OPINION: This article contains commentary which reflects the author's opinion
As President Joe Biden’s popularity wanes and Vice President Kamala Harris’ approval rating craters, Democrats, in general, are losing ground quickly to Republicans ahead of the 2022 elections.
And while it’s true that the party in the White House tends to historically lose seats in Congress, next year’s midterms are shaping up to be a complete political bloodbath for the party of the donkey, according to a new survey, which would mean the end of California Rep. Nancy Pelosi’s reign as House Speaker.
Fox News has more:
If the midterm elections were held today, the majority of registered voters say they’d support the Republican congressional candidate over the Democratic candidate in their districts, giving Republicans the largest statistical edge in four decades, according to a new ABC News/Washington Post poll.
The survey, which was taken after the Democrats passed their $1.2 trillion bipartisan Infrastructure Investment and Jobs Act earlier this month, shows 51% of registered voters saying they’d support the Republican candidate in their congressional district and only 41% saying they’d support the Democrat, spelling trouble for the party trying to secure its razor-thin majorities in Congress.
“That’s the biggest lead for Republicans in the 110 ABC/Post polls that have asked this question since November 1981,” ABC News reported Sunday.
The biggest driving factors in the survey that hurt Biden and Democrats were the economy and skyrocketing inflation; 70 percent of respondents said that they think the economy is doing poorly while 55 percent said they don’t approve of Biden’s performance overall on the economy.
What’s more, Biden’s overall job approval in the survey has hit a new low: 41 percent say he’s doing a good job, which is down 11 points since spring. Overall, 53 percent said they disapprove of his job performance and what’s more, only about one-in-three Independents — 35 percent — approve of Biden’s performance.
“The Democratic Party is also seen as out of touch on issues like the economy by 62% of likely voters, according to the poll. Slightly fewer respondents — 58% — said the same for the Republican Party,” Fox News added.
But clearly the economy is Biden’s and Democrats’ Achilles heel, and things do not look good moving into next year, according to former Clinton and Obama economist Larry Summers. He told CNN’s Erin Burnett he doesn’t see inflation lowering anytime soon.
“I think the odds are that we’re going to have inflation of a kind we haven’t seen in 30 years, until either the Fed takes some significant move with respect to monetary policy, or until there’s some kind of accident that disrupts the economic growth we’re enjoying,” Summers told Burnett on Friday.
Larry Summers, Treasury Secretary for Clinton & Obama's NEC Director:
— Christy Lewis (@Cavalewis) November 13, 2021
“I think it’s possible but quite unlikely that inflation will recede back to its normal 2 percent level without some significant change in the path we’re now — we’re now on,” he continued.
“I think the Fed has made a significant mistake in the approach that it’s taking by doubling down on the massive fiscal stimulus we had at the beginning of the year with really easy monetary policy,” Summers added.
“And — and — you know, obviously, they haven’t indicated to your point that they are going to — that they see any mistake that they made. But if they were to turn around now and say, actually, wait. Sorry, we’re going to start increasing interest rates. Would it be too little, too late?” Burnett responded.
“I think if they started by saying that they were going to stop immediately buying mortgages in the midst of a major housing bubble, that would be helpful. I think if they said they were going to stop growing their balance sheet and not reduce their balance sheet but just stop the process of growing it — if they were going to get that done in three months, rather than in eight, that would be helpful,” Summers replied.
“If they signaled that they were on hold towards the possibility of raising rates and that they saw the major problem as being overheating, I think that would be helpful.”