Commentary
As summer approaches and midterm elections loom, it’s hard to imagine a worse climate for President Joe Biden.
The average price of gasoline is creeping toward $5 a gallon, inflation is at 40-year highs, and stocks are red, with the Dow, S&P, and Nasdaq down 9.8 percent, 14 percent, and 23 percent year-to-date, respectively.
While there are no 1970s-style gas lines yet—the result of price controls passed by President Richard Nixon—the gloomy environment is drawing comparisons to the Jimmy Carter era, a period associated with economic turmoil and malaise.
“Morale inside 1600 Pennsylvania Ave. is plummeting amid growing fears that the parallels to Jimmy Carter, another first-term Democrat plagued by soaring prices and a foreign policy morass, will stick,” Politico’s Jonathan Lemire reported on June 5….