Why are Americans so unhappy about the U.S. economy? Obama, Clinton cite structural problems

Obama and Clinton address economic concerns at Biden fundraiser, urging support for Democratic president amid high prices and inflation.

Former presidents Barack Obama and Bill Clinton dug into an issue that has vexed economists, political strategists and the White House on March 28 — if the U.S.'s fiscal numbers are so good, why are Americans so unhappy about the economy?

Speaking at a high-dollar fundraiser for President Joe Biden at New York's Radio City Music Hall, Mr. Obama and Mr. Clinton urged thousands there to stick with the Democratic president for a second term, while trying to pin down the reasons economic concerns are high despite job growth, healthy spending and better-than-expected GDP increases.

There are "structural problems" that frustrate people, Mr. Obama said, including the suppression of unions. That's something Biden has specifically battled against, he said.

"If you're working hard, and your paycheck is getting stretched, beyond the breaking point, and you're worried about rent, and you're concerned about the price of gas, it's understandable," he said.

The thing Mr. Biden and the people who support him need to communicate is: "Who do you think is actually going to look out for you?" Mr. Obama said. He made clear he did not think former President Donald Trump, the Republican presidential candidate, would meet that test.

Mr. Trump and Republicans have blamed Mr. Biden for high prices that hurt American pocketbooks in grocery stores, the housing market and other sectors of the economy. Mr. Biden has pointed to company profit-taking, and lack of competition and argued that inflation is coming down but there is still more work to do.

Mr. Clinton, who was president from 1993 until 2001, seemed to compare the current situation to the run-up to the 2016 election where his wife, former Secretary of State Hillary Clinton, lost to Mr. Trump.