-
Biden’s difficult year - and uncertain future

Exactly a year since Joe Biden entered the White House as America 46th president, it’s hard to be optimistic about his future as the elected leader of the world’s democratic superpower. And indeed the future of the United States itself – not just because of its escalating domestic divisions - but its global reputation as well.
The world, and many Americans, breathed a sigh of relief when he was sworn in an emotional but highly unusual inauguration on January 20th 2021. But a year on from that Biden’s reputation has suffered many blows despite the very different nature of the issues on which he been judged to under-perform.
Back then the ceremony on Washington’s National Mall was bizarre: the absence of the usual large crowds was because of the increasingly challenging Covid pandemic; and the big numbers of military personnel was a vivid and worrying reminder of Donald Trump’s supporters’ unprecedented attack on Congress two weeks earlier, claiming a “stolen election.”
In his inaugural address Biden pledged to “overcome this deadly virus” and “end this uncivil war that pits red against blue, rural versus urban, conservative versus liberal.” Fast forward 12 long and stressful months, victory on both fronts has been elusive if not actually unattainable.
Covid is of course still with Americans – and the rest of the world as well. The Biden administration initially performed well on the pandemic front. It delivered a speedy vaccine rollout, passed a bipartisan emergency relief package and brought a sense of cautious calm after Trump’s turbulent four years.
But the summer months provided yet more challenges: on July 4 Biden declared that America was “closer than ever to declaring our independence from a deadly virus”. Then the US vaccination rate plateaued and deaths spiked with the arrival of the Delta variant.
In August came the chaotic withdrawal from Afghanistan and that did serious damage to the worldwide reputation of the Democrat in the Oval Office – even compared to his disruptive Republican predecessor. That is clearly a factor in Vladimir Putin’s threat to intervene in Ukraine.
Even Democrats who voted for Biden in November 2020 are highly critical of his administration’s handling of Covid, but admit that they would back him again if he stood in 2024 – despite the significant drop in public confidence.
Then there was the economic impact of the pandemic and rising prices. Biden’s version of Franklin Roosevelt’s 1930’s “New Deal” was dubbed “Build Back Better” (BBB) act, the $1.75tn spending package that includes massive investments in childcare, healthcare and climate change initiatives. But the US president was unable to secure a deal on that with Congress and the Senate. It may still happen but is likely to go back to basics.
Biden will turn 80 this year. Given his age – and Republican accusations that he is senile or already has dementia - his vice-president Kamala Harris is subject to far more scrutiny than previous deputies. Harris is her boss’s heir-apparent, but she has not proved to be reassuring. Biden’s approval ratings are bad. He is the second most unpopular president since records began. But hers are worse.
Biden is also seen as the least charismatic and politically savvy president since George H.W. Bush, who was in the White House from 1989-1993. The eight years he spent as vice-president under Barack Obama didn’t prepare him well for his current term in the Oval Office. He is increasingly viewed as a flawed politician in an impossible job.
Democrats are already bracing themselves for the midterm elections this November. With a very small majority in the House of Representatives, and the Senate being 50-50, Biden will not want to lose any seats, given the difficulties his administration is having in getting legislation through Congress as it stands.
The Republican leader in the Senate, Mitch McConnell, has shown the confidence some in his party are starting to feel, by openly talking about the West Virginia Democrat, Senator Joe Manchin, potentially changing parties. Manchin clashed with the White House when he said he could not vote for the BBB act.
Biden’s approval rating has declined by 25% since the start of his term – leaving him almost as unpopular as Trump at this stage of his presidency. It is true, of course, that presidents nearly always suffer losses in their first midterm polls and the tiny majorities the Democrats have in both chambers of Congress are unlikely to hold.
A great unknown in the coming period is whether Trump will stand again in 2024: he will be 78 then. But that may well be to the advantage of the Democrats. If that happens all bets are off about the future of what is still – so far – the most powerful and democratic country in the world. Hopefully Republicans will come to understand that in the coming months.
Polling evidence does suggest that Democrats are over-pessimistic, even fatalistic about the future, to such an extent that it may turn out to be self-defeating. But of course it is true that they do not have an awful lot to look forward to in the course of what may turn out to be a extremely daunting 2022.
BY: IAN BLACK
You May Also Like
Popular Posts
Caricature
BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
opinion
Report
ads
Newsletter
Subscribe to our mailing list to get the new updates!