Biden’s Second Term Campaign Threatened by Rising Cost of Living

Joe Biden’s campaign for a second term in the presidential elections is faltering again in the face of the high cost of living, which distorts the success of his economic policy.
The rise in prices has led to a decline in Biden’s popularity and American household budgets since the summer of 2021, and is harmful to the image of the middle class.
In recent months, Biden, who will face Republican Donald Trump next November, has been relieved by the relative return to calm on the inflation front.
But last week saw a series of bad news for Democrats. On Wednesday, the US Department of Labor announced a recovery in inflation, while the University of Michigan indicated, yesterday, Friday, a decline in consumer confidence, and this is enough to raise a state of tension among those close to the 81-year-old Democratic president, including Ron Klain, the chief of staff of the House. Previous white.
“I think the president spends a lot of time talking about bridges,” which is “unimportant,” Klain recently told Politico. Meanwhile, “you go to the supermarket, and the prices of eggs and milk are high.”
With major bridge and various infrastructure projects across the country, factory openings, good hiring and strong growth, the White House has tried, with some success, to call the recovery “Bidennomics” (Biden’s economic plan) at this point.
This highly optimistic vision does not achieve success, as many American families struggle to secure their needs and borrow or are forced to withdraw from their savings.
Biden said last Thursday: “We have a plan” to manage inflation, referring to measures aimed at improving purchasing power for medicines or housing. His strategy is also to criticize large companies, which he sees as accumulating “record profits” at the expense of consumers.
The right accuses Joe Biden of causing prices to rise through his policy of recovery through public spending, and relies on examples that are as practical as they are unavoidable.
Inflation delays the potential reduction in interest rates by the Federal Reserve, which sets the interest rate and is tasked with keeping prices under control. If he lowers interest rates, this will increase inflation, because households will be more willing to consume by borrowing.
Americans are faced with the high cost of living and high interest rates, forcing them to postpone their real estate projects, for example.
This is not the first time that Joe Biden has had difficulty finding something to say about the cost of living. When inflation rose in 2021, it took weeks or even months to stop considering it a “temporary” phenomenon.
In the face of unprecedented price increases in 30 years, the US President finally promised in the fall of 2021 to make the matter an “absolute priority.”