It’s the economy, stupid

Whose fault is it? And more importantly, what can be done about it? Inflation continues to take more of our hard-earned pay, in everything from gas to groceries. The Consumer Price Index rose 8.3% in April compared to a year earlier. Poll after poll show American’s number one concern today is rising prices. Many factors are to blame, including the war in Ukraine, and supply chain issues. Some blame the President’s America Rescue Plan which put more money in people’s pockets, leading to higher demand in a world that simply couldn’t keep up. Others say corporations have gotten greedy, using inflation to raise prices while recording record profits. All are likely a factor. But one thing is clear; the President is getting the blame. Even though it is the Federal Reserve that is charged with ensuring price stability, and although there is little Biden or any other President could do to stop Russian tanks or unclog supply chains, it is the President who ultimately gets the blame. Remember, it’s the economy, stupid. Biden has correctly argued that the economy is still growing and unemployment is down. But that doesn’t make people feel better when they are paying more for everything. And unless the message changes, that could mean big trouble for Democrats in November.