A battle between President Joe Biden and Donald Trump could see voters focused on several key issues including the economy when voting in the 2024 presidential election.
Biden has been highlighting his economic strengths but has ditched using a word created by the press.
What Happened: According to a recent Morning Consult poll, 77% of voters polled said the economy is "very important" when looking at candidates for the 2024 election.
Biden highlighted the economy in recent ads and was using the all-time highs of the stock market as a talking point both for voters and when taking on Trump.
One area Biden had been shying away from in recent months was using the term "Bidenomics," which was credited as being created by the Wall Street Journal as a way to describe the economic plans of the president.
"You guys branded it. I didn't. I never called it ‘Bidenomics’ … Let's get it straight: The first time it was used was in the Wall Street Journal. Ok? I don't go around beating my chest, ‘Bidenomics,'" Biden told reporters in June 2023.
The term highlighted a plan by Biden to boost the middle class through initiatives that included increased public spending.
According to an analysis from Axios, Biden went from saying “Bidenomics” dozens of times monthly to going two months without using the term publicly. Here's a look at how many times monthly the word was used publicly by Biden.
June 2023: 29
July 2023: 21
August 2023: 15
September 2023: 13
October 2023: 14
November 2023: 4
December 2023: 4
January 2024: 2
February 2024: 0
March 2024: 1
On Tuesday, Biden used the term for the first time in two months.
"Leading economists aren't making much fun of ‘Bidenomics' anymore," Biden said Tuesday. "They're thinking maybe it works!"
Biden had previously embraced the term, which was often used against him.
The recent shift in not using “Bidenomics” could signal the president's campaign not seeing the message resonate with voters or do enough positively to show his accomplishments.
By using the phrase again Tuesday, it will be interesting to track if Biden begins increasing the use of the word as polling continues to show a close match between Trump for the 2024 election.
"(Biden) will continue talking about Bidenomics, which is a sharp contrast with congressional Republicans, who are siding with special interest and the rich over middle-class families," White House spokesperson Michael Kikukawa said in a statement shared by Axios.
Why It's Important: While Biden hasn't been using the term Bidenomics, Axios said Democratic members of Congress have also shied away from the term with their mentions on social media declining in recent months.
Republican members of Congress, on the other hand, have increased their use of the term while talking about Biden on social media, in press releases and during public speeches.
Both leading candidates Trump and Biden have been president before and can draw back on their accomplishments and how the economy performed during their time in office.
"The president's economic approval is rising, and he is on the road touting his accomplishments that are widely supported and making a real difference in peoples' lives," Kikukawa said.
Given the importance of the economy for voters, it remained to be seen which underlying factors were most important. High inflation and higher costs of goods during Biden's time in office have been a key factor when looking at the economy.
On the other hand, stock market indexes have hit all-time highs and the performance of markets under Biden has been positive. A sharp decline of the S&P 500 in 2022 hurt the overall return of stock market indexes during Biden's time in office.
The SPDR S&P 500 ETF Trust SPY, which tracks the S&P 500, is up 36.2% since Biden was inaugurated. During Trump's four years in office, the ETF was up a total of around 67%, making it one of the best four-year returns for the S&P 500 in recent history.
Although Biden can point to higher stock market prices and record peaks during his tenure, the stock market’s overall performance and annual average returns under Trump still surpassed those during Biden’s time in office.
As the 2024 presidential election approaches, the economy and stock market returns are likely to become key topics of discussion. While the stock market returns have been good in recent years, voters may be more worried about how the middle-class person is impacted by items like inflation, housing and rising costs.
Read Next: Why Buy Stocks In A Presidential Election Year? History Has A Crazy Stat For You
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