It’s no secret that Joe Biden is having a rough go of it as of late. Just 39% of respondents to a recent Ipsos poll said they approve of Joe Biden’s performance in office, and only 9% said they think the country is headed in the right direction with Biden and the Democrats in charge. Seventy-four percent of people polled believe the United States is headed in the wrong direction. These are deeply worrying figures, and they imply that Biden faces a formidable challenge in trying to reverse the trend.
The public at large, however, isn’t the only group unhappy with Biden’s performance. An additional poll conducted this week found that the vast majority of Americans are unhappy with the way the economy is being handled by Joe Biden. A recent survey found that 46% of Americans now consider their own financial situation to be poor, making it abundantly clear that Biden’s policies are having a detrimental effect on the standard of living in the United States. Sixty-two percent of respondents said they were financially stable despite the economic turmoil caused by the COVID-19 pandemic.
The U.S. Department of Labor also reported that consumer prices rose in September, with the consumer price index increasing 0.4% month-over-month and 8.2% year-over-year. As these figures exceed the 8.1% headline figure and 0.2% monthly increase predicted by Refinitiv economists, they suggest that the Federal Reserve may need to take more aggressive action to cool price gains and tame consumer demand.
Not only has the CPI as a whole been rising, but that isn’t the only thing that has people worried. The annual rate of increase in core prices, which exclude the more volatile measurements of food and energy, accelerated to 6.6% in September from 6.2% in August and 0.6% in July, becoming the fastest annual rate of increase since 1982. This data points to underlying inflationary pressures in the economy, which are driving price increases.
A combination of low approval ratings, dissatisfaction with the economy, and rising prices paints a bleak picture for Biden and his administration. In order to regain the trust of the American people, he will need to do a lot of things differently than he has so far.
To achieve this, he could, for example, prioritize economic growth and job creation as a top priority. One way to do this is to help those who are having a hard time financially by investing in infrastructure, small businesses, and the like. Biden could also try to address price increases by working to stabilize the cost of goods and services through measures like price controls.
He’ll need to stop wasting time with Tik Tok influencers and blaming Donald Trump to get things going back in the right direction. You know how difficult that will be for him and the rest of his administration though.
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