Biden’s Midterm Hopes Bedeviled by Signs of Economy in Distress
- Baby formula shortage adds to inflation, markets, housing woes
- US consumer sentiment falls to lowest level since 2011
A shopper at a grocery store in New York City.
Photographer: Spencer Platt/Getty Images
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President Joe Biden’s hopes for a political reset have been overwhelmed by an unrelenting series of economic setbacks, adding to the challenges Democrats face as they court exhausted voters ahead of the crucial midterm election in November.
US gasoline prices are at historic highs. Inflation in April exceeded consensus forecasts. Technology stocks have plummeted, taking retirement accounts with them. A record low portion of Americans think it’s a good time to buy a house.