By Naomi Lim | Colorado Springs Gazette
President Joe Biden and former President Donald Trump are posturing over the economy as they prepare for what is poised to be a 2020 general election do-over this November.
Their endeavors to redefine their economic records and receive credit for a rosier outlook after the COVID-19 pandemic coincide with their appeals to working-class voters and the unions that represent some of them, with the demographic underpinning their respective 2016 and 2020 wins in states such as Michigan, Pennsylvania, and Wisconsin.
In his pivot toward the campaign, Biden has underscored positive economic data, including Friday’s strong jobs report, last week’s reports that the economy expanded by 3.1% during the fourth quarter of 2024, and December’s annualized personal consumption expenditures price index, the Federal Reserve’s preferred inflation rate, was 2.9%, the lowest since March 2021. But despite surveys indicating consumer confidence is improving post-pandemic, the president has acknowledged differences of opinion amid the increase in the cost of living — while criticizing Trump.