Historically low unemployment is the type of American leaders thing dream ofBut President Joe Biden also He has terrifyingly high inflation that supporters and opponents We may believe both cost His Democratic Party dearly.
Biden’s popularity has waned in Recent months even with unemployment rate Gradually declining amid the booming creation, which experts attribute to record-Average price increases from the United States economy He survived the epidemic while recovering from the epidemic.
Charlie Cook, a longtime politician, said, “Political terms, nothing else matters.” analyst and founder of Cook Political Report.
Job growth he is traditional Measurement of presidential successAnd the White House tried to focus public attention on The progress made in the work marketwhere new Applications for Helping the unemployed more from half-century Bottoms and unemployment rate Approximately back Where it was before the outbreak of COVID-19 out.
But Cook said spike in Consumer prices to levels not seen since 1981 undermine these arguments because while some voters may benefit from a job boost marketEveryone’s experiences higher the prices for Gasoline, food and other necessities.
Biden’s acceptance rates are now hovering around 42.2%, according to poll aggregator FiveThirtyEight and with midterm elections in Seven months, even Biden’s allies are worried about his democracy party He will lose his tight control of oneor maybe both of Congress.
“High prices are keeping Americans from feeling the Biden boom,” said Will Marshall, president. of Center-left Institute for Progressive Politics.
Losing and not winning jobs
Biden took office At a time when unemployment on Downtrend after rising to 14.7% in 2020 as companies developed off Workers collectively after the arrival of the epidemic on American beaches.
Throughout his presidency, he has steadily decreased to hit 3.6% last month, which is a hair above its level before the outbreak of the epidemic.
But consumer prices have skyrocketed upjumped 8.5% over In the 12 months through March, polls suggest Americans are pointing the finger at Biden.
Almost two-thirds of Voters do not agree of Biden’s dealings of the economy, according to a survey by the Associated Press (AP) and NORC for Public affairs research released late last month, while the data company Navigator Research found more Americans think that economy Jobs are lost more than they are gained.
high inflation rate is the result of a collision between global Shortages and delays in shipping, the Federal Reserve’s low interest rate Policies and shocks for commodity markets caused from Russia invasion of Ukraine that caused the rise in gas prices.
Another factor is the pandemic rescue bills approved by Congress under Biden and his Republican predecessor, Donald Trump, that cemented Americans’ conservatives and pushed them to do so. buy Rare merchandise.
While economists discuss how Much of a effect These were the policies on Inflation, Marshall admitted wrong in Biden’s priorities in Congress as prices rise last year His administration was reeling from the chaotic withdrawal of US forces from Afghanistan.
President won bipartisan support for A sweeping $1 trillion overhaul of the nation’s infrastructure, but he delayed passage of the bill as it tries to unite Democratic lawmakers around rebuilding better, his signature proposal to reform the country. social Services, which in the end failed.
“I suspect people Wrong thinks, well, this is a file second at of Marshall told Agence France-Presse (AFP), referring to the expansion of the Democrats in the era of the 1930s. of government in stagnation response. “I think they exaggerated.”
can you come back?
Douglas Holtz-Eakin, who Work as an economist in republican former The administration of President George W. Bush said the Democrats may have been worse off If they pass the “Build Back Better” programme, because voters may associate its height price A sign of inflation.
“I think they benefited more Of which failure Than cost said Holtz Eiken, now president of American Labor Forum.
Biden’s Democrats control Congress, but only by a slim majority – 12 seats in home and one vote in The Senate – who argued no give They have a mandate to enact major legislation.
“They mistakenly think they have to do something should Get out of The wayLet the Fed take care of inflation, let private sector care of growth said Holtz Aiken.
The Federal Reserve is in the operation of Raising interest rates, many economists believe that inflation spike will flatten like year progresses.
But whether it comes soon Enough for Biden remains to look at her.
that it common for president party to inspect the land in Midterm Congressional elections, two predecessors in The White House is destroyed in When their parties lost control of House – Cautious Fate Shows Cook Biden on Of course to meet.
“Are we really going to see a meaningful decline in “Inflation between now and when the voting starts between late September and October? I don’t think it’s realistic at all,” he asked.
