Opinion | Are you mad at Biden over economic issues? Let’s take the quiz.

The past few years have been tumultuous, with a deadly pandemic, recession, soaring inflation, and wars overseas. Perhaps unsurprisingly, Americans give President Biden low marks for the economy. How bad is the situation? This quiz will help you calibrate your level of concern and find out how your knowledge of economic realities compares to other Americans and other Post readers we asked. You can see how it stacks up. (We partnered with the Swedish nonprofit Gapminder to survey 600 people, ages 18 to 65, about their finances. The sample was balanced to reflect U.S. demographics.) is removed.)

Strong consumer spending has helped the U.S. economy recover stronger than Europe’s from the pandemic. Massive federal aid in 2020 and 2021 increased U.S. household spending and savings. In addition, many Americans locked in minimum interest rates when mortgage rates were low, so they have not felt the pain of high interest rates as much as consumers in other countries. Strong wage growth and a rising stock market also stimulated US spending.

Still, the top-line numbers could mask the economic challenges facing Americans. Isn’t inflation a problem for many households?

When Biden took office, the average price of gas was about $2.40. In June 2022, prices reached an all-time high of $5 per gallon, largely due to Russia’s full-scale invasion of Ukraine. But gas prices have fallen significantly since then, now costing just over $3 a gallon.

But Americans don’t just love gasoline. What’s the big picture?

In the summer of 2022, inflation reached a 40-year high. The price of almost everything has increased: food, cars, travel, electronics, etc. For many, costs were rising faster than salaries. However, the situation changed in 2023, as many workers experienced significant wage increases. The average worker’s pay has increased 20.5% since January 2020, outpacing the 19% rise in inflation over the same period. Many low-wage workers do even better.

These facts provide an opportunity to consider the current state of employment in America.

This question is a little unfair. Presidents have limited control over the economy, and the timing of their terms will determine what the numbers look like. (President Donald Trump added more than 6 million jobs in his first three years in office, but that gain disappeared during the pandemic. He ended his first term with millions of job losses.) ) Furthermore, Biden’s first term is not yet over. . But those who argue that this key indicator of economic health is off track argue that in a country with record-low unemployment and more than 14 million jobs expected to grow by December 2023, They are not paying attention to the bumper crop of employment.

The U.S. economy and American workers have shown remarkable resilience. Price increases have been suppressed by the US Federal Reserve’s (Fed) inflation control measures. Employment remains strong. And growth has accelerated recently. Americans are finally becoming more optimistic about the U.S. economy as gas and food prices stabilize and growth continues with no recession in sight. There are still people suffering, as food insecurity data and rapidly increasing credit card debt show. But jobs remain plentiful, and the unemployment rate has remained below 4% for the longest period in U.S. history since the Vietnam War era.My current salary is significantly above inflationspending has increased, especially for low-wage workers, and public confidence in the future of the economy has increased.

Presidents generally get too much credit, or too much blame, for an economic situation that is far weaker than Americans imagine. But it would be completely wrong to remember Mr. Trump’s words as an economic revival in contrast to today’s misery. Mr. Biden deserves more credit simply for not getting in the way of the Fed, which Mr. Trump would not have done. All Americans should celebrate the “soft landing” America is enjoying.