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Editorial

Inflation and Its Political Implications

The popularity of American presidents during wars, at least at the beginning of the conflicts, increases significantly.

This, of course, is to be expected as during these periods the media coverage is positive, the feeling of patriotism peaks, and the people follow the course of the war with particular interest.

That’s not the case with President Joe Biden and the war in Ukraine, according to a Washington Post and ABC News poll.

The increase is very small as most people judge him negatively.

Only 42% of Americans approve of his work.

The reason this is happening, according to the poll, is the way the economy, and especially inflation, is being handled – the latter is at the highest levels in decades.

Americans appear to trust the Republicans more than the Democrats when it comes to running the economy.

With the November midterm elections approaching, which will determine which party has the majority in Congress, the issue of the economy is gaining even more political weight. If the Democrats lose the majority they have in both houses, the House of Representatives and the Senate, then Biden’s task will become much more difficult.

The issue of the economy is not just a problem in the United States. With inflation soaring to record highs in America and Europe, the sense that the war in Ukraine will not end soon, and with people struggling to meet their financial obligations, one has to worry about how voters will react and what the impact on politics will be – but also on political stability in a number of countries that are entering electoral cycles.

It is possible that at least in America the Biden government will be able to tame the seemingly uncontrollable rise in oil prices and thus curb inflation. To the extent that he succeeds in doing so, and as interest rate hikes begin to slow an overheated economy, then Democrats probably will be able to maintain a majority in both the House and the Senate.

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