As COVID-19 cases continue to fall and an increasingly vaccinated America emerges from the worst of the pandemic, the biggest political challenge facing President Biden may no longer be the virus itself.
Instead, a new Yahoo News/YouGov poll suggests that the more the U.S. recovers, the more Americans may start to question whether the administration’s multitrillion-dollar policy agenda is helping or hurting the economy.
The survey of 1,561 U.S. adults, which was conducted from May 11 to 13, found that Biden remains relatively popular with the American people — far more popular, for instance, than Donald Trump was at any point during his presidency. Yet Biden’s current job approval rating (49 percent) is 5 points lower than it was in late April, and his disapproval rating (40 percent) is 3 points higher. That’s one of the smallest splits in any Yahoo News/YouGov poll since Biden took office.
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Billionaire US fund manager Stanley Druckenmiller delivered an apocalyptic warning earlier this month that the dollar could cease to be the predominant global reserve currency within 15 years.
“I can’t find any period in history where monetary and fiscal policy were this out of step with the economic circumstances,” the chief executive of Duquesne Family Office declared.
He is not alone in expressing concerns about excess US demand, a more inflationary environment and accompanying dollar weakness. Such worries have been a contributory factor in the jittery equity markets of the past two weeks.
The dollar has survived at least four decades-worth of predictions of its demise. Yet Druckenmiller’s views on currencies should not be cavalierly dismissed. This is the man, after all, who with George Soros “broke” the Bank of England when he made a hugely profitable bet back in 1992 on sterling leaving the European exchange rate mechanism.