Biden jumps from inflation frying pan into recessionary fire

The latest Monmouth polling figures are eye-popping.They showed the president that 22 percent of the public approval rating was in the red, with 88 percent saying the country was on the wrong track.
Some of them disliked the incident that Biden was irresponsible.The Supreme Court’s Dobbs decision last month, which ended the pretense of constitutional abortion rights, is a case in point.The president has spoken out against the ruling, but it comes during his tenure as his left-wing bosses, unhappy with his lack of dynamism and struggles on the issue, have grown increasingly unhappy with his leadership.But despite the caveat and acknowledgment of the lack of nuance in the wrong track/right track measure, there is no doubt that this is a significant number.Regardless of the reasons voters are disaffected, disaffected voters are bad for the president and his party.
The Democrats’ doom in the congressional midterm elections is certainly doomed.They’re heading for a fiasco in the House, and possibly the Senate.(As Majority Leader Chuck Schumer (D-NY) happily points out, the idea that the Upper House is less volatile than the House of Representatives was a myth when Democrats tried to pry off Republicans’ control of the Senate in 2006).
The Monmouth poll also contained unfavorable details for Biden, with 57% saying the federal government’s actions this year hurt them and just 8% saying they helped.Inflation was the top concern for 33% of respondents, with another 15% mentioning gas prices (i.e. inflation), the economy (i.e. inflation) at 9% and grocery bills (i.e. inflation) at 6%.All told, 63% see inflation as their most pressing concern in some way.It’s no wonder that 42% (compared to 24% a year ago) feel they are struggling to make ends meet financially.
Biden is right to be blamed.He turned his attention to his twin nemesis: Russian President Vladimir Putin and a small gasoline retailer who made ends meet selling cigarettes and snacks.But it’s not that they used $1.9 trillion in unnecessary cash instead of fire extinguishing agent to ease the overheating economy in March.It’s him.
Inflation, a tool used by fiscally irresponsible governments to burn through its mounting debt, is showing signs of moderation but is unlikely to benefit Biden or his party.Only by falling into recessionary fire will Democrats stand a good chance of getting out of the frying pan of inflation.Commodity prices began to plummet, signaling a slowdown in the economy.The collapse in the prices of oil (over $20 to under $100 a barrel), crops, construction lumber (-31%) and copper (-23%) — predictors of economic activity for generations — all have A recession that indicates a significant threat.
Homebuilding fell to a 13-month low in May, and the bubble is being blown away by inflated home prices (even 5% in Washington, where I live in suburbs that are more or less recession-proof).The U.S. Bureau of Labor Statistics reported Wednesday that the number of job openings also fell to 11.3 million in May, down 400,000 from April and 600,000 fewer than the record set in March.A flood of job openings has fueled inflation and prompted employers to offer signing bonuses to hard-to-find workers, but those days are disappearing from the rear-view mirror.
Inflation causes general misery as everyone can feel the money in their pockets losing purchasing power.Recessions are a little different.This is felt most acutely only by those who have lost their jobs, a minority even in the worst of times.From 1929 to 1932, one in five people lost their jobs, meaning four out of five people kept their jobs, but that period became known as the Great Depression.The desperation of one-fifth stains an entire era.
Biden appears to be going through a recession after a prolonged period of Biden deflation.It probably won’t be a full-blown depression, and it’s likely to be relatively short.But it will be painful and could affect the entire presidency.
It gives Republicans a winning hand this November and a strong hand in the 2024 presidential election.The GOP could still fight it by choosing the wrong White House nominee.But Democrats have picked the wrong candidate, and they know it.


Post time: Jul-15-2022