China, US display differences in tackling economic risks. Illustration: Tang Tengfei/GT
“It’s the economy, stupid.”
This phrase comes to mind, as we watched US President Joe Biden this week sought to handle mounting economic headwinds and, more importantly, salvage his rapidly falling approval ratings. The phrase was coined by the veteran US political consultant James Carville to describe one of the three main massages of Bill Clinton’s successful presidential campaign in 1992. It has become a popular phrase used by US pundits to talk about the key themes of US politics.
As the US economy faces dangerous levels of inflation unseen in 30 years and his approval numbers continue to hit new lows, Biden wanted to push the message that he’s got the economy under control. On Tuesday, while announcing that he would release emergency oil reserves to cool surging prices and that he had…