The administration of President Joe Biden has claimed credit for the strong retail sales numbers in December, saying, "That's Bidenomics at work."
Joe Biden Administration Says 'Bidenomics at Work'
According to CNBC, December's retail sales beat expectations, with a 0.6% figure, higher than the Dow Jones projection of 0.4%.
In a press briefing on Wednesday, White House press secretary Karine-Jean Pierre hailed the positive report as a testament to the Biden administration's economic policies.
"That's not an accident, that's Bidenomics at work... Because of Bidenomics, because of the economic policies that we put forward, we are seeing now a historic number of small business applications," Jean-Pierre said.
Highlighting the influence of Bidenomics on small enterprises, Jean-Pierre pointed out that the economic policies implemented have led to a record-breaking surge in small business applications.
Last week, the White House disclosed receiving almost 16 million small business applications in the first three years of President Joe Biden.
"What that means is that small businesses, folks who are starting them, have the confidence in the economy to start a business," Jean-Pierre noted.
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Economic Issues of Joe Biden
Hours after the optimistic retail sales report was released, the White House White issued new regulations on big banks for overdraft fees, which is part of the Biden administration's broader campaign against corporate junk fees that result in price-gouging.
The Biden administration said that corporate price-gouging was the reason why so many Americans have yet to experience the Biden economic recovery on a personal level.
However, despite the administration's efforts, voters continue to blame their economic woes on Biden, a reality weighing on the president's 2024 reelection campaign.
Recent polls suggest a waning support from Latino voters that played a pivotal role in Biden's 2020 election victory. They reportedly now lean towards former President Donald Trump.
With this, the challenge for the Biden administration to ensure that economic improvements are felt personally by a broader population remains.
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