Americans are feeling a bit better about the economy but the political benefits for President Joe Biden may be limited by one striking fact.
Improved consumer sentiment in the past month is mostly a reflection of Republican optimism.
The Biden administration has been frustrated by the president’s low approval ratings, especially on economic matters, despite historically low unemployment and significant progress on bringing down the pace of rising prices. Until recently, consumer sentiment—as measured by the University of Michigan’s monthly surveys—remained in the doldrums even while consumer spending has been robust and the economy has grown at a rapid pace.
On the surface, the recent bounce in consumer sentiment would seem to be good news for the administration. The University of Michigan’s index of consumer sentiment is up 19 percent from the rock-bottom readings…
