Presidents never deserve all the credit they take for economic growth, nor do they deserve all the blame for when economic conditions head south. Thus, Joe Biden doesnât deserve to be pilloried for the inflation that is ravaging our economy; for that matter, neither did Donald Trump deserve it when he was in office.
President Bidenâs poll numbers continue to sag partly â or perhaps largely â because of inflationary pressure being felt in millions of American homes. Sure, there are other factors contributing to Bidenâs falling poll numbers.
How can a president control some issues, such as the âsupply chainâ matter that has affected the economy in light of the coronavirus pandemic? I have no answer to that one, but it doesnât seem to matter to Americans who today are blaming Joe Biden for all the fiscal ailments they are feeling.
I want to be clear: I have been highly critical of Donald Trumpâs initial response to the pandemic, but my criticism of the former president had nothing to do with the economic pressure that mounted prior to the 2020 presidential election. Therefore, while presidents can take some credit for economic success and must accept some blame for economic failure, some matters are beyond even their control.
President Biden promises that inflation will relent by the end of this year. I hope he is right ⌠although I do wonder if he has the power to make such a pledge.