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Why Biden is not getting the credit he deserves
It’s national psychology, not the economy.
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US President Joe Biden stimulative spending did boost the inflation rate, but inflation is now lower than in many other developed nations.
PHOTO: EPA-EFE
David Brooks
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The misery index is a crude but effective way to measure the health of the economy. You add up the inflation rate and the unemployment rate. If you are a president running for re-election, you want that number to be as low as possible.
When Mr Ronald Reagan won re-election, it was about 11.4, when Mr George W. Bush did so, it was 9, for Mr Barack Obama it was 9.5, and today, as Mr Joe Biden runs for re-election, it is only 7.7.
