Disapproving for Approval - President Joey B is a little self-conscious about his approval rating. Sitting at 41%, the exact same as Donnie T was at this point in their respective presidencies, this does not bode well for midterm szn.
Still, the percentage of Americans that approve of Biden has ticked up in recent days. War is a great way to rally a country together as there is perhaps no stronger force for unification than a common enemy. Joe's refusal to allow any more "malarkey" from Mr. Putin has worked out so far.
But as this fresh war in Europe continues to rage, the scarcely-united American voice could get a lot quieter… or louder, I guess, like when your parents yell at you for all those missing homework assignments.
Now, experts are beginning to assess the financial impact sanctions will have back at home. Spoiler alert: it doesn't look good.
Already, the added friction in the global financial system has been the root of increasing commodity costs. Oil, for one, is obviously the headliner. (Brent is at $111.67 at the time of writing). Companies like Apple, Ford, Dell, and Exxon pulling products from the Russian market and supply chain constraints will likely translate to further price increases. Hopefully, these are temporary, but only time will tell.
In an attempt to manage skyrocketing prices of the most concerning costs to U.S. consumers - oil - the Biden administration yesterday signaled disapproval of a bipartisan plan to ban all imports of Russian oil and gas. As the world's third-largest oil producer (behind the U.S. and Saudi Arabia), this move would obviously spike prices even higher… if that's possible.
While no decision has been made final, the White House continues to reiterate that really anything is on the table. Either way, oil went negative in 2020, so nothing should surprise us anymore.
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