The White House staff needs a day off today to catch their breath. Many spent Sunday hitting all the news shows, trying to convince America that inflation is not their fault. The opinions were that inflation had peaked and we would avoid a recession. They are wrong on both counts. Inflation is still rising and may break 10% for July, and we may already be in a recession. With the last two quarters in contraction, by definition, a recession is upon us.
According to the NY Post: President Biden’s job approval rating has once again plummeted, hitting a fresh record low of 31% as a majority of Democratic voters even admitted they would like him booted from the 2024 election, a new poll has found.
Fifty-four percent of Democrats said Biden should not mount a re-election run, compared to 40% who said the flailing leader should, a Quinnipiac University poll released Wednesday shows. Overall, a telling 71% of Americans oppose the 79-year-old commander-in-chief running for a second term.
The Democrat Party is in panic mode, and the Biden staff is with them. They claim that the economy and inflation are not the results of Biden’s policies. Nobody is buying the story or the excuses. Almost every component of the inflation calculation can be traced back to fuel costs. Gasoline prices have indeed dropped fifty-four cents in the last month, but there has been no relief on diesel. Trucking and agriculture drive the American economy, and virtually every truck or piece of farming equipment runs on diesel. The spike of energy costs over the last eighteen months is all on Biden. He will claim it is on Putin, but no, it is on Biden.
The Biden Team is committed to these talking points just as Joe Biden is to his lousy energy policies. It could be an easy fix if Biden were to reverse his Executive Orders from day one and go back to the policies Trump had in place that made us energy independent. Biden will never do the 180 needed to cure the energy ills of America. His policies, results, and aversion to change will cost the Democrats dearly in the November mid-terms.
GDP Numbers and Consumer Confidence Report are coming out this week, and nobody expects them to be good. Janet Yellen, the genius who said inflation would be transitory, is working hard to convince Americans that there is a new definition of recession. She, and the entire team, know that when the numbers come out, we will officially be in a recession.
It is probably a good thing for the administration that Joe Biden will be cloistered for the week at the White House. There is nothing he can say to assuage the American people for the economy that has turned their world upside down. 90% of the country thinks the President is doing a bad job with the economy. The other 10% is obviously oblivious to reality.