President Biden has a story he wants to tell voters about the economy, one of consistent job growth over the course of his presidency and of a pandemic recovery that has led the world.
Inflation keeps getting in the way.
Last week’s inflation report showed consumer prices rising 3.5 percent from March 2023 to March 2024. This continued a string of surprises this year, suggesting a resurgence in inflation after signs had pointed in the other direction.
Biden administration officials have noted that the inflation rate has fallen since its earlier peak, but the latest numbers show it has not fully cooled. For now, it is moving in the wrong direction and remains above the Federal Reserve’s target of 2 percent.
Despite unemployment at a half-century low, the president’s economic job approval is net negative by a significant margin. The RealClearPolitics average shows that he is net…
