Inflation Nation

President Biden last week signed the Inflation Reduction Act into law, cementing the latest victory for his party after a series of high-profile bipartisan policy wins and successful partisan maneuvering to pass the capstone achievement – Biden’s tax and spending package.

The administration now intends to spend much of the time leading up to the midterm elections promoting its historic achievements, sending cabinet officials on the road to “promote the benefits of the president’s accomplishments and the Inflation Reduction Act to the American people and highlight the contrast with Congressional Republicans’ vision,” according to a White House memo.

According to the most recent Morning Consult – Politico National Tracking Poll, Biden’s public approval ratings are already seeing a modest improvement, up three points to 42% for August 12-14, before the Inflation Reduction Act was signed into law. With more than 80 days until the midterm elections, experts agree that anything could happen, but the administration’s hard-fought efforts appear to be paying off.

The U.S. economy, however, continues to send conflicting messages. After two consecutive quarters of negative growth, many economists continue to assess that a recession is likely later this year or early next. And that, of course, could upend the political landscape.