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Many Americans continue to feel the economic squeeze, with 83% saying that the economy is only ‘fair/poor,’ and almost half of voters believing that President Biden’s policies are hurting them. On Friday’s edition of ‘America’s Newsroom,’ Steve Forbes, Chairman of Forbes Media, suggested that President Biden’s handling of the economy could cost him the 2024 Democratic nomination.
He likened the current economic situation to ‘walking pneumonia,’ with not enough to land you in bed yet, but enough to drain you of all your energy. People are tired of the economic situation, and there’s a sense that the country is aimless and without purpose, with nobody at the tiller.
Although inflation has eased somewhat since the highs experienced last year, prices continue to rise, while wages are stagnant. It seems that everything is going up except for the American people’s paychecks. The spending by Congress has only added to these issues, with spending $2 trillion more than a few years ago.
Concerns about the floundering economy and uncontrollable government spending are leading many to the conclusion that Biden will not be chosen to run again as the Democratic nominee.
Inflation continues to plague the economy, with prices increasing again in April, and the Federal Reserve’s interest-rate hike campaign failing to make much of an impact. The Labor Department reported that the consumer price index (CPI) had risen exponentially in April compared to March. And while there is some relief that inflation has calmed somewhat to only mild levels, it remains well above the Fed’s 2% target rate. This ongoing issue is posing economic challenges for the current administration in Washington.
Even though the economy is not officially in a recession, people still feel the effects of the downturn. It’s tough going for the American people, with the price of goods and services going up, while their wages remain the same. No matter how positive a spin that’s put on the situation, people are still feeling the impact of the pandemic. Instead of taking deliberate actions to strengthen the economy, the administration has been caught up in fighting the global pandemic and making concessions to some of the fringe elements of society.
Congress and the White House are currently negotiating over the national debt ceiling. Janet Yellen, the Treasury Secretary, has set a deadline of June 1 to extend the ceiling, but with that date fast approaching, the threat of a downgrade or default looms over the country. These economic factors are leading to tension and nervousness throughout America, with many struggling to remain positive in the face of so many challenges.
President Biden is finding it hard to maintain the support of the American people, especially when it comes to business and economic issues. According to a poll taken by The Associated Press and the National Opinion Research Center (AP-NORC) at the University of Chicago, Biden’s approval rating stands at 33%. It seems that the public has lost faith in Biden’s ability to run the economy. There’s the impression that he’s not up to the job, and this could be cited as a reason why he won’t be chosen as the Democratic nominee in 2024.
Out-of-control spending by Congress has only exacerbated the economic situation that many find themselves in. It’s been estimated that the government is spending $2 trillion more than it was just a few years ago, further impacting inflation and unemployment rates. People are frustrated with the government’s inability to get spending under control, and with both parties unable to find common ground, their frustration is understandable.
With inflation showing no signs of abating any time soon, the economic future looks bleak. This has a knock-on effect on people’s futures and their livelihoods. They wonder how they will pay their bills and meet their basic needs when everything is so expensive. As prices continue to rise, the future looks uncertain and dark for many American households.
Many people feel that the country is adrift and purposeless, with nobody steering the ship. With a lack of direction and purpose, people can feel lost and disillusioned. When it comes to the economy, there are few signs of hope on the horizon, and people don’t have any confidence in the current administration to turn things around.
While some might argue that recovery is on the horizon, the economic realities faced by many Americans paint a much starker picture. The rising prices of goods and services have made it impossible for many people to make ends meet, especially with stagnant wages. As a result, people are losing faith in the government’s ability to steer the economy to a more positive outcome.
Despite their noble intentions, the current administration in Washington hasn’t done much to alleviate economic suffering. They’ve been too busy dealing with the global pandemic and have made concessions to less mainstream groups, which has only served to divide the nation further. In short, while there’s a lot of talk and little action, many Americans continue to feel the consequences of bad economic policies.
The current administration’s response to the economic challenges facing the country has been underwhelming, to say the least. With inflation continuing to rise, debt looming, and wages stagnant, people are feeling the pinch, and uncertainty abounds. All these economic factors mean that the future looks uncertain and unsettled for many American households.
Many Americans are feeling disillusioned and disenchanted when it comes to the economy. They’re struggling to get by in an economy where prices continue to rise, and wages remain stagnant. It’s no surprise that so many people feel that the country has lost direction, and that the government isn’t doing enough to help the people who need it most.
While it’s true that inflation has come down somewhat since its peak last year, the overall economic picture doesn’t look healthy. Many feel that President Biden’s handling of the economy has been poor and that his policies have made things worse. This perception could cost him dearly in the 2024 Democratic nomination, with many influential voices voicing their displeasure over the current economic state of the country.
Despite the government’s reassurances about the economy, people are still feeling the effects of the pandemic and the government’s economic policies. With rising prices, stagnating wages, and a sense of purposelessness throughout the country, it’s unclear what the future holds. There’s a palpable sense of frustration amongst the populace, with many feeling neglected and let down by the people in power.
