President Biden ought to be cruising to an easy re-election. But recent polls, especially NBC News' this week, show him slipping further behind near-certain GOP nominee Donald Trump.
Three things may explain why Biden is struggling when he should be thriving. First, below the headline economic numbers are indicators the overall economy may not be strong or benefiting most Americans. Household debt is rising sharply, as are credit-card delinquencies, indicating that many middle-class consumers are spending beyond their means to keep up with higher prices.
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