You have to go back to the end of Jimmy Carter’s Presidency to find inflation that compares to the price surges Americans are suffering through under President Joe Biden.
And month-after-month Bidenflation just keeps climbing.
But now Democrat leaders in the House and Senate are worried Bidenflation could send them falling out of the majority.
The latest 12-month rolling average of inflation is 8.5%.
That’s entirely under President Joe Biden – and almost entirely before Russia invaded Ukraine . . . so much for “Putin’s price hike,” as the administration has tried desperately to spin it.
The Hill is reporting the national median rent in February rose to $1,792 – a 17% spike in just a year’s time.
And with no end in sight to the perpetually climbing inflation causing American families to struggle to make ends meet, Speaker of the House Nancy Pelosi and Senate Majority Leader Chuck Schumer are beginning to worry the backlash will cost them their political power.
Economic experts expect inflation to continue to be a problem at least through the end of the year.
That could impact the results of the 2022 midterms this November, as inflation keeps popping up among the top concerns for voters in poll-after-poll.
Jim Kessler is the Executive Vice President for so-called “centrist” think tank, Third Way – however he is a former aide to Senator Chuck Schumer of New York.
And even Kessler doesn’t believe the political winds are looking good for his former boss.
“The Senate map is as benign as it’s going to be for Democrats but there’s five tough races for Democrats,” Kessler said. “The natural order of midterms is you lose about 10 points and if you lose 10 points across the board, that’s four [lost Democratic] Senate seats. The wind is in their face.”
One Senate Democrat, Joe Manchin of West Virginia has gone on record saying the Biden administration dropped the ball in its efforts to combat crippling inflation.
“The Federal Reserve and the (Biden) Administration failed to act fast enough, and today’s data is a snapshot in time of the consequences being felt across the country,” Senator Manchin said. “Instead of acting boldly, our elected leaders and the Federal Reserve continue to respond with half-measures and rhetorical failures searching for where to lay the blame.”
Of course, President Biden and his White House Press Secretary Jen Psaki continue to blame Russian President Vladimir Putin for inflation.
A recent Rasmussen Report survey found 64% of Americans believe President Biden’s economic policies are to blame for skyrocketing inflation – while only 8% think Biden’s policies have reduced inflation.
How there can be even 8% that believe the Biden administration has reduced inflation when inflation is at more than a four-decade high is beyond any reasonable explanation.
Fortunately, the polling shows American voters aren’t buying the bill of goods Joe Biden and Jen Psaki are selling about it being “Putin’s inflation.”
US Political Daily will keep you up-to-date on any developments to this ongoing story.