Voters just don’t trust Biden on this key issue.
President Joe Biden appears to remain resolute in his approach, yet it seems voters have gleaned important lessons. Even preceding the unsettling inflation figures unveiled today, there had been a discernible shift in sentiment against Biden. Specifically, there’s a growing skepticism among voters regarding his economic policies, and it’s a skepticism that holds merit.
Inflation, whether in retrospect, at present, or looming on the horizon, emerges as the paramount economic worry for ordinary citizens. Over the past couple of years, we’ve grappled with inflation rates unseen in a generation or two, and recent months indicate a troubling trend of sustained and potentially exacerbating inflation.
A significant portion of voters disapprove of Biden’s management of the economy, with a substantial plurality asserting that Biden’s actions have harmed the U.S. economy. In recent times, these sentiments have only intensified, painting an increasingly unfavorable picture for Biden.
While it’s common for presidents to shoulder blame for factors largely beyond their control—such as fluctuations in gas prices or the challenges posed by pandemics—Biden finds himself in a unique position where culpability is warranted.
During his presidential campaign, Biden championed an extensive spending initiative, purportedly aimed at bolstering the economy’s rebound from the COVID-induced lockdowns. However, by the time he assumed office in late January 2021, it had become evident that such an immense spending package risked doing more harm than good. The economy had essentially rebounded from the lockdowns, with indicators pointing towards a positive trajectory even before the enactment of the American Recovery Act.
Injecting $1.9 trillion into the economy under such circumstances was bound to propel inflation to alarming heights. When the influx of money into the economy outpaces increases in productivity, inflation becomes an inevitable consequence.
Yet, Biden has yet to acknowledge the misstep of the American Recovery Act nor accept responsibility for the surge in inflation. Instead, he appears to be replicating the same errors of his past. Once again, he is positioning himself as a candidate by promising widespread financial assistance.
Biden’s initiatives, such as forgiving student debt and offering continuous monetary support to homeowners, are not only inflationary but also disproportionately benefit the affluent.
Furthermore, his proposal for substantial child care subsidies lacks evidence of its potential to bolster either the workforce or birth rates, thereby likely exacerbating inflationary pressures.
In Biden’s defense, it’s possible he perceives the American Recovery Act as successful due to its role in securing his election victory. Similarly, he may anticipate that his current proposals will yield electoral dividends.
However, prevailing polls suggest a contrary narrative, indicating a growing disillusionment among the electorate.