For Democrats trying to defend the White House and Senate majority, Democratic Sen. Bob Casey of Pennsylvania is emerging as the tip of the spear in trying to reframe the election-year narrative around inflation.
Sen. Bob Casey, D-Pa., listens to a speaker during an event at AFSCME Council 13 offices, March 14, 2024, in Harrisburg, Pa. For Democrats trying to defend the White House and Senate majority, Casey is emerging as the tip of the spear in trying to reframe the election-year narrative around inflation, a key soft spot in 2024 for Democrats on the all-important voter issue of the economy.
Inflation hit a four-decade high of 9.1% in 2022, more than enough to get the attention of consumers. And blaming greedflation for high prices is perhaps a potent argument both to direct the anger of the squeezed wage earner and deflect Republican accusations that spending under Biden — including his
The issue of the economy is No. 1 for many voters, and polls show the impact of inflation is weighing on how voters feel about Biden, despiteBorick said he has seen evidence that voters will buy the argument that companies jacked up prices to take advantage of inflation. But, even if they do, voters won't necessarily give a pass to Biden and Democrats.
It's rooted in a report published last year by the Federal Reserve Bank of Kansas City. In it, Fed researchers say corporate profits contributed 100% of overall inflation in the first year of the recovery and 41% of inflation in 2021-22 — a dynamic similar to other recoveries in the last 70 years. Some economists say companies can be less restrained by the usual competition in the midst of inflationary price hikes — and take advantage of temporary market power to pad profits.
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