How Does Biden Come Back?
Author: Greg Valliere
June 14, 2022
* A staff shake-up at the White House. Biden is reluctant to fire loyal allies, but a purge is long-overdue. Chief of Staff Ron Klain is the major target.
* A student loan relief program. This will be controversial with those who have paid back their loans, but a generous loan forgiveness — more than $10,000 per person — could motivate young voters, who are lukewarm at best toward Biden.
* An aggressive increase of arms shipments to Ukraine, which faces an acute shortage of ammunition. The sky’s the limit for defense spending, which the public generally supports.
* Gasoline price relief. A gas tax rebate could infuriate environmentalists, but Biden may have to face facts: beating up the fossil fuel industry has been a huge political miscalculation.
* A victory, any victory. The pending congressional gun compromise doesn’t ban assault weapons or set age limits for purchases, but it’s better than nothing. Biden can claim a victory, which he hasn’t done lately.
* The abortion debate. A Supreme Court ruling this summer to overturn Roe v. Wade will dominate the news for several weeks. Biden’s aides see this as an opening against Republicans, especially in the North.
* Passage of manufacturing assistance. We can’t figure out why a popular bill to boost computer chip production — and compete with Chinese manufacturers — can’t move in Congress. Biden has the votes, our source insists.
* Finally, the blame game. The Federal Reserve has botched the inflation fight, and deserves some blame. From Donald Trump to Larry Summers, the Fed has become fair game. And so are oil companies, shippers and other very profitable industries that are not immune from criticism.
BOTTOM LINE: Many of these options may be too bold for Biden, whose message is muddled, to say the least. But if he wants to minimize election losses in November — avoiding a total blowout — Biden has to go bold and shake off the malaise that grips the White House.
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