The collapse of Silicon Valley Bank and two other large banks is fueling economic insecurity and angst among an already rattled American public and is prompting a major damage control effort by President Joe Biden.
Throw in Republicans’ threats to raise the retirement age and cut Social Security and Medicare and you have a recipe for a very nervous electorate to go to the polls next year.
Biden and Democrats like Sen. Elizabeth Warren are already scurrying to assure nervous Americans the bank system is “safe” and avoid blame for the bank collapses, saying they were due to lax regulatory policies under Donald Trump.
