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The Indicator from Planet Money

How much do presidents ACTUALLY influence the economy?

The Indicator from Planet Money

NPR

Business

4.79.5K Ratings

🗓️ 10 July 2024

⏱️ 11 minutes

🧾️ Download transcript

Summary

Voters have a bleak outlook on the economy right now, and many are pointing the finger at President Biden. At the same time, many voters have a rosy view of the economy when Donald Trump was president. But how much credit or blame should a president get for the economy? And how do partisan politics play into our perception of the economy's performance?

Related episodes:
Common economic myths, debunked (Apple / Spotify)
Not too hot, not too cold: A 'Goldilocks' jobs report (Apple / Spotify)

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Transcript

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0:00.0

NPR This is the indicator from Planet Money, I'm Adrian Mar, and I'm Darren Woods.

0:16.0

This election season when pollsters have asked voters what their most important issue is,

0:21.6

again and again they've said the economy and asked how they feel

0:25.9

about that economy the answer for a lot of them is bad that is despite some

0:32.0

positive economic trends the vibes are just off.

0:36.0

For example in a recent Guardian poll, half of those surveyed said the stock market is down

0:40.4

this year.

0:41.4

Even though it's actually way up. Half also think unemployment is at

0:44.8

50-year highs. Even though it's been near 50-year lows and a lot of people think

0:49.6

we're in a recession. Even though we're not.

0:53.2

And what's more, many voters blame President Biden for this.

0:56.5

People have a fairly bleak outlook, despite strong growth,

1:00.1

strong unemployment numbers, strong job numbers. People are blaming

1:04.0

Biden for things like increased prices or they blame Biden for the fact that they

1:08.7

can't buy a home. That's NPR's senior political editor and correspondent Domenico

1:13.2

Montenegro. He says at the same time many voters are dinging Biden for the

1:16.8

economy under his watch, many feel the opposite way about former

1:20.8

President Trump. People have a bit of nostalgia for the Trump presidency and the Trump economy pre-Covid.

1:28.0

The economy goes up, it goes down, sometimes it goes sideways and circles and twirling and twirling towards freedom

1:36.6

But but how much of that is actually because of the president?

1:40.6

Today on the show why the economy is like a ship with no captain,

1:45.4

and how tribalism increasingly shapes how we feel

...

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