President Bidens approval rating slides amid jobs data, inflation, gas prices

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The midterms are less than a month away and president biden is hoping that his record in office will keep a democratic majority in congress while yahoo finances rick newman joins us and now with more and rick this is this week’s bidenomics here you’re going through i guess how president biden is doing right now when you take a look at the economy jobs remains a bright

Spot here for him but is it going to be enough you’re going to hear biden talking a lot about 10 million jobs uh created since he’s been president is that a lot yes that is a lot that is actually the most jobs uh created in the first 20 months of any president’s administration ever in the united states the most ever so you would think biden’s approval rating should

Just be sky high but of course it’s not uh it’s down around 43 percent more people disapprove of biden than approve so what’s the problem i mean we know it’s in we know it’s inflation but the way we look at it in the uh in our biodynamics report card the biggest effect that inflation is having on consumers is it’s denting their purchasing power and that shows up in

Our metrics in uh income we measure hourly earnings for each of the last eight presidents and biden is doing the worst of a so he’s doing the best in terms of the number of jobs created and he’s doing the worst in terms of uh income growth real incomes actually have declined under biden by about 2.4 percent that’s because inflation is going up more than paychecks

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Are going up so i think that those two things right there tell the story they tell why biden should be doing a lot better what he is inflation is bringing him down so then rick when you think of the things that are most important to americans going into the midterms then where is biden falling the most short where could he really at least do something about it the

Things that are within his control what can you do about it i mean it’s a great question we’ve seen one of the things we’ve learned this year at rochelle is gas prices have more effect on consumer psyches than just about anything else even though the typical family only spends around three percent of uh of its income on gasoline um there’s a there was there’s been

A direct correlation when gas prices soared and hit five dollars this year consumer confidence when exactly the other way and just about the same proportion and then consumer confidence improved as gas prices declined we are now seeing upward pressure again on gasoline prices we were talking last week about this production cut that the opec plus nations announced

That saudi arabia plus russia and a bunch of others mostly in the middle east that is already putting upward pressure on gasoline prices and i think the bite administration is going to be desperate to keep gas prices at least on an average basis below four dollars um by the time of the midterm elections on november 8th that release of oil from from the u.s strategic

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Reserve was supposed to end in october but without saying much about it the biden administration has now extended some amount of oil releases into november timed clearly at the midterm elections and it’s also possible they could release a little bit more oil just to keep gas prices down leading up to uh leading up to november 8th so there’s not a lot biden can do on

This but that’s one thing to look for as for overall inflation we got one more report coming on that this week and we’ll see what that has to say about what prices are like and what and how the federal reserve is likely to respond there was one costly fist bump with mbs in the long term one of the inabilities for the buy administration that will really forever haunt

Them rick no matter what the issue is is an inability to sell anything in particular infrastructure and a lot of their accomplishments what do you expect the final push to be from the bot administration on their achievements i think they’re going to keep it simple dave i think it’s going to be 10 million jobs and then and then biden gives a speech he gets into the

Fine print the fine print is yes we passed the inflation reduction act if it’s called the inflation reduction act though why isn’t inflation lower uh he’s got some explaining to do on that he did pass some bills and you know i think voters on the margins do give him credit for getting some of those things done i mean you can see it if you get deep into the polling

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Data but uh americans just don’t feel like things are going right uh and i think that when inflation is high you know we forgot about the corrosive impact that inflation can have on uh consumer attitudes because we haven’t had to deal with this really since the late 1970s and we’re getting a reminder all over again that inflation is really ruining us it put it

Aside to per addition to uh you know reducing purchasing power and basically shrinking people’s paychecks it just puts everybody in a nasty mood um so i think we have to see inflation come down to the range of 5 before voters start to feel better about it and there’s no way that’s going to happen by november no way indeed thanks as always our very own rick newman thanks for joining us

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President Biden's approval rating slides amid jobs data, inflation, gas prices By Yahoo Finance