The president’s management of the economy, foreign affairs, and his visible decline in health will make next year’s election extremely difficult for the White House.
Hamas’ savage assault on Israel is only the latest nightmare for President Joe Biden. The breakout by the Islamist proxy of Iran marks a new low point of this increasingly Jimmy Carter-esque presidency.
Yet, Democrats and the media have been shocked by recent polls showing Biden neck-and-neck with his contenders. Florida Governor Ron DeSantis and former President Donald Trump could both beat Biden in notional matchups. Some Democrats have yet to panic, but they should: Biden’s position will deteriorate further this winter.
First, there is “Bidenomics.” A White House insulated from the public by a sympathetic media sent the president out to tout his economic record this summer and fall—a big mistake. Since Biden took office, cumulative inflation of nearly 20 percent means that the government has effectively vaporized one-fifth of voters’ savings and purchasing power. Unlike a stock market decline, this is lost money and buying power that cannot be recovered in the future.
Unfortunately for Biden, matters are getting worse, not better. When the Bureau of Economic Analysis reports third-quarter GDP growth on October 26, it will likely show a healthy-sounding two-to-three percent. But the real economy is getting worse, and voters know it, judging from Biden’s meager 37 percent approval for handling the economy according to the RealClearPolitics average.
The manufacturing sector has been in a slump for a year. Housing is unaffordable. Consumers have blown through savings from the pandemic and racked up a record amount of high-interest credit card debt. Student loan payments have just resumed. Gasoline prices will likely increase until a recession arrives. High-interest rates will put many companies that need new capital under stress or into bankruptcy.
