Perfect economic storm buffeting Biden – Asia Times

Rarely in political events does punishment follow crime so quickly. Washington s foreign and domestic policy blunders combined to produce the worst drop in real paychecks on record as well as the least public support for presidential economic policy.

Friday s report that consumer prices rose by 8.6% year-on-year as of June means a drop in inflation-adjusted weekly earnings of nearly 4%, worse than the depths of the 2008-2009 Great Recession. Taking into account underreported inflation in shelter, the actual inflation rate is closer to 11%, and the real drop in earnings is about 7%.

That implies a political implosion for the Biden administration, which faces an 83% disapproval rating for its economic performance. By contrast, Jimmy Carter at the peak of the Great Inflation of the 1970s had a 78% negative rating for economic performance.

via asiatimes.com

If only someone had warned us.