Biden Battles Low Approval Amid Economic Discontent

Heading into a bruising reelection fight, President Joe Biden faces an abysmal 38% approval rating on the economy. In typical fashion, the White House and its mainstream media allies have decided to blame the voters for failing to recognize the supposed economic utopia they’ve been living in since 2021. Pundits and cable TV hosts everywhere are wringing their hands, trying to solve the mystery of why voters could possibly be so displeased with skyrocketing prices, spiraling interest rates, massive budget deficits, and stagnant wages. Sure, Biden inherited a tough economic situation, but his aggressive spending sprees and bureaucratic red tape have driven inflation, interest rates, and federal debt levels even further into the stratosphere.

From the outset, Biden set the economic tone of his administration with the $1.9 trillion American Rescue Plan, enacted within the first 50 days of his presidency. Anyone naïve enough to hope that a Biden administration might be moderate, prudent, or even willing to listen to economic experts quickly had their dreams dashed. Instead, they witnessed the establishment of a highly political, partisan, and ideologically progressive administration. With this massive federal spending package, Biden aimed to cement his standing by cashing in every Democratic wish list item imaginable.

While the ink was barely dry on a substantial $900 billion stimulus law signed by Trump weeks earlier, Biden’s crew rushed to assemble the American Rescue Plan. The economy, already on a recovery trajectory from the pandemic, did not need another $1.9 trillion jolt. Yet Biden’s administration blasted this fiscal bazooka into an economy that only required a fraction of that spending, leading to inflated state budgets and union bailouts that did nothing but supercharge inflation. The White House essentially bribed the public with child tax credits and an array of unemployment benefits, leaving economists across the political spectrum scratching their heads.

Prominent Democratic economists like Larry Summers and Jason Furman warned about this massive overreach and its inflationary consequences, but their concerns fell on deaf ears. Democrats were too busy treating the American Rescue Plan as their victory lap after the 2020 election to consider its long-term economic impact. Consequently, inflation spiked exactly as predicted, reaching 9.1% and haunting Biden’s economic agenda with persistently high rates.

The White House’s refusal to own up to its mistakes has added insult to injury. Initially, they dismissed the rising inflation as “transitory” before cycling through scapegoats like COVID-19, big meat, and finally labeled it “Putin’s price hike.” Biden even absurdly blamed early 2021 inflation on the Russia-Ukraine war that didn’t begin until the following year. Rather than address the root causes of inflation, Biden responded with more inflationary spending, such as the doomed $400 billion student loan bailout and the bloated Build Back Better proposal.

Despite the S&P 500 enjoying a moderate climb, it’s clear that the economy has been hampered by Biden’s reckless policies. Lower earners may have seen relative wage gains, but these have been overwhelmingly negated by climbing prices. Fixed-income households have especially felt the pinch, as mortgage rates have soared past 7%, leaving a median-priced home more than twice as expensive.

Biden’s fiscal legacy is one of unprecedented spending and debt accumulation. Following Trump’s record additions to the national debt, Biden’s administration has compounded the problem, signing or mandating $4.8 trillion in new spending within his first 20 months alone. His administration’s continual mismanagement of inflation and economic policy is setting up a daily scenario that haunts American wallets. Unsurprisingly, voters are fed up, and unless something drastic changes, Biden could face the same electoral fate as Jimmy Carter, who lost re-election amidst economic turmoil and high inflation. Future leaders would do well to learn what not to do from Biden’s economic misadventures.

Written by Staff Reports

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