Rising inflation is creating a drag on the Democrats’ 2022 prospects, threatening to send the price of household goods skyrocketing and turn voters against the party’s thin congressional majorities.
Inflation increased significantly in May, pushing the cost of food and gasoline higher just as the United States digs itself out of the pandemic-induced recession of the last year. Republicans blame President Joe Biden’s $2 trillion American Recovery Plan for flooding the economy with too much taxpayer-subsidized cash and say Democratic proposals to spend trillions more will send inflation spiraling out of control.
Republican strategists say the issue of inflation on its own is not a problem for Democrats. But its impact will be, they say, if the price tag of everyday goods and services spikes over the next 18 months.
“Gas prices are the easiest for people to see, feel, touch, and also the easiest to tie to Biden and the Democrats,” a Republican pollster said before cautioning: “This has yet to come up in our focus groups. People are still focused on employment, recovery, and opening schools.”
Biden enjoys an enviable 54% job approval rating in the RealClearPolitics average and has topped 50% for the balance of his presidency. --->READ MORE HERE
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The last time Americans were this unhappy about prices of big-ticket purchases was 1982, when the Federal Reserve was fighting a war against double-digit inflation.
The University of Michigan’s survey of consumer sentiment showed U.S. consumers more concerned with higher prices of appliances, houses, and cars than anytime in 39 years, according to the survey’s chief economist Richard Curtin.
The survey records spontaneous mentions of prices of these major purchases and subtracts comments about higher prices from comments about lower prices. The difference has plummeted this year, indicating a huge imbalance in the comments due to a much larger volume of comments on higher prices.
“Spontaneous references to market prices for homes, vehicles, and household durables fell to their worst level since the all-time record in November 1974,” Curtin said. “These unfavorable perceptions of market prices reduced overall buying attitudes for vehicles and homes to their lowest point since 1982.” --->READ MORE HEREFollow links below to related stories:
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