[The Editors' Verdict] The Common Denominator Behind the Declining Approval Ratings of President Yoon and Biden

"Joe Biden’s Presidency Is Sinking." This was the title of a column by American journalist Daniel Henninger published in the Wall Street Journal (WSJ) on the 13th. In the article, he described President Biden as being effectively in a lame-duck status.

That day, a New York Times survey revealed that 64% of Democratic voters do not want President Biden to run as a candidate in the 2024 presidential election. In the same survey, 7 out of 10 respondents said that the United States is currently heading in the wrong direction.

President Biden’s approval rating, with less than halfway through his term, is plummeting drastically. According to a CNBC survey on the 14th, it dropped to 36%. This is even lower than the lowest approval rating during former President Donald Trump’s tenure. At this rate, it seems clear that the Democratic Party will face defeat in the midterm elections this coming November.

Why do Americans?even Democratic voters?not support President Biden? The most common answer in the New York Times survey was "age." Biden, elected as the oldest president in U.S. history, will turn 80 this November. However, many businesspeople and politicians remain active well into their 80s.

Age is only a superficial reason; the prevailing analysis among local media is that his work performance, especially his economic record, is what is truly holding him back.

In particular, the brutal inflation is a major problem. The recently released consumer price index for June showed a 9.1% increase compared to the previous year. Prices for essentials such as gasoline and groceries have surged sharply.

Inflation itself is problematic, but it also indirectly reduces real wages. According to the WSJ, the decline in real wages since President Biden took office is greater than during the economic recession caused by the financial crisis. When converted to the same dollar value, Americans’ real wages decreased by 1.8% between 2008 and 2012, but from 2021, when Biden took office, to the present, they have fallen by 4.8%.

It is understandable that U.S. Treasury Secretary Janet Yellen described the current inflation as "an unacceptable level." To lower oil prices, President Biden humbled himself and boarded a plane to Saudi Arabia, but the effort yielded no results.

At this point, let us turn our attention to the domestic situation. President Yoon Suk-yeol, who has been in office for only two months, has seen his approval rating drop to the low 30% range. The area of greatest disappointment cited is "personnel appointments."

However, as in the U.S., the core reason for President Yoon’s declining approval rating is the economy. Headlines in recent newspapers include "Largest Trade Deficit in 66 Years," "6% Inflation Rate for the First Time in 24 Years," "Won-Dollar Exchange Rate Surpasses 1320 for the First Time in Over 13 Years," and "Bank of Korea Raises Base Interest Rate by 0.5 Percentage Points for the First Time Ever." These are all obvious "gray rhinos" that could plunge our economy into crisis.

Yet, there is little visible blueprint on how to overcome this crisis. Instead, ongoing personnel controversies, retaliatory investigation disputes, North Korea-related political tactics, and shifting blame to the previous administration dominate the news. Naturally, public disappointment grows. The people want to see President Yoon take concrete actions to manage the economy, not just words. The slogan "I will move forward looking only at the people" is not enough.

This content was produced with the assistance of AI translation services.