This November, the presidential election will be about the economy. Period.
Rising and elevated prices are the fly in President Joe Biden’s ointment. They cast an ominous shadow over his political accomplishments, one that voters will fixate on.
Biden’s critics, and some allies, disparage an economy that is enjoying the lowest unemployment rate in decades. They pooh-pooh an economy in which the minimum wage in some states is at $15 or higher. Last week, the Dow Jones Industrial Average stock index topped 40,000 for the first time ever. Ho-hum, voters are saying.
Biden’s approval rating remains low. Money is the reason why.
According to a recent ABC News/Ipsos survey, only 35% of Americans said they approve of the way Biden is handling the presidency, while 57% disapprove; 8% either had no opinion or did not answer the question. The economy and inflation are the top issues for voters as they consider who they will support for president in the Nov. 5 election, according to the poll of American adults taken April 25 to 30.
“The economy (88%) and inflation (85%) are the issues that Americans say will be most important for them in determining which candidate they will support in November. Nearly half of Americans say the economy (44%) and inflation (45%) are one of the single most important issues for them,” the pollsters reported.
When it comes to handling the economy and inflation, Americans said they put more trust in former President Donald Trump than in Biden. Forty-six percent of those surveyed trust Trump, and 32% trust Biden on the economy. On inflation, 44% trust Trump, and 30% trust Biden.
That spells peril for the incumbent. Biden can talk all day about democracy and abortion rights, but the dollar bill trumps all.
Americans are fixated on the dollar signs at the local gas station, coffee shop and grocery store. Case in point: In my family, we are denizens of Trader Joe’s. When it comes to groceries, TJ is where you can get the biggest bang for the littlest buck.
A couple of months back, my husband was floored when he discovered our local store had raised the price of a nonorganic banana from 19 cents to 23 cents apiece. It had been at 19 cents for years, he says. (The next thing you know, Costco will be hiking its $1.50 hotdog-and-Coke combo, a bargain mainstay for decades.)
Pennies, you scoff? They add up.
How about Starbucks? At my neighborhood outlet, they are asking $6.25 for a large iced latte. A cup of coffee, just plain old coffee, goes for $2.95. Nickel and dimed.
Housing costs are out of control. Chicago is not New York City or San Francisco, but rents here still feel as if they are in the nosebleed seats. Speaking of seats, want to go see my beloved Chicago Cubs play ball? An inexpensive day at Wrigley Field is a pipe dream.
Every aspect of our financial lives are dear. That is creating anxiety that bleeds into our views of the president. It may not be Biden’s fault, but we’ve got to blame someone, right? The buck always stops at the top.
Biden has been bending over backward — and forward — to get the economy back to pre-pandemic times. In case you didn’t notice, our octogenarian president ain’t too limber. It’s not going to happen.
Biden is betraying his own principles by allowing Russian and Venezuelan oil to flow to China and India, against his better judgment. Gas prices are the stickiest problem of all. It is a bottom-line cost that affects every aspect of American life.
Biden has made some progress there, but whether that is temporary or transitory is uncertain. If he can get gas prices below $3.50 per gallon before the election, he might have a shred of electoral hope. That’s not likely, however, without a serious economic recession or a huge increase in Saudi oil production.
Under Biden, the United States’ crude oil production has reached an all-time high, despite his lip service to a green agenda. That makes for a delicate balance, because a large part of the Democratic electorate supports carbon taxes and oil production curtailment.
What is the president to do? If Biden halts domestic drilling, he might as well pack his bags and move back to Delaware.
Economists have a saying about inflation: Prices shoot up like a rocket and float down like a feather.
If Biden wants to win in November, he’d better hope that feather drops like a rock.
Laura Washington is a political commentator and longtime Chicago journalist. Her columns appear in the Tribune each Monday. Write to her at LauraLauraWashington@gmail.com.
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