The majority of citizens may not be following all this closely, but they're not stupid. They can feel when they're becoming poorer, and they don't like it. They blame the president when it happens, even if they can't explain exactly why.

But what the Republicans might be able to do is spend like drunken sailors, and have the crisis happen when the Democrats are in power after 2028. People blame the current president, whether or not he had much of a chance to do anything about it.