Домой United States USA — Financial Biden’s Falling Approval Ratings Are Bad News For The Municipal Market

Biden’s Falling Approval Ratings Are Bad News For The Municipal Market

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The president’s approval rating has been taking a beating since the middle of August and that doesn’t bode well for municipal bond proposals in his Build Back Better plan.
President Joe Biden’s approval rating has been steadily falling in recent months and that doesn’t bode well for municipal market friendly proposals in his Build Back Better plan. Data from the Morning Consult U.S. presidential approval polling show that Biden’s rating was once as high as 56% but has now fallen to 47%. The recent Quinnipiac poll also shows the president received the lowest score from the American people on his job performance since taking office. His 42% approval rating is driven by low marks on the economy, taxes and immigration. «Battered on trust, doubted on leadership, and challenged on overall competency, President Biden is being hammered on all sides as his approval rating continues its downward slide to a number not seen since the tough scrutiny of the Trump administration,» said Quinnipiac University Polling Analyst Tim Malloy. The slide means the administration is unlikely to get every spending item it wants in its $3.5 trillion Build Back Better social spending package — and lesser-understood but still-expensive subsidies are likely to be first on the chopping block. “This is terrible news for Democrats and the White House,” wrote Hilltop Securities analyst Tom Kozlik. “Weakness in the White House is not a positive sign for those who would like to see the municipal bond market friendly elements become law as part of the Democrat’s progressive effort.

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