Bidenomics Faces Global Test as Domestic Approval Plummets!

President Joe Biden is facing challenges at home and abroad as he attends the Asia-Pacific Economic Cooperation forum in San Francisco to promote his economic policies. Biden’s approval ratings have been dropping due to his so-called Bidenomics, which has not been well received by the public. However, he is also under pressure to prevent a recession and reduce the country’s dependence on China while trying to engage in diplomatic discussions with Chinese President Xi Jinping.

In his speech at the APEC CEO Summit, Biden acknowledged the “disconnect” between the economic data and public sentiment. He claimed that despite the challenges, his model for economic growth is delivering results for all Americans. However, he later emphasized that the United States is not disconnecting its economy from China, but rather focusing on de-risking and diversifying supply chains. This comes after Xi criticized Biden’s protectionist approach to supply chains prior to their meeting at APEC.

Biden is facing difficulty in convincing the public that they are better off under his economic policies compared to those of former President Donald Trump. His approval ratings are significantly negative, particularly in terms of the economy. Although there have been positive job and unemployment reports, the recent increase in inflation and the weakening U.S.-China relations have raised concerns.

While the International Monetary Fund predicts growth slowdown in China due to weak property market and external demand, some U.S. companies are pulling back from investing in China amidst geopolitical tensions. The future of U.S.-China relations remains uncertain, and it could take years for clarity on the situation. Despite this, Xi was the guest of honor at the APEC CEO Summit dinner, where top executives paid a hefty price to attend.

Republicans have been critical of Biden’s approach to the economy and China. House Foreign Affairs Committee Chairman Michael McCaul accused Biden of spending taxpayer money on a fruitless meeting and making concessions without achieving desired outcomes. Republicans are concerned that Biden’s actions make the United States look weak in the eyes of China.

Overall, Biden’s economic policies and approach to China are facing scrutiny and criticism from both the public and Republican lawmakers. The president is navigating a difficult balance between addressing domestic concerns and maintaining a diplomatic relationship with China.

Written by Staff Reports

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