The Biden economy continues to suck
Inflation is the biggest economic issue dominating the midterm election campaign and making Democrats nervous, but the stock market’s performance isn’t too far behind.
The Dow Jones Industrial Average is, at this writing, below where it was when President Joe Biden took office. In September, the S&P 500 took its worst single-day loss in over two years after hitting a record high in January. The Dow fell 1,200 points as Biden and congressional Democrats celebrated the Inflation Reduction Act at the White House. (The markets were spooked by higher-than-expected inflation.)
Fluctuations in the stock market could be another negative on the ledger for the Democrats as they seek to defend their slim congressional majorities. Biden’s low job approval ratings, and even lower ratings on his handling of the economy, endanger the Democrats’ control of Congress. Republicans only need a net gain of five seats to take the House and one seat to recapture the Senate.
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Public pension funds have also lost tens of billions of dollars because of the state of the stock market. These benefit public sector workers, typically a Democratic constituency.
Republicans are making it a major part of their midterm election messaging against Biden and the Democrats. "Americans’ life savings are being wiped out because Democrats spent recklessly and destroyed the economy. Americans work and save their whole lives, and now have less money today than the day Joe Biden and the Democrats took control of Washington," Calvin Moore, the communications director for the Congressional Leadership Fund, said in a statement.
“Biden robbed grandma and grandpa to pay for his reckless spending,” Republican National Committee Rapid Response Director Tommy Pigott said in July. “An empty speech in Ohio won’t change just how much Biden has hurt retirees.”
Senate Minority Leader Mitch McConnell (R-KY), who would like to retake the majority leader title next year, has also accused Democrats of “cutting the value of America’s retirement savings just as the cost of living has soared.”
This line of attack has the potential to offset the gains among senior citizens Biden and Democrats hoped to reach with provisions in the Inflation Reduction Act that are designed to lower prescription drug costs.
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Biden has earned his low approval numbers and any benefit from drug prices is more than outweighed by the increased cost of food and fuel. Biden deliberately raised the cost of fuel with his attacks on oil production and that had a cascading effect on the cost of producing food and getting it to market.
See, also:
And:
Biden insists inflation ‘averaged 2%’ — even after data shows 8.2% annual jump
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