In 2023, U.S. President Joe Biden declared it a \"great year\" for American workers, highlighting the creation of 2.7 million jobs and a significant drop in inflation to the pre-pandemic level of 2 percent. However, the reality on the ground tells a different story.
Recent polls reveal a growing sense of frustration among voters as Biden's approval ratings have plummeted to as low as 34 percent. Approximately two-thirds of Americans now disapprove of his performance, particularly concerning his handling of inflation and job creation.
Data from FiveThirtyEight shows that the gap between Biden's approval and disapproval has doubled over the past year, challenging his narrative of a successful year. The Federal Reserve Bank of New York reported a modest decline in short-term inflation in November, reaching 3.4 percent—the lowest since April 2021. Despite this, inflation remains above the Fed's target of 2 percent, driven by stubbornly high costs in services such as apartment rents, restaurant meals, and auto insurance.
Looking ahead, the Federal Reserve Bank of Cleveland's data suggests that inflation could rise again, with estimates showing a potential increase in both headline and core consumer price indices. This forecast indicates that interest rates may remain elevated for an extended period, adding pressure to Biden's economic standing. As December data is expected to show a slight rise in headline inflation, the administration faces ongoing challenges in addressing the economic concerns of American voters.
Reference(s):
cgtn.com
