Obama adviser tells New York Times that Democrats are likely doomed by inflation: 'Nothing can change' | Fox News
Category: News & PoliticsVia: texan1211 • 3 weeks ago • 9 comments
By: Nikolas Lanum (Fox News)
A former Obama economic adviser suggested to The New York Times on Thursday that Americans' negative views on inflation are so deeply engrained that there is nothing Democrats can do to change them.
Speaking with the newspaper, Jason Furman, who currently works as an economist at Harvard University, said that inflation is a "very negative thing" for Democrats, politically speaking.
"My guess is that the negative views about inflation are so deeply baked in that nothing can change in the next few months to change them," he added.
Meanwhile, Dean Baker, senior economist at the Center for Economic and Policy Research, warned that that midterm election campaign ads harping on inflation could actually see the country talk itself into a recession.
"The concern that I have is that you get inflationary expectations embedded in the economy and that leads to the wage-price spiral that we saw in the 70s. It becomes self-perpetuating," Baker said.
Baker, along with other economists, expressed concern that a tense political battle over the topic may increase the difficulty of the central bank's plan to cool off the economy without triggering a recession. Such a task becomes more cumbersome with higher consumer prices, spurred higher by political rhetoric.
Regardless, prices are still continuing to trend upwards, with data released Wednesday showing a 9.1% inflation rate over the past year, hitting a new 40-year record.
This data came after a recent a New York Times/Siena College poll, which saw the president sitting at a 33% approval rating. The poll showed that 64% of Democrats would prefer a new nominee in 2024.
Furthermore, the poll also concluded only 13% of American voters believe the country is on the right track, with many signaling jobs and the economy was the most important issue facing America. Inflation and the cost of living sat not too far behind on the list.
The Biden administration has attempted to deflect blame for inflation onto a variety of targets, oftentimes blaming the impact of the COVID-19 pandemic and Vladimir Putin's war in Ukraine.
On Sunday, Biden found a new subject to harp on as the cause of inflation, the Republican Party.
"Republicans are doing nothing but obstructing our efforts to crack down on gas-price gouging, lower food prices, lower healthcare costs, and hopefully, soon, lower your prescription drug costs," Biden tweeted.
"This is not right. And that's why this election is going to be so darn important."
Nikolas Lanum is an associate editor for Fox News Digital.