Biden Can’t Avoid Blame for Inflation, a Tough Problem to Fix

If President Joe Biden had scripted the first six months of his presidency, he could hardly have improved upon these recent headlines: a lightning-quick recovery from the Covid-19 recession, strong wage growth, falling poverty levels, record stock markets, and U.S. households flush with cash. Unfortunately for Biden, all these achievements are being overshadowed by a more ominous development: rising inflation.

In October, U.S. inflation spiked to a three-decade high, with prices climbing on everything from cars to gasoline to groceries. Voters have noticed—and sent Biden’s approval ratings falling further, deepening a slump that began this summer. Only 39% approve of his handling of the economy and about half blame him for rising inflation in a Nov. 10 Washington Post-ABC News poll. Turning that around will be difficult. “There’s not much a White House can do to fight inflation,” says Jason Furman, who headed the Obama-era White House Council of Economic Advisers.