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Are Biden Democrats Holding a Losing Hand?

Patrick Buchanan on

"Sometimes nothing is a real cool hand."

In the movie classic "Cool Hand Luke," the convict Luke, played by Paul Newman, explains that to his fellow inmates after winning the pot in a hand of poker without even a pair of deuces.

President Joe Biden should take notice. For, right now, "nothing" is the hand he is looking at going into the 2022 election.

With the economy the predominant issue, the last business day of April brought disquieting news for Democrats.

"Nasdaq Caps Worst Month Since 2008," blared Saturday's lead headline in The Wall Street Journal. "Dismal Data Fuel Stagflation Fears," ran the top headline in the Financial Times.

"Market Plunge Reflects Alarm of Pain Ahead," blared The New York Times. Subhead: "Decline in April was worst in two years."

 

"Trajectory in Question as Markets Tank Again," said page one of The Washington Post. To what was the Post referring?

Nasdaq had closed down over 4%. The Dow Jones Industrial Average was down over 900 points on the day. The S&P 500 was off 3.6% Friday, raising April's loss to nearly 9% of its value. Not since World War II has the S&P begun a year with a worse performance.

This bloodbath in the markets is piled atop an 8.5% inflation rate and a shrinkage of 1.4% in the GDP over the first quarter. If a similar decline follows in the second quarter, the economy on which Biden's party stands or falls in November will officially be in recession.

With Biden's disapproval rating already running 10 points higher than his 42% approval, the economic issue could bring an even larger rout of House Democrats than would be normal at the midterms.

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