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| Biden's mounting midterm threat: Inflation angst outweighing historic job growth |
| 2022-03-25 |
| [Politico] Democrats once expected a thriving post-Covid economy to be their big strength heading into the midterms. Instead, the path to Election Day is littered with land mines for a party struggling to avoid annihilation at the ballot box. President Joe Biden and Democratic lawmakers face the threat of spiraling inflation, driven by soaring food, energy and lodging costs. The Federal Reserve is embarking on an aggressive series of interest rate hikes — as many as seven this year alone — to curb rising prices and slow the economy. The war in Ukraine is further disturbing supply chains, roiling commodities markets and fueling uncertainty. Add in a new wave of Covid lockdowns in China that could bring more disruptions to trade and you’ve got a toxic mix. Polls show some two-thirds of Americans view the country as being on the wrong track. Biden’s disapproval rating on the economy stands at 58 percent, while Republicans have a 54-35 percent lead on the issue. And the widely watched University of Michigan consumer sentiment survey recently fell to its lowest level in more than a decade. Incumbent parties usually lose House and Senate seats in off-year elections, but turning these attitudes around could be the difference between Democrats taking average losses this fall or getting punched out like they did in 1994. And administration officials are increasingly concerned about the economy as a heavy drag in the midterms, according to several allies. “The mood is just shockingly bad inside and outside the White House,” said Steven Rattner, an investment banker and former Obama administration official who speaks to senior Biden aides. align="right" />[Politico] Democrats once expected a thriving post-Covid economy to be their big strength heading into the midterms. Instead, the path to Election Day is littered with land mines for a party struggling to avoid annihilation at the ballot box. President Joe Biden and Democratic lawmakers face the threat of spiraling inflation, driven by soaring food, energy and lodging costs. The Federal Reserve is embarking on an aggressive series of interest rate hikes — as many as seven this year alone — to curb rising prices and slow the economy. The war in Ukraine is further disturbing supply chains, roiling commodities markets and fueling uncertainty. Add in a new wave of Covid lockdowns in China that could bring more disruptions to trade and you’ve got a toxic mix. Polls show some two-thirds of Americans view the country as being on the wrong track. Biden’s disapproval rating on the economy stands at 58 percent, while Republicans have a 54-35 percent lead on the issue. And the widely watched University of Michigan consumer sentiment survey recently fell to its lowest level in more than a decade. Incumbent parties usually lose House and Senate seats in off-year elections, but turning these attitudes around could be the difference between Democrats taking average losses this fall or getting punched out like they did in 1994. And administration officials are increasingly concerned about the economy as a heavy drag in the midterms, according to several allies. "The mood is just shockingly bad inside and outside the White House," said Steven Rattner, an investment banker and former Obama administration official who speaks to senior Biden aides. |
| Posted by:Besoeker |
| #11 "Historic Job Growth" makes me want to bust kneecaps. As its been pointed out, getting a job back isn't increasing jobs. |
| Posted by: swksvolFF 2022-03-25 15:30 |
| #10 Someone should re-release Americathon to streaming. Gas to expensive the economy crashes and people live in their cars? Would make a prophetic Double-feature with idiocracy. |
| Posted by: ruprecht 2022-03-25 11:32 |
| #9 If there is historic job growth it's because the inflation is forcing people to get jobs instead of becoming homeless. |
| Posted by: ruprecht 2022-03-25 11:31 |
| #8 ^ Yes. Re-employing all the people tossed out of their jobs by the COVIDian farce and calling it "historic job growth" is sort of like people at the funeral hone saying what a good job the undertaker did. |
| Posted by: M. Murcek 2022-03-25 10:38 |
| #7 "Historic job growth" = just more bullshit that they're spouting and that half of their kind will eventually convince themselves must be correct. I cannot believe we no longer have a free and independent press in this country to shred such nonsense. |
| Posted by: Crusader 2022-03-25 10:28 |
| #6 Biden is continuing in Clinton and Obama's footsteps with stupid sanctions. America imposed sanctions on India in 1998 and all they accomplished was to breed a deep and lasting distrust of America by Indians. The current sanctions are already causing hundreds off millions to go hungry around the world. Millions will starve. Like the sanctions on Iran, or Cuba, or India, these sanctions will do nothing to change the behavior of the targeted government but will do great damage to the general population. This time, the general population means the world's population, including Americans. What an unbelievably destructive and foolish policy. |
| Posted by: Slineling Chusong5031 2022-03-25 10:24 |
| #5 To paraphrase the young internet lady, the first time an outsider gets in office we have abundant, cheap food, energy independence and cheap oil and gas...let's not forget those petrochemicals either. Now it's all turned to crap within a year under this lifelong semi coherent blowhard and professional hack. As I said previously they started with Pestilence, have gone to War, and now it's Famine. Funny thing about that whole entire fertilizer situation...and who could have seen that coming? Anybody else notice the fertilizer plant fires in Winston-Salem and the Pacific Northwest? That came at the tale end of extended flu season? Must be a coincidence. Then again, anybody else think it perhaps peculiar that Russia is 'leading' the talks to revive the Iranian deal? And rather profitably, too. Of course if it's enough of a struggle to keep the lights on and food in the house, well, small matter who profits from fun and games in the Ukraine. |
| Posted by: Cesare 2022-03-25 10:12 |
| #4 It could make Falling Down look like an ice cream social. |
| Posted by: M. Murcek 2022-03-25 10:09 |
| #3 ...One thing to count on - if things get as bad as some believe, watch a lot of woke nonsense go out the window in terms of tolerance. People who can't get enough food or gas to get to work - if they still have jobs - won't tolerate being screamed at about pronouns, CRT, or a lot of other things. Mike |
| Posted by: Mike Kozlowski 2022-03-25 09:59 |
| #2 ^ Fucking liar. The main reason for food shortages is Biden's foolish sanctions policy. Biden is lying about wheat just as he lies about oil and gas. He bears the blame for this. |
| Posted by: Vespasian Omereque5237 2022-03-25 08:32 |
| #1 Biden warns food shortages are 'going to be real' across the globe because of Putin invading the world's 'breadbasket' Ukraine |
| Posted by: Skidmark 2022-03-25 08:19 |