Of course, many issues factor into Biden’s fall in popularity: the disastrous Afghanistan withdrawal, Russia’s invasion of Ukraine, America’s urban crime wave, our uncontrolled southern border, his son’s growing legal problems and the administration’s overall performance. However, the economy is certainly one. It is the universal political variable; affecting everyone, it is the lowest common denominator of American politics.
For Biden, inflation has been extraordinarily high while economic growth has been mediocre at best. According to Bureau of Economic Analysis data, following 2020’s COVID-caused collapse, 2021 saw real GDP predictably rebound strongly at 5.9 percent. However, since then the economy slowed significantly. It grew only 2.1 percent in 2022, then just 2.2 percent and 2.1 percent in 2023’s Q1 and Q2, respectively.