Biden touts economic 'comeback' in election-year pitch to skeptical voters

President Biden used his State of the Union address Thursday to highlight economic progress, eight months ahead of an election which will test voters' confidence in his economic stewardship.

"I inherited an economy that was on the brink," Biden told a packed chamber at the U.S. Capitol. "Now our economy is the envy of the world."

Polls show many voters disapprove of Biden's handling of the economy, despite strong job gains, low unemployment and faster GDP growth than many forecasters had expected.

Inflation has also cooled significantly since hitting a four-decade high in 2022. But high prices remain a source of frustration for many voters and a potential liability for the president.

The White House says lowering costs for working families is a top priority.

"We're cracking down on corporations that engage in price gouging or deceptive pricing from food to health care to housing," Biden said.

What the White House is doing

The president also highlighted his administration's efforts to combat hidden fees levied by banks, hotels and other businesses.

"I'm saving American families $20 billion a year with all of the junk fees I'm eliminating," Biden said.

The president accused Republicans of catering to wealthy business and individuals. His upcoming budget will propose higher corporate tax rates — a nonstarter in the currently divided Congress.

"A fair tax code is how we invest in the things that make a country great: health care, education, defense and more," Biden said. "The last administration enacted a $2 trillion tax cut that overwhelmingly benefits the very wealthy and the biggest corporations and exploded the federal deficit."

Biden's perception problem

Surveys by the University of Michigan show that consumer