Not only are his current approval ratings historically low, they are particularly poor given that unemployment is at its lowest in more than half a century.
As a result, Biden's approval ratings could reasonably be expected to rise if inflation continues to decline.
Reuters analysis suggests presidential approval ratings are rarely below 40% when inflation is 6% or lower.
What will have a greater impact on consumers' and voters' well-being - unemployment pain or inflation gain?
Some economists say the 'Misery Index', the unemployment rate plus the inflation rate, is a decent proxy for people's happiness and even presidential approval ratings.
Persons:
Joe Biden's, Biden, Harry Truman's, Joseph Macri, Bahram Adrangi, 3pp, Andy Schneider, Lina El, Robert MacCulloch, Hamed Shafiee, David Blanchflower, Jamie McGeever
Organizations:
Federal Reserve, Wall, Bank of America, Atlanta, Reuters, Presidents, BNP, Dartmouth College, Bank of England, Thomson
Locations:
ORLANDO, Florida, U.S, Iraq