(ConservativeJournal.org) – The Federal Reserve announced its intention to begin cutting rates next year, an economic boom to President Joe Biden. The financial wizards decided to leave the rates the same during their meeting on December 13th and stated the possibility of a three-quarter point cut next year if inflation continues to improve.
Their target is 2%, and latest numbers show it hovering around 3.1% in November. That’s down from its peak of 9.1% in June 2022. Markets rallied in response. Fed Chair Jerome Powell said he was cautiously optimistic about the future of the U.S. economy.
Economic factors are typically key to every electoral cycle, as the old saying goes, “it’s the economy, stupid!” The post-pandemic economic downturn for many middle-class and low-income Americans has yet to improve for many.
The Financial Times published a poll last month that showed only 14% believe they’re doing better financially than during the Trump years. Roughly 70% said Biden had caused more damage than good or made no impact on the economy.
Polls have spelled nothing but trouble for Joe Biden, a New York Times/Sienna College poll from late November showed 62% of Biden’s 2020 voters in six key swing states believe the economy is “fair” or “poor.” Trump’s 2020 voters from the same states responded similarly to the tune of 97%.
Paid Biden apologist Ed Krassenstein, discussing the news, tried to shift blame away from President Biden. He blamed the disastrous economic conditions of the last few years on “supply shock” instead of acknowledging that the policies that caused that were largely enacted by members of Biden’s party. He’s also ignoring Biden’s energy policies which are a key factor in inflation raising the price of electricity and fuel, which impacts every other sector of the economy.
Democrats will have to work overtime to convince Americans to continue on the current trajectory and vote for Biden. A poll from FiveThirtyEight from December 13th showed 55.5% of respondents disapprove of Biden, while only 38.6% approved.
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