Public souring on Biden's handling of the economy as inflation hits 39-year high | Washington Examiner
S E E D E D C O N T E N T
As inflation hits a rate unseen in the lifetime of a majority of the public, voters are quickly growing critical of President Joe Biden's handling of the economy.
Despite repeated assurances that rising prices would be transitory and that the $2.4 trillion Build Back Better bill will eventually ease inflationary pressures, polls show the public losing confidence in the Biden administration as 2021 draws to a close.
DEMOCRATIC SPENDING BILL WOULD ADD $3 TRILLION TO DEFICIT IF PROVISIONS MADE PERMANENT, CBO SAYS
The latest CNBC All-America Economic survey found Biden's economic approval ratings further underwater, with just 37% approving and 56% disapproving, down from 40% approval in the previous survey. Inflation has solidly eclipsed COVID-19 as the top concern for respondents despite rising cases and hospitalizations and uncertainty about the omicron variant.
Consumer prices increased 6.8% for the year ending in November, according to a report released on Wednesday by the Bureau of Labor Statistics, the fastest pace of inflation in 39 years. Inflation has held above 5% for each of the last six months, coming in the wake of the $1.9 trillion American Rescue Plan and the $1.2 trillion Infrastructure Investment and Jobs Act. This week's much-anticipated numbers from the consumer price index came in above expectations, adding pressure for the Biden team to turn around its sagging approval ratings.
The CNBC poll found Republicans boasting a 10-point advantage on the question of who should control Congress, a record in the poll's 20-year history.
A separate poll from the Wall Street Journal found that 56% said inflation was causing them major or minor stress, with more than half listing gas and groceries among their greatest concerns. More than 60% rated the overall economy as either "poor" or "not good," and a 39% plurality cited the Biden administration as the main cause of rising prices.
For months, the Federal Reserve maintained that the higher inflation would be temporary but now appears to see the price increases as too much to stomach. Fed Chairman Jerome Powell said he thinks it is time to retire the word "transitory."
The White House continues to insist that inflation will ease and that the Build Back Better bill will aid in the transition. Biden repeatedly notes that 17 Nobel laureates in economics sent him a letter saying the proposals would actually reduce inflation over time.
Friday, the White House touted another letter , this one signed by 56 economists, calling on Congress to pass the social spending bill. It doesn't claim the act will directly ease inflation but rather that it will mitigate its effect on families.
"Congress can alleviate some of the strain caused by inflation by passing the Build Back Better Act, which will lower everyday costs for families, including child care, health care, utility bills, prescription drugs, and education," the letter reads. "These investments, combined with the Build Back Better Act's tax credits for the middle class, will help allow families to keep more money in their pockets."
Whether or not the public believes them is another question. As the polls show, continuing price hikes are undermining the public's confidence in the Biden economy, whether warranted or not.
"Given historic government spending and the trillions of additional spending proposed, Americans have good reason to worry about inflation — and higher prices across the board confirm those fears," Heritage Foundation senior fellow Joel Griffith said in a statement.
Griffith also doubts that the Build Back Better Act or any other anticipated Biden moves will deflate swelling costs soon.
"Make no mistake, these enormous expansions of government spending by the left will come at a cost," he said. "Americans will pay either through direct taxation, higher borrowing costs, or the hidden tax of inflation. This inflation tax can be the most destructive and painful of all."
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CBO blows the lid off Biden's agenda as Bidenflation shows its teeth | Washington Examiner
Let’s go Brandon! Way to muck up something else. Actually there is yet to be an issue that he’s gotten anything right about.
So Trump's mishandling of covid had nothing to do with it?
Hardly surprising that a global pandemic would screw over the global economy.
Blaming Biden is extremely disingenuous.
Hey, [Deleted] a lot of this is due to your boyfriend's awful handling of the pandemic.
This connotes as: Fuck Joe Biden! Way to fuck up something else.
Setting a fine Christian example.
Which in no way excuses the human fuck up machine currently occupying the White House.
Seen the damn southern border? What would you call 200,000 plus illegals steaming across it every damn month during a pandemic? The largest super spreader event on the planet is what non TDS sufferers call it.
After the last 5 and half years and counting the left has no room to criticize anyone.
I guess you have placed me into the stereotype: 'the left'. Don't stereotype. It causes one to presume and presumption usually is wrong.
Someone going around with a "Fuck Donald Trump" avatar and inserting "Fuck Donald Trump" in every third comment would correlate well with the poster I just identified. Not sure even the most extreme anti-Trump member here meets that criteria. Typically (although I know of exceptions) the extreme anti-Trump individuals here back up their criticism; they do not simply make claims and run away.
And since you directed your comment to me, I defy you to find a single comment from me where I state the equivalent of "Fuck Donald Trump" so with respect to what I know best (myself) you are so far off base as to be out of the playing field.
2 in a row, good job America!
As fucked up as it has been for decades, and what?
Illegal border crossings?
Uh huh, and I call you fucking retards.
Really? it would take more fingers than I have to count the ones I see....
There are very few that back anything up on this site... especially the ones that fit the criteria you specify above...
Slimy cherry picking to misrepresent my comment.
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I see so many claims of how logical people are and that there's no basis for religion yet when they run short of facts they pull the Jesus card. Fascinating.
Show me where I ran short of facts. Making unsubstantiated claims is not an argument; posting made up allegations takes no skill, just the willingness to be intellectually dishonest.
I hate FCKN Trump , and…..
He admitted, on public television yet, via his interview, he played down the pandemic, do you dispute Trumps owned words…?
Consider the source…
Well done!
Indeed. That it is!
Can’t wait to see the progressives claim how well they personally are profiting off inflation, so who Cares? Let them eat cake for the 21st century
Several here have bragged about how well they are doing with Brandon’s economic policies.
Anybody who uses the term "Brandon" couldn't possibly understand economics.
It’s beyond that! Let’s go Brandon!
And you don't even realize how idiotic that is.
It’s a great way to say something without actually saying it. Thanks to the NBC reporter who created the term to cover over something I’d never write or say out loud. Let’s go Brandon!
It needs to be handled, the US needs to take steps to strengthen our supply chain. Obviously a lot of this was inevitable due to the pandemic, but it has also highlighted a lot of weaknesses in our current system that need to be fixed.
Biden being the weak link.
Agreed but Biden is failing and intentionally so for purely partisan reasons. Look no further than his handling of the US oil and gas industry for proof of that.
Pandemic economics is not the best time to be playing politic like that
That’s for sure!
The pandemic since Jan 20 has become a partisan tool by one party to try to gain control and power over we the people.
God, you are doing the faggy 1984 thing too? Look, it was a good book, raised a lot of interesting questions and definitely made you think, but you guys are fucking ruining it with your bullshit. You can't just slap "1984" on anything related to government and think you look smart, if anything it makes you look retarded.
Please stop before you make me hate a book I once really enjoyed even though the ending is depressing as all hell.
I can sympathize, to this day if I re-read The Shining this is playing as a soundtrack in my head..
Suck it up buttercup.........
Dude... 40mins? I gotta go after bad guys in the morning...
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The bi coastal secular progressive urban elites are doing their level best to make the Book 1984 become the reality in today’s America. Let’s go Brandon and lord Fauci are leading the way, demanding we surrender our rights to them and then shut up and obey them. We the people will do neither.
He admitted, on public television yet, via his interview, he played down the pandemic, do you dispute Trumps owned words…?
This has nothing to do with the topic of the seeded article which is the public souring on Bidens job performance