Joe Biden Just Got Worst News Of His Life

OPINION:  This article contains commentary which may reflect the author’s opinion

Joe Biden has his work cut out for him if he hopes to persuade the American people that Bidenomics holds the key to revitalizing the country’s economy.

CNN reports that the U.S. Labor Department issued its monthly inflation figures on Wednesday, which indicated that consumer prices were down. According to the consumer price index, which tracks the costs of goods and services throughout the economy, overall prices increased by 3.5% in March. The number above the 3.2% gain in February and was more than expected by experts. It also shows a 0.4% month-over-month increase when compared to the same period last year.

“To put that in context, that is certainly hotter than we were expecting,” said network analyst Rahel Solomon.

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The CPI is currently at its highest level since 1913, according to CNBC.

 

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According to the Wall Street Journal, stock futures declined in response to the news, and Treasury bond yields increased as investors took in the diminishing probability that the Federal Reserve would lower interest rates at its June meeting. Fed Chair Jerome Powell has expressed cautious optimism about the bank’s capacity to prevent a recession by gradually lowering rates as consumer spending cools and achieving a “soft landing” of the US economy. Rates remaining at present levels seems increasingly plausible given that inflation has risen for three consecutive months.

A robust employment report from companies on Friday, which showed they were creating around 300,000 new positions, preceded Monday’s news, suggesting that the rate hikes are not having the desired effect of slowing down economic development. The Fed has few choices other than to wait for a radical shift given the trillions of dollars that poured the system during the pandemic.

Axios revealed earlier this month that the White House has mostly veered from referring to the president’s economic stewardship as “Bidenomics.” Over the past 12 months, his monthly usage of the term has decreased from 29 to just once, while Republicans have increased their use of it to make fun of the Democrat’s inability to get inflation rates back to levels seen before the pandemic. When asked by the publication why President Biden’s self-titled defense of his economic abilities has waned, the White House cited a last-week appearance in North Carolina where he made use of the phrase.

“Leading economists aren’t making much fun of ‘Bidenomics’ anymore,” he said of his programs to boost the middle class through public spending. “They’re thinking maybe it works!” Biden said.

Nonetheless, some Democrats are accusing their leader of being tone deaf to the complaints of common Americans.

“The people that he [Biden] stands for don’t deal with economics,” Rep. Jim Clyburn (D-SC) told NBC News in November. “They deal with day-to-day issues. They have to educate their children and feed their families and develop their communities — and that doesn’t sound like ‘Bidenomics.’”

 

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