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I Think I Can Explain Biden's Bad Approval Ratings

In January of 1980, Jimmy Carter had been in office for three years, and the economy was terrible. Cumulatively, consumer prices were up more than 32 percent since he had entered the White House, and they had been rising steadily for more than 18 months. The unemployment rate was on the rise, after averaging 6.3 percent across his time in office. Wages, adjusted for inflation, had been falling for a year, gas prices were surging, and the interest rate on a typical home mortgage was over 15 percent. Things were very bad, and getting worse.