Editor's note: Thomas O. Falk is a London-based political analyst and commentator. He holds a Master of Arts in international relations from the University of Birmingham and specializes in U.S. affairs. The article reflects the author's opinions and not necessarily the views of CGTN.

Although Joe Biden has forged a robust alliance against his Russian counterpart Vladimir Putin, his foreign policy is hardly ever a winner. Where it counts, domestically, his approval ratings keep declining while America's problems continue to pile up.

"It's the economy, stupid!" It's a slogan coined by the political campaigns consultant, James Carville that had helped Bill Clinton win the U.S. presidential election in 1992. The incumbent, George H.W. Bush, found out how accurate Carville's point was. The U.S. was standing at the apogee of its powers on the world stage back at that time. Washington had just prevailed over Cold War was won, the U.S.-led military campaign in Kuwait defeated Saddam Hussein and America was standing tall as the last remaining superpower on the globe – providing Bush Sr. with a public approval rating of almost 90 percent in 1991.

However, domestically, the U.S. was recovering from a recession and American voters deemed the slumping economy as their primary issue of concern. Ross Perot's run and Bush Sr.'s tax increase after his legendary statement "read my lips, no new taxes" added to Bush Sr.'s conundrum and inglorious defeat.

While circumstances are vastly different, one can find a few parallels with the current situation. Like Bush, Biden is primarily scoring points abroad these days. The Europeans feel grateful that the Trump administration, and thus a return to American isolationism, only lasted for four years. Additionally, the Biden administration had forged a robust alliance against Russian President Vladimir Putin.

Meanwhile, at home, Biden governs far less confidently. Inflation, even higher than in Europe, is alienating many Americans, numbers of confirmed COVID-19 cases are rising again, while there have been more mass shootings in the country, as well as more shortages of baby milk powder that has the rest of the globe wondering what has happened to the wealthiest country in the world?

The latter already manifests in Biden's approval ratings. In a recent poll, disapproval with Biden has risen to the lowest level of his presidency. According to this, 59 percent are dissatisfied with Biden's work. Perhaps more meaningfully, Biden's approval rating is 41 percent and thus below Donald Trump's (42.3 percent) after the same amount of time in office.

Republicans blame Biden for the inflation surge. The high gasoline prices are indeed a case in point.

Apparently, the White House is shifting the blame for the slumping U.S. economy. According to Biden, Putin is responsible for the ongoing inflation as he's the one driving up energy prices with the conflict in Ukraine. However, Biden also argues that big companies aren't paying sufficient amount of taxes, further fueling inflation - a claim that is at best considered controversial among many economists.

Given the circumstances, Democrats are discussing whether the incumbent has what it takes to run for re-election or should the party champion a new potential successor, who could make a positive change for the party's chances in 2024. Yet until then, the situation is unlikely to get any better.

This summer, the U.S. expects another mass migrant rush across the southern border, an issue that will cost Democrats dearly in the polls. Moreover, and even more politically explosive – particularly in an election year, Biden seeks to reverse Trump policies on the border, which would have allowed him to reject immigrant swiftly. Republicans will capitalize on this. After all, a majority of Americans – despite what Democrats think – favor limited and stricter enforcement of immigration laws to maintain secure borders. Biden's plan will exacerbate an already volatile situation at home. 

Consequently, Democrats fear a "red wave" succeeding in the upcoming November 8 midterm elections, which means Democrats will likely lose majority control of the House and Senate, mainly on account of Biden's unpopularity.

With a Republican-dominated Congress, Biden would practically be unable to achieve any major agendas and would have to limit himself to executive orders. He would then be even less successful domestically than he is now.

This, in turn, will have an impact on 2024, with Donald Trump already hitting the Presidential campaign trail. Thus far after nearly two years of Biden in the White House, his administration could not pass any meaningful agenda and that would serve as a precious gift for Trump to return to the White House with a powerful mandate.

Biden's efforts abroad will not save his presidency. After all, Americans remain concerned with bread and butter issues first and foremost. Biden, who had set out to unite and heal the country, has forgotten about this. He missed a golden opportunity to become a successful president. 

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