Most recently, this summer, Joe Biden seemed to take a “calm and continuous” approach when he became concerned about rising inflation.
“We saw some price increases as our economy soared,” the US President said in July. “Our experts believe, and the data show that most of the price increases we saw were expected to be temporary.”
But now inflation is being hit Highest price in 30 years last month, Biden’s tone did not get significantly brighter.
“Everything from a gallon of gas to a loaf of bread costs more,” Biden said earlier this month in Baltimore. “We are still facing challenges and need to tackle them. We need to tackle them head-on.”
Americans are paying attention to high prices, which are becoming more vigilant, and their concerns appear to be negatively impacting Biden’s approval rating. Had already fallen In the last few months. As the United States experiences a sticker shock at petrol pumps and grocery stores, Democrats are concerned that inflation could jeopardize parliamentary legislative agendas and the majority as important midterm elections approach next year. doing.
While the president and fellow Democrats had I used to try to downplay Rising inflation has become an unavoidable problem as prices continue to rise.Ministry of Labor report Its price has risen 6.2% in the last 12 months, the fastest rise since 1990. Gasoline prices have risen 49.6% over the past year and food prices have risen 5.3%.
As prices rise, more working Americans are finding their bills more burdensome.according to Opinion poll conducted by navigator research of progressive companies This month, 54% of Americans say food and gas costs are a “serious crisis”, up 17 points from September.
Republicans have blamed Biden’s rise in economic policy, arguing that rising inflation emphasizes the need to expel Democrats in next year’s midterm elections.
“As Biden Democratic Party Emma Bourne, a spokesman for the Republican National Committee, said: “Americans will firmly reject Biden’s failed economic agenda in the 2022 ballot box.”
As the Republicans aim to regain control of Congress in 2022, there are some early signs that the Republican message will strike voters.
AP VoteCast Survey Thirty-five percent of Virginia voters cite economy and employment as the most important issues facing the state, indicating that this is the most common answer. These voters were likely to support Glenn Youngkin, a candidate for Republican governor. defeat Democrat Terry McAuliffe was two points behind in the elections earlier this month.
And Republicans aren’t the only ones warning about price increases. Senator Joe Manchin, one of the key supporters of the Democratic $ 1.75 trillion spending package negotiations, said he’s heard more from voters concerned about gas and grocery bills. rice field.
“All explanations are that the threat posed by record inflation to the American people is not’temporary’but rather exacerbated,” Manchin said in response to the latest report from the Ministry of Labor. “From grocery stores to petrol pumps, Americans know that inflation taxes are a reality, and DC can no longer ignore the financial pain that Americans feel every day.”
Manchin has previously expressed concern that the Democratic spending package, known as the Buildback Better Act, could adversely affect inflation.so September editorial “The overheating of the economy has imposed high” inflation taxes “on all middle-class and working-class Americans,” Manchin of the Wall Street Journal warned against approving increased government spending. Stated.
The Biden administration has sought to alleviate inflation-related concerns about the bill that passed the House of Representatives on Friday.The president has repeatedly advertised letter Seventeen Nobel laureates in economics argued that spending packages “relieve long-term inflationary pressures.”
However, critics of the bill say the bill does not address the current inflation and may even raise prices further, urging lawmakers not to approve another large spending package.
“We’re not worried about the long run. We’re inflated here now and this policy will worsen in the foreseeable future,” said the Pro Business Lobby, which opposes spending packages. Curtis Dubay, senior economist at the US Chamber of Commerce, an activity group, said.
“The first rule to get into a hole is to stop digging,” Dubay added. “This will continue to dig, so they don’t have to go through it.”
Jason Ferman, chair of the White House Economic Advisers under Barack Obama, rejected the discussion. “BuildBackBetter has a negligible impact on inflation in the medium term,” says Ferman. “In total, total spending is one tenth of what we did this year. [with the coronavirus relief package].. In addition, the expenditure will be paid. “
For progressives, conservative warnings about inflation seem like a convenient excuse to abandon the bill they already opposed.
Natalia Sargado, director of federal affairs at the Progressive Working Family Party, said the law would actually help the average American deal with rising inflation by lowering health care and childcare costs. Stated.
For example, the Build Back Better Act establishes a universal kindergarten for all children ages 3 and 4. By allowing Medicare to negotiate with pharmaceutical companies, it will also reduce premiums for medical insurance reforms and lower drug prices.
“If you really want to talk about inflation, let’s talk about a lot of things that this bill can help minimize costs,” Sargado said. “People who got out of this pandemic were already financially hurt. Passing the Build Back Better bill is financially essential.”
Parliamentary Democrats repeated the message, urging those worried about inflation to support the bill.
Sean Patrick Flaney, Chairman of the Democratic Parliamentary Campaign Committee, said: “Republicans overwhelmingly voted to thwart these bills that would lower prices for Americans, rather than working to solve economic problems, and instead focused on their own radical agenda. “
However, many of the provisions of the Build Back Better bill will not come into effect immediately. Medicare drug price negotiations will not begin until 2025, and the Universal Pre-Kindergarten program will be built in the coming years.
In the short term, it can be difficult for Biden to cope with rising prices. Even if the Federal Reserve moves swiftly to curb inflation, it will take months for Americans to feel the impact of fiscal policy changes. Biden has little impact on the global oil market, especially when it comes to gas prices, Called The Federal Trade Commission investigates “increasing evidence of anti-consumer behavior by oil and gas companies.”
“Political, people are very sensitive to gasoline prices and food inflation because it’s what they see and see,” Ferman said. “I was in government when gas prices were rising, and it’s terrible. Everyone hates you.”
On the plus side for Democrats, frequent fluctuations in gas and food prices mean that these costs could fall next year, even if overall inflation continues to rise, Ferman said. Stated.
That possibility may be the Democratic Party’s best hope of maintaining parliamentary control after the 2022 elections. But if prices don’t rise next year, the presidential party may need to prepare for the ugly election night in November next year.
Democrats are worried that inflation could endanger the proceedings and the majority of Congress | US economy
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