The economy will be an issue in this November's presidential election. period.
Rising and rising prices are a problem for President Joe Biden. They cast an ominous shadow over his political achievements, and voters will likely take notice.
Biden's critics and some allies have scorned the economy, which is enjoying the lowest unemployment rate in decades. They're making a big fuss about an economy where the minimum wage in some states is $15 or more. Last week, the Dow Jones Industrial Average topped 40,000 for the first time in history. Hmmm, voters are saying this.
Biden's approval rating remains low. The reason is money.
According to a recent ABC News/Ipsos poll, only 35% of Americans say they approve of how Biden is handling the presidency, while 57% say they disapprove. 8% had no opinion or did not answer the question. A poll of U.S. adults conducted April 25-30 found that the economy and inflation are the top issues for voters considering who to support in the Nov. 5 presidential election.
“Americans say the economy (88%) and inflation (85%) are the most important issues to Americans when deciding which candidate to support in November. “Half say the economy (44%) and inflation (45%) are among the most important issues to them,” the pollster reported.
He said Americans trust former President Donald Trump more than Biden when it comes to dealing with the economy and inflation. 46% of those surveyed trust Trump on the economy, while 32% trust Biden. On inflation, 44% trust Trump and 30% trust Biden.
That means danger for incumbent companies. Biden can talk all day long about democracy and abortion rights, but the dollar bill trumps everything.
Americans are focused on the dollar signs at their local gas station, coffee shop, and grocery store. Case in point: My family lives in Trader Joe's. When it comes to groceries, TJ's is the place where you can get the most value for less.
A few months ago, my husband was outraged when he learned that a local store had increased the price of non-organic bananas from 19 cents to 23 cents each. For years, it was 19 cents, he says. (Next, Costco will raise the price of his $1.50 hot dog and Coke combo, a decades-old bargain mainstay.)
Penny, are you laughing? They add up.
What about Starbucks? At my local outlet, a large iced latte costs $6.25. A cup of regular old coffee costs him $2.95. Nickel and Dimet.
Housing costs are out of control. Chicago isn't New York City or San Francisco, but renters here still feel like they're in the nosebleed seats. Speaking of seats, do you want to go see my favorite Chicago Cubs game? It would be a dream come true for him to spend a day at Wrigley Field without spending any money.
Every aspect of our economic life is important. That creates anxiety, which affects how we view the president. It may not be Biden's fault, but you have to blame someone, right? Money always stops at the top.
Biden continues to bend backwards and forwards to get the economy back to where it was before the pandemic. In case you haven't noticed, our octogenarian president is not very flexible. That won't happen.
Biden is betraying his principles by allowing Russian and Venezuelan oil to flow to China and India against his better judgment. Gasoline prices are the most troubling issue of all. This is a bottom-line cost that affects every aspect of American life.
Mr. Biden has made some progress in this regard, but it is unclear whether it will be short-lived or temporary. If we can keep gas prices below $3.50 a gallon before the election, there may be a glimmer of hope in the election. But that is unlikely unless there is a severe economic downturn or a significant increase in Saudi Arabia's oil production.
Under the Biden administration, U.S. oil production has reached an all-time high despite lip service to environmental policy. The balance is delicate, as a majority of Democratic voters support carbon taxes and curbs on oil production.
What should the president do? If Biden ends domestic drilling, he might be better off packing up and heading back to Delaware.
Economists say this about inflation: “Prices shoot up like rockets and fall like feathers.”
If Biden wants to win in November, he better hope the feathers fall like rocks.
Laura Washington is a political commentator and longtime journalist in Chicago. Her column appears every Monday in the Tribune. Email LauraLauraWashington@gmail.com.
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