Prof. ST Hsieh
Director, US-China Energy Industry Forum
July 31, 2023
The US is entering the hot season of the next general election, the voting date is about 15 months away. But the hopefuls are already fully engaged. The Democrats front runner is the incumbent, President Biden. Most likely Biden will be the democratic candidate. Unfortunately, Biden is not “well liked” by the US voters. Critics of Biden often focus on the US domestic issues such as the economy and inflation. However, Biden’s re-election bids are betting on the US economy and legislation accomplishments.
It looks odd! The reasons are:
- Biden really does not have much accomplishment to speak because he inherited a very bad “nation.”
- Biden’s presidency is aimed at pleasing the US liberal progressive crowds instead of being a President of the nation.
- Politically, Biden has not reached out to the GOP for legislations. “The house is very divided!” VP Harris has broken the record of using her voting privilege at the Senate to force the passing of Democratic favored bills.
- It is already a globalized economy, the COVID pandemic and its recovery, the US trade war with China, and the proxy war in Ukraine all negatively impacted the global economy, including the US economy of course. So, evaluating Biden’s presidency should not narrowly focused on the performance of the US economy.
Opinion, The Telegraph
Biden’s calamitous presidency is becoming an American horror story
Mon, July 31, 2023 at 10:20 AM PDT
Desperate to bolster his record as election season approaches, Joe Biden is shouting from the rooftops about his handling of the economy. But even with the welcome news that inflation has dropped to 3 per cent and equities rallying, Americans aren’t convinced. His approval rating is at 41 per cent, close to the lowest level of his presidency – and the economy remains the number one issue.
Oblivious and tone deaf to these concerns, as usual, Biden has been trumpeting his economic victories. His critics respond with a litany of policy failures and missed opportunities that have left ordinary working Americans anxious for their finances. The inflation rate was just over 1 per cent when Biden took office; it peaked at 9 per cent last June, the highest level in four decades.
And while inflation has slowed, the price of staple goods is still soaring. Bread shot up nearly 12 per cent, frozen vegetables 17 per cent, baby formula and rents 8 per cent. While Biden brags about his record, families are struggling to feed their children. It’s no wonder Americans think the USA is heading in the wrong direction.
Part of the blame falls on Biden’s heavy-handed regulation, which has piled vast cost onto American businesses. Another might be attributed to mounting Government debt, which has soared past $32 trillion. The threat of increased taxation as the ranks of the IRS swell is creating a lingering sense of dread.
Biden can claim little credit for what has gone well. His “Inflation Reduction Act” was effectively a borrow and spend package pouring tax credits into so-called “green” technologies. While it’s likely to add $750 billion to the nation’s debt over the next decade, the University of Pennsylvania found that its impact on inflation was “statistically indistinguishable from zero”. The only real result in the near term is that it’s likely to slightly decrease short-term economic growth; at least something was reduced.
Wherever you turn, Biden’s calamitous presidency is turning into an American horror story. Reading and math scores are at their lowest levels in decades. Worker productivity is plummeting while drug overdose deaths reach record highs. Crime has people living their daily lives in fear.
And what’s Biden’s response to this? To tout his achievements. To preen about his record. Like so much else about his shameless presidency, his economic messaging is utterly out of touch with reality. It is almost unbelievable that this shambling mess is viewed as a re-electable candidate.
Biden heads to Arizona, other Western states to tout his economic policies
Mon, July 31, 2023 at 5:41 AM PDT
By Andrea Shalal
U.S. President Joe Biden will travel to the key battleground state of Arizona and two other Western states next week as part of a travel blitz by senior administration officials touting recent economic gains and the anniversaries of key legislation.
Biden will visit Arizona, New Mexico and Utah from Aug. 7-10, after a week’s vacation in his home state of Delaware, to hail the work of the Inflation Reduction Act (IRA) to combat the climate crisis and “unleash a clean energy and manufacturing boom,” an administration official said. Biden will also host an event at the White House on Aug. 16, the official added.
The U.S. economy grew at a faster-than-expected 2.4% annualized rate in the second quarter, and headline inflation has fallen sharply from the highs of 2022, pointing to a soft landing that could help Biden in the runup to the 2024 presidential election.
But economists say measures of underlying price pressures have moved more slowly and the personal consumption expenditures price index, stripped of food and energy costs, remains more than double the Federal Reserve’s 2% target.
The Biden administration has struggled to sell its message of economic progress to a skeptical American public and connect the dots from the legislation to future jobs and growth.
This summer’s travel sprint is part of its ongoing push to get that message out.