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Opinion: The U.S. economy is riding high. So why is Joe Biden heading for election defeat?

There used to be a solid relationship between the state of the economy and a U.S. president’s popularity. The occupant of the White House got much of the credit for good times and much of the blame for bad times.

Not any more.

President Joe Biden came into office in early 2021 with an approval rating of more than 53 per cent, according to a running tally of polls compiled by the website 538. The honeymoon was brief. By the summer of 2022, his approval rating was 37.9 per cent.

And as the U.S. economy roared back from the pandemic, Mr. Biden’s own numbers barely budged. Today, the U.S. unemployment rate is just 3.9 per cent. There’s been widespread wage growth. Inflation had been wrestled down to 3.1 per cent as of January, with no recession. And Mr. Biden’s approval rating is stuck at 38 per cent.

Past U.S. presidents have had periods of low poll numbers but – with the…

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