The US economy could be grappling with deflation in the next 6 months, and the Fed could be forced to pivot in the face of demand destruction, ARK Invest's Cathie Wood says
Business InsiderDec 22, 2022
The Facts
As midterm elections loom just weeks away, on Tuesday, a Reuters/Ipsos opinion poll showed that Pres. Biden's approval rating stayed close to the lowest level of his presidency this week at 40%, unchanged from last week.
Biden’s sagging approval ratings, which drifted as low as 36% in May and June, are projected to weigh on the Democratic Party's chances in November.
The Spin
Democratic narrative
While the president has seen his approval ratings plummet, the outlook for other Democrats isn't nearly as bad – and has even been looking up ahead of the midterms. SCOTUS' overturning of Roe v. Wade, and extremist Trump-like candidates running for the GOP have given Democratic voters a reason to get out and vote.
Republican narrative
Democrats are running against history, as the party in power almost always loses ground in Congress in midterm elections. With Biden's approval ratings remaining low, if the Republicans focus on rampant inflation, crime, and the economy, the GOP can certainly win the House and possibly the Senate, too.