governing (ESG), leading to lawsuits from Republican states.
Further, younger workers as the ones Biden mentioned are now more worried about emergency savings. Bankrate also released a report in late June, showing that respondents are uncomfortable with the amount of savings that they have.
Last month, the 2023 Workplace Wellness Survey by the Employee Benefit Research Institute was released. A CNBC write-up indicated that "[e]mployees report that building savings for an emergency and paying monthly bills are just as stressful as--if not more stressful than--saving enough for retirement" and that "[t]his is the first time in four years of the EBRI survey that saving for retirement is not the primary financial stress factor for employees."
Later still, towards the close of his remarks, Biden summarized it all once more. "Look, the bottom line is this is about basic fairness. People are tired of being played for suckers," he pointed out, despite how that's ended up being the case under his presidency. "My administration is going to continue to crack down on junk fees across the economy to protect consumers, promote competition, and give families across the country, as my dad would say, 'just a little bit of breathing room,'" making a promise the American people so far don't think he's been delivering on, during his nearly three years in office.
As tired as people are "of being played for suckers," that may indeed remain the case with Biden in office.
Biden also shared "I believe every American willing to work hard should be able to achieve the American Dream no matter where they live," in the context of junk fees.
"The steps we’re taking today and everything else we’ve done to clamp down on junk fees and restore basic fairness to our economy is part of a larger vision for our country that I think we all share, whether you think the way I’m doing it is correct or not, but I think we share the vision: to build an economy from the middle out and the bottom up instead of the top down," he said, going on to stress a sense of fairness. "The economy we’re building is what--is designed to make it fair for everybody," adding "that’s why I can honestly say I’ve never been more optimistic about America’s future," a point he often makes.
When it comes to that optimism, though, that looks to be another point where Biden is out of touch with the American people. RCP also shows that just 24.8 percent believe that the country is going in the "right direction," while 65.4 percent say it's on the "wrong track." A particularly concerning poll from just a few weeks ago came from USA Today, indicating that just 17 percent say the country is going in the "right direction," while 71 percent say it's on the "wrong track."
