American Inflation and Next Presidential Elections.
It’s the Economy…
After President Biden took the White House, main struggle for new Democratic administration was to keep the inflation under control, keeping retail prices down.
Covid’s devastating effects on world economy and Russia’s invasion of Ukraine sent the prices sky rocketing every where.
In U.S. it’s no different. When you compare the prices you can see the inflation with every price label in supermarkets.
For food, gas, housing, car Americans are paying more every day.
After 2 years in White House President Biden us emphasizing dropping unemployment rate and putting America back on the track with build back programs,infrastructure budgets.
But inflation is one big issue to solve for a second term White House ticket.
Inflation is a no-win for Biden. Can he convince many American voters, the economy would be much worse if he had not started the American Rescue Plan? Biden’s Infrastructure bill benefits the entire country they said.
Democrats are trying to tax more big companies and the rich saying They should pay their fair share for American economy adding Republicans in the past gave big tax breaks to the rich.
Approval ratings another indicator for American public opinion. They can change quickly though.
President Joe Biden’s public approval rating rose six percentage points this week to 42%, rebounding from a week earlier when it sank to the lowest level of his presidency.
The two-day national poll found that 52% of Americans disapprove of Biden.
To get things back normal, oil and gas supplies should be normalized.(Russia,OPEC) Other wise
energy is going to be high. It’s look like going to be new normal. Record profits for the gas and oil companies, 9000 leases unused (for drilling.)
Ukrainian wheat can’t make it to market because of Russian invasion and war. As a result grain price is going to be high.
Covid lockdowns, low production because of pandemic hurting demand and supply balance, supply chain is going to add a surcharge for indefinite future.
Stimulus checks and government supports helped many Americans to pass through the most difficult times of Covid. But lives and economy must turn to normal.
When the pandemic first started that shut the country down and that’s why the gas was cheaper. With reopening, high demand and gouging made it high.
Democrats will underline Biden White House economic achievements in 2 years.
American economy has the best GDP in decades. The lowest unemployment in decades. (Since 1968).
Over 18 millions Americans were receiving unemployment benefits when President Biden assumed office. That number has dropped to just over million the lowest number in decades.
The most jobs created in decades. Wage increases. ( 5.7 %)
Biden administration has brought the deficit down by 1 trillion dollars.These are the numbers for American economy but many Americans are seeing the gas price at the pump and that’s a good election campaign subject for Republicans.
Republicans claim reckless spending by the Biden Administration and Congressional Democrats has resulted in historic inflation and an American economy headed towards a recession. Democrats say “ former guy ” Republican President Trump’s past policies was also an important factor for America’s current economic difficulties. Biden also pointed out Russian President Putin and his decision to invade Ukraine as a important factor for energy prices, world economy.
Biden said “ the idea we’re going to be able to click a switch, bring down the cost of gasoline, is not likely in the near term. Nor is it with regard to food.” But prices at pump hurting Democrats really bad.
With gas prices soaring, President Biden is leaning toward making a visit to Saudi Arabia, the world’s top oil exporter.
Biden used very harsh words in the past for Saudi Crown Prince Mohammed bin Salman. U.S.- Saudi Arabia relations have been strained over a number of issues, including the murder of Washington Post columnist Jamal Khashoggi.
The journalist was killed in the Saudi consulate in Istanbul in 2018.
U.S. intelligence says Saudi Crown Prince Mohammed bin Salman is responsible ( an allegation Saudi Arabia denies.)
But right now America like Europe and rest of the world need more oil production to pull the energy prices down.
Fed’s economic miscalculation could be an excuse for inflation results but not all Americans will take this and other global developments into consideration when 2024 U.S. Presidential election day arrives.