Putin & Xi Are Losing – Not Winning

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In-Brief

1. The approval ratings of President Biden and VP Harris continue to hover around 40%. It is hard to see what they can to do to raise those numbers meaningfully before the November elections. If they cannot, the Republicans will have large majorities in both houses of Congress.
2. Supreme Court Justice Breyer is retiring. Expect a bitter fight over confirming the Biden promised black female nominee if she is a radical, but minimal ugly fighting if he chooses a mainstream liberal. Any appointment based on race is WRONG. But Biden’s nomination of a black female is baked in the cake.
3. Russia has made serious threats of an invasion of the Ukraine through their actions and words. The US and Europe have responded very strongly. The West’s reactions have been and will be political, financial, and economic, and will be devastating for Russia and its oligarchs. A shooting war between Russia and the US and NATO is extremely unlikely unless Putin attacks a NATO country directly. President Biden has handled this crisis well so far, but the American people want no part of a war. Putin has created a lose-lose situation for himself and now must decide how to minimize his losses. China’s support of Putin is not new and changes nothing.
4. The US economic recovery continues to be strong, as demonstrated by about 1.2M jobs that were created in November, December, and January. The Biden White House demonstrated its confusion and fecklessness by panicking over a horribly inaccurate early estimate of the January jobs report.
5. High inflation is still badly hurting tens of millions of American families. Inflation is likely to slow gradually in 2022, but only gradually as supply and demand get more in balance.