Biden Facing Economic Perfect Storm

The White House is facing an economic perfect storm.

President Biden’s approval ratings have tanked over the past two months, with bad news on Afghanistan and COVID, and a lack of movement on key legislation, dominating the headlines. And now, he’s facing a 13-year high in inflation, surging oil prices that are driving up prices at the pump, and a global supply chain slowdown that threatens to seriously damage the vital holiday shopping season.

This last one is both an economic and emotional hit. If goods can’t get to American ports, U.S. retailers won’t get the needed boost they expect from holiday shoppers. And if voters in swing states can’t get that coveted toy under the tree, they’ll blame Biden.

Says Politico: “Empty store shelves could undermine the administration’s economic recovery plans and weigh on consumer confidence. And memories of a disappointing Christmas could linger into 2022, with supply-chain problems expected to last much longer than many officials and economists expected just a few months ago.”

The White House is aware of the risk, and is working with shippers, big retailers, and ports to move things along. But industry experts say noticeable change will take time.

This is all the more reason why Biden should move on the bipartisan infrastructure bill — a job creator that also would get much-needed funding to ports and the transportation infrastructure that gets those packages into consumers’ hands.



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