“It’s the Economy, Stupid!” — Why Biden is Losing 

During the 1992 presidential race, the Democratic Party’s political strategist for Bill Clinton coined the phrase, “It’s the Economy, Stupid,” when responding to media questions about the campaign’s rationale.

Republican President George H.W. Bush, Clinton’s opponent, had won the first Gulf War in 1991 and enjoyed immense popularity in the aftermath. But by the following year, voters were distressed about the economy’s condition and fired Bush, replacing him with morally challenged, smooth-talking Bill Clinton.

Although Americans felt pride about the country’s military victories, “people vote their pocketbooks.” Over the past three decades, similar dynamics have been at work in this presidential race.

The only difference is that Dem President Joe Biden can’t claim any military victories. Biden has demolished the military with woke policies and leadership, so the recruitment isn’t even keeping up with lowered goals.

Worse still, his 2021 Afghanistan military withdrawal was a disaster of historic proportions. It definitely encouraged Russian President Vladimir Putin to invade Ukraine and begin a war that is still ongoing.

Several wars are raging internationally, along with several foreign policy missteps, a record-breaking border invasion, decay, and crime in American cities, the epidemic of drug overdoses, and radical protesters plaguing and disrupting our college campuses, the issue that remains at the forefront of the country’s woes remains — the economy.

In a March Gallup poll, Americans were asked, “What is the most important problem facing the country today?” Although respondents ranked immigration a solid second at 28%, economic issues topped the poll with 30%.

It remains impossible to argue with the American public on this issue. The national debt has burgeoned to $34.7 trillion—a number so substantial that it averages $267,000 per taxpayer. This is a steep increase of $6.8 trillion since the beginning of the Biden administration.

Our national debt is currently 99% of our Gross Domestic Product (GDP). However, the Congressional Budget Office (CBO) predicts it will skyrocket to 166% of the country’s GDP by 2054, a mind-boggling $141 trillion debt.

According to the CBO, the consistently increasing federal debt will “slow economic growth, push up interest payments to foreign holders of U.S. debt, and pose significant risks to the fiscal and economic outlook.”

The voracious appetite for federal spending is a significant reason interest rates haven’t fallen and inflation remains high. 

As CNBC’s Jeff Cox noted, this is a toxic combination for the economy, as “shoppers are spending more than they’re taking in, a situation neither sustainable nor disinflationary.” Cox observes that “consumers are dipping into savings to fund those purchases, creating a precarious scenario.”

This “precarious scenario” was verified Friday with the release of the Bureau of Economic Analysis’s most recent report. As seen in three of the past four months, Americans’ income hasn’t kept pace with spending.

Therefore, Americans’ personal savings rate fell to 3.2% in March. In contrast, when former President Donald Trump left office in January 2021, Americans’ personal savings rate averaged 19.3%.

Additional troubling data was released last week. Inflation was reported in the year’s first quarter, recorded at a blistering 3.7%, while the GDP real growth was only 1.6%.

These factors won’t allow the Federal Reserve to reduce interest rates and give the nation’s economy the “soft landing” Joe Biden’s administration wanted. 

With lofty interest rates, it isn’t a surprise credit delinquencies have reached the highest level in a decade.

Although the unemployment rate is a low 3.8%, the majority of new jobs are either part-time or in the government.

The Biden administration’s economic record is pathetic, particularly when compared to President Trump’s record. During his term, the unemployment rate began at 4.7% and fell to 3.5% before the pandemic. When he departed office, it was cut over 50% from its high during the COVID-19 pandemic.

The former president also left office with low interest and inflation rates, which contrast with today’s economic situation. Therefore, it shouldn’t be surprising that in the latest CNN poll, President Trump has a healthy 49%-43% lead over Biden.

When Robert F. Kennedy, Jr. and other third-party candidates were included, the former president’s lead over President Biden increased to nine percentage points, 42%-33%.

This is Trump’s most substantial lead over Biden. The reason is apparent: Trump created prosperity at home and peace abroad, created a secure border, and rebuilt the military. 

In comparison, Biden has destroyed our international reputation and economy while ruining our military readiness and opening our border.

Even Jennifer Agiesta, the CNN pollster, had to acknowledge the sharp contrast in survey results.

When comparing the Trump and Biden presidencies, Agiesta wrote, “most Americans” view “Trump’s term as president as a success, while a broad majority says Biden’s has so far been a failure.”

Agree. Biden was the biggest failure ever to occupy the White House.