A polarized electorate and an agenda ill-suited to inflation are depriving Biden of the political benefits of a strong economy. My column. wsj.com/articles/why-b… 
1/ Voters' opinion of the president increasingly drives economic perceptions, not vice versa. And opinions are increasingly focused on non-economic cultural, social issues. (See: Virginia, where 55% voters said economy was excellent/good but still voted against incumbent party)
2/ The lesson Team Biden drew from 2009 was that Obama's stimulus was too small. But Obama faced inadequate demand, Biden faces inadequate supply and his stimulus, on top of all the others, contributed to inflation. (How much is debatable but Rs and Manchin tout the connection)
3/ Biden's agenda isn't suited to dealing with inflation and shortages. Infrastructure & BBB add to near term inflation (while bolstering real incomes). Child/elder care might help LFP, but CTC might hurt it. Climate agenda hard to reconcile with need for more oil, gas now.
4/ Would acceding to progressives' demands that Fed chair Powell be replaced with someone more focused on equity, climate, bank regulation give the impression Biden isn't taking inflation seriously enough?
5/ The good news, such as it is: inflation isn't yet ranked anywhere near as seriously by the public now as in 70s, 80s and by next year *should* be less serious. But we'll probably still be polarized.
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