Commentary: Inflation Is the Reason Joe Biden Is So Unpopular

Joe Biden

We’ve paid much attention to President Biden’s flagging job approval here, in part because it tends to be a strong predictor of how an election will turn out. Biden is marching into this election season as likely the least popular president to face the voters since Herbert Hoover. While he may yet be saved by the fact that he is facing off against Donald Trump, who brings his own baggage to the table, it’s an ominous indicator.

At the same time, the economy is running hot. Growth is over 3%, unemployment is under 4%, and inflation has fallen from its peak. So why the seeming paradox of an unpopular president in a time of strong economic growth, especially when the strength of the economy is itself a traditional predictor of presidential job approval?

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Existing Home Sales on Track for Worst Year Since at Least 2008

Existing home sales are on track for a dismal year, likely dropping 18% and on course for the worst year since at least 2008’s Great Recession and possibly the worst since 1995. 

And while prices may soften in 2024, single-family homes will remain out of reach for many Americans, National Association of Realtors Chief Economist Lawrence Yun said Tuesday in the real estate organization’s annual summit. 

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Poll: Americans Haven’t Been This Down on Their Personal Finances Since the Great Recession

Half of Americans say they are financially worse off now than a year ago, one of the few times 50% of Americans have reported being in a worse position since the great recession in 2008, according to a recent poll.

Of 1,011 respondents, 50% said they are worse off when reflecting on their personal financial situations, and only 35% reported being better off now than they were a year ago, according to the Gallup poll released Wednesday. In 2021 and 2022, Americans were evenly divided between 41% to 41% for being better off versus worse off, and in 2020, Americans were three times more likely to say they were better off, 59% to 20%.

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Pandemic Triggers 89 Percent Increase in U.S. Food Stamp Spending

Spending on food stamps has increased by $53.5 billion – an 89% increase – in the two pandemic years. By comparison, that’s how much the entire program cost in 2009 during the Great Recession.

Spending on the U.S. Supplemental Nutrition Assistance Program grew 88.5% from $60.3 billion in 2019 to $113.8 billion in 2021. Spending on the SNAP program had previously peaked at $79.8 billion in 2013 before declining for the next six years.

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U.S. Home Ownership Rate Sees Highest Annual Surge Ever Recorded

The rate of homeownership in the United States saw its highest surge ever recorded in 2020, with homebuying rates jumping significantly even as the country continues to see record-low stock in most states.

The homeownership rate “climbed to 65.5% in 2020, up 1.3% from 2019 and the largest annual increase on record,” the National Association of Realtors said in a press release this week.

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