Joe Biden’s failing Presidency may have just seen the final nail driven in the coffin.
Presidents don’t recover from this.
And Joe Biden learned some bad news that is going to put Donald Trump back in the White House.
The number-one issue to voters is always the state of the economy.
In that case, Joe Biden and the Democrats are facing a disaster of epic proportions.
That’s because the economy shrank by 1.4 percent in the first quarter of 2022, stoking fears that a recession is on the way.
Inflation helped drive the economic slowdown, as prices surged to 8.5 percent in March, the highest level in 41 years.
Personal consumption expenditures and real estate spending increased, suggesting that despite the slowdown in growth there was no let-up in inflationary pressures. That raises the danger that the economy is heading toward stagflation, where growth lags below trend and inflation remains above trend.
Inflation ran hot in the first quarter. The Personal Consumption Expenditure price index, which is the Federal Reserve’s preferred gauge of price stability, rose 7.0 percent, up from 6.4 percent in the fourth quarter of last year. Excluding the volatile categories of food and energy, prices were up 5.2 percent, up from 5.0 percent at the end of 2021.
Income lagged inflation. Real disposable income fell two percent in the quarter. The personal saving rate fell to 6.6 percent, down from 7.7 percent at the end of last quarter.
Inflation is a disaster brought about in large by Joe Biden’s socialist spending spree.
Despite warnings from liberal economists like Lawrence Summers that pumping $2 trillion into the economy would spike inflation, Biden rammed a $1.9 trillion Blue State Bailout bill through Congress in March of 2021.
Inflation is a huge reason why the Real Clear Politics polling average shows just 41 percent of Americans approve of Joe Biden’s job as President.
When Donald Trump was President, polls always showed a majority of Americans approved of his handling of the economy.
Should Donald Trump run against Joe Biden in 2024, he will be able to compare and contrast his strength, which is how voters viewed his handling of the economy, with Joe Biden’s weakness, which is his socialist agenda causing massive inflation.
And that could be enough to put Donald Trump back in the White House.
Renewed Right will keep you up-to-date on any new developments in this ongoing story.