Inflation, gas prices hit highs
There are fears of a recession on the horizon, as inflation in 2022 hit decades-long highs. Gas prices and food costs soared, and with Democrats in control of Congress and the White House, it put them on their heels in this year’s midterms. The Federal Reserve raised interest rates multiple timesthroughout 2022, squeezing borrowing in hopes of stemming inflation. That all had the effect of burdening Biden’s approval ratings, which remained in the low-40s for much of the year.