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Unelected Joe Biden's policies in 2021 led to massive inflation and a supply crisis, hurting Americans' pocketbooks. As a result, many Americans — across the political spectrum — don't favor Democrats in the midterms. Church Militant's Trey Blanton reports Biden's bumbling is likely to make things worse before they can get better.
Wall Street took a hit on Monday, as the price of crude oil rose to nearly $130 per barrel, a 14-year high. Economic strategists claim sanctions against Russia are responsible for the market being worse than projected.
Phil Orlando, market strategist: "These trends were predictable but, certainly in terms of pace, this is accelerating much more quickly than expected. And it's having a deleterious impact on the U.S. economy."
Average citizens will also be adversely impacted by the rising cost of grain. Ukraine and Russia, combined, contribute 29% of the world's wheat products.
Jen Psaki, White House press secretary: "The reason why we are seeing volatility in the global oil market, the reason why the price of gas is going up, is not because of steps the president has taken. They are because President Putin is invading Ukraine."
Biden doesn't accept responsibility for rising prices, but American voters hold him responsible. Approximately 54% of likely voters believe Biden has been ineffective in handling the crisis in Ukraine. Prior to Russia's invasion, 88% of registered voters said economic conditions would be "extremely" or "very" important in their voting decisions.
Near-term projections for the economy are not promising.
Lawrence Summers, former U.S. treasury secretary: "Not quite as high levels of inflation as we saw in the 1970s — but the same kind of broad phenomenon of stagflation."
Conservative voters need to ensure that political unity over Ukraine doesn't lead to Republican capitulation on other issues. Instead of promoting oil production at home, Biden is pursuing oil from his preferred dictators in Iran and Venezuela.