1) Joe Biden is in a death spiral. Christian Whiton writes:
It was another bad week for Joe Biden, who expended part of his dwindling political capital seeking to raise the federal debt limit. For reasons that are hard to define, the Democrats think this issue works for them. Biden shouted into microphones in both Washington, DC and Michigan about Republicans threatening the government’s credit. Biden also deployed members of his cabinet to make the case. The most over the top, as usual, was Treasury Secretary Janet-from-another-planet Yellen, who predicted a recession if Congress didn’t raise the debt limit.
…Will Biden get a bump when Congress likely agrees to a new, still-massive, but slightly smaller-than-planned package of new spending measures? He will in the media, but unfortunately for him, this lamentable victory will soon be drowned by inflation and shortages that are getting worse, not better, thanks to government intrusion in the economy. People experience Joe Biden’s incompetence every time they overpay for gas at the pump.
2) Biden is waging a war on the middle class. Joel Kotkin writes:
The sad economic reality of today – real wages are in decline – contrasts uncomfortably with the far better performance for working people under the pre-pandemic Trump administration.
High inflation – notably for food, rent and housing – cutting against working- and middle-class budgets seems likely to spread more labour unrest across the country. Today only 22 per cent of Americans express optimism about the economy, and confidence in Biden’s economic leadership has fallen to nearly 40 per cent.
3) Democrats are on the precipice of losing power. Ezra Klein writes:
President Biden’s agenda is in peril. Democrats hold a bare 50 seats in the Senate, which gives any member of their caucus the power to block anything he or she chooses, at least in the absence of Republican support. And Senators Joe Manchin and Kyrsten Sinema are wielding that leverage ruthlessly.
But here’s the truly frightening thought for frustrated Democrats: This might be the high-water mark of power they’ll have for the next decade.
Democrats are on the precipice of an era without any hope of a governing majority.