Biden’s Approval Falls Below 50% and America’s Fear of Inflation is Rising

Well, it hasn’t taken very long at all for many American’s to disapprove of President Joe Biden’s job in the White House. The president’s approval rating plummeted below 50% in a new Monmouth University poll this week. This is the first time it has gone below that mark since he took office in January.

“Biden currently holds a job rating of 48% approve and 43% disapprove,” Monmouth University revealed in a poll released on Wednesday. “This is down from his 54% approve and 41% disapprove rating in April.”

One-third of Independents approve of the president’s job performance and less than one-fifth of Republicans approve of Biden’s job performance. Back in the month of April, 83% of Democrats replied that they thought the country was moving in the right direction, according to the New York Times. But in this recent poll, it was just 59% of the Democratic Party who believe the president has us moving in the right direction. In fact, the number of Democrats who believe that the country is on the wrong track rose by 20 percentage points, up to 32%.

The Times even acknowledged that one of the top takeaways from the poll was that “Democrats are the ones growing most disillusioned, and fast.”

The Monmouth University poll pointed to the increasing fear that Americans have about inflation. The economic numbers have been rising in response to Biden’s massive government spending, and conditions regarding the middle class.

Almost half of those who responded to the poll are very concerned that the president’s actions could lead to inflation. And 24% are somewhat concerned about this outcome.

Only 19% believe that the middle-class has benefited from the president’s actions, 32% say they have benefitted little, and a whopping 36% say they have not benefited at all.

When Biden took office in January, 30% of the public expected the middle class to benefit a lot from his policies, 39% a little, and 27% said not at all.

The results of this poll coincided with the Federal Reserve raising its expectations for inflation this year. They brought forward the time frame on when it will next raise interest rates,” according to CNBC.

CNBC had already reported that Americans’ fear of inflation hit an all-time record high as “the expectation is that the inflation rate will be up to 4% one year from now.”

Larry Summers, after holding high economic positions in both Clinton’s and Obama’s administrations, said in a PBS interview on Firing lIne with Margaret Hoover, that a huge amount of spending by the president has risked the melting down of the economy.

“If you looked at how the economy was coming into this year, we had total wages and salaries coming to people were 20 or 30 billion dollars a month lower because many of them had to be home because of COVID and the economy was slowed,” Summers said. “But we put in a stimulus that was putting into the economy more than 200 billion dollars a month. And so when you take a hole and you overfill it, you’re likely to have problems.”

Summers maintained that it is a lot easier to prevent inflation than it is to cure it. He warned that once the economy “overheats,” it is going to be hard to get that fire out without a lot of damage and increased problems.

If the president can’t turn the ship in a new direction and warnings like Summers’ actually come to pass, that should create a whole lot of momentum for the GOP in the mid-term elections. It seems like nothing sways voters like the threat of inflation.