Congress Republicans may use increasing prices in the U.S. to flip House and Senate seats in the 2022 midterm elections, despite economists saying the inflation is a temporary consequence of the pandemic rather than a consequence of increased Democratic...
to come out on top in 2022. Heightened prices attributed to Democratic overspending may present an opportunity for Republican lawmakers to reach a population of voters who are struggling financially.
Former Federal Reserve economist Claudia Sahm said this year's inflation rates are likely to remain far higher than usual, but that's chiefly due to the the pandemic pushing inflation uncommonly low last year. There's also a boom in consumer spending due to pent-up demand as the virus recedes and the lingering effects of disruptions to global supply chain, she said.
Factories ramping up production are already easing some some pricing pressure. Lumber prices that skyrocketed recently are falling again. That eventually could affect everything from home-building in white-hot real estate markets around the country to the cost of a desk at Office Depot. Florida Sen. Rick Scott, who is leading the GOP effort to retake the Senate, has chided Biden to"realize that reckless spending has consequences, inflation is real and America's debt crisis is growing."
White House officials see what's happening as a global, rather than U.S.-centric, phenomenon because ports in Hamburg, Germany, and several Chinese cities face similar challenges. This suggests the size of the coronavirus relief federal stimulus plan mattered less for inflation than the complexity of restarting a pandemic-shocked world economy.
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