Voters know President Joe Biden's wasteful spending is to blame for persistently high inflation.
was coming down and it was lower than “any other major economy at the time.” While the first point was true — inflation was falling — it is no longer so, and the Federal Reserve’s battle to control price rises has backslid since. This is largely because of the president’s profligate spending, and, despite Democratic claims otherwise, data continue to demonstrate that inflation is worsening. Voters know it.
In the first four months of this year, consumer price index inflation rose from 3.1% to 3.4% on a 12-month annualized basis. In absolute terms, the CPI has risen by 1.4% in the past four months, or 4.2% on an annualized basis. That’s more than twice the Fed’s maximum target of 2%. While core CPI, a Fed-preferred measure that strips away the volatile categories of, has slightly decreased on a 12-month annualized basis from 3.9% in January to 3.6% in April, core CPI has increased by 1.
Worse, producer price index inflation, a leading indicator because wholesale prices are eventually passed on to the consumers, has more than doubled since January from 0.9% to 2.2% a year. While April’s data for personal consumption expenditure price inflation is still forthcoming, PCE inflation soared in Marchsince November of 2023. On a three-month annualized basis, a more precise picture than the annual measure, the Fed’s preferred inflation measure of core PCE rocketed from 3.
Median earnings growth expectations declined to 2.7%, and on this front, the survey respondents are also largely correct. Since Biden took office, real average weekly earnings have fallen by nearly 5%. When the Fed brought down inflation from its near double-digit peak in 2022, it seemed on pace to undo some of these losses, but since the end of last year, the average real weekly paycheck has shrunk by another 0.5%.
While average voters may not understand the minutiae of macroeconomics, they know that Biden’s wasteful fiscal policy is diametrically opposed to the monetary tightening wrought by the Fed. In a recentsaid their own finances were worse off since Biden took office, with half of respondents blaming his policies in particular.
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