(UnitedVoice.com) – Thanksgiving is only a few days away, but many Americans aren’t feeling as thankful this year as in previous years. Inflation is skyrocketing, and it’s eroding people’s purchasing power and the value of savings accounts. Gasoline prices are sky-high, grocery prices are rising, and retail goods this Christmas are more expensive than ever. Even the cost of turkey is more than in previous years.
A new CBS News-YouGov poll released on Sunday, November 21, shows wide-ranging dissatisfaction with the economy. Most voters appear highly unsatisfied with President Biden’s efforts to solve the problem, and some may believe he’s the major contributing factor. The roots of the problem likely started when Democrats passed their $2 trillion COVID relief package, and it’s only gotten worse since then.
Poll Shows American Unease With Biden’s Handling of Inflation
Since August, Biden’s approval ratings have continued to deteriorate. From November 1 through November 21, the RealClearPolitics average of Biden’s approval ratings dropped 12 points to 41.3%. Some polls had Biden as low as 36% and as high as 45%. Still, the numbers don’t bear out well for the embattled president who promised so much hope in January but has failed to deliver in virtually any way.
The CBS News-YouGov poll isn’t making matters any better for Biden. As Americans’ bank accounts dwindle due to sky-high inflation, people aren’t pleased with the president’s handling of the economy. Two-thirds of citizens now say inflation is bad, and only 33% of those surveyed said they approve of how Biden’s handling it. It’s the worst approval number seen since the darkest days of the pandemic in 2020. The economy was supposed to be roaring back to life by now, but it isn’t happening.
Yet, it gets worse. Around 64% said the national economy is either “fairly bad” or “very bad.” Of that 64% who rated the economy as bad, 84% said inflation was the top reason for their assessment of the economy. Inflation rated higher than COVID-19 restrictions, lack of products on store shelves, or distrust in the Biden administration for constituent dissatisfaction.
In addition, 82% said their shopping experience was more expensive than a year ago, and two-thirds said items they were looking for were often not in stock.
Poll Didn’t Ask Why Inflation Is High
Not surprisingly, the CBS News-YouGov poll didn’t ask respondents why they thought inflation was high. Before Democrats passed their $2 trillion COVID relief package in March, Republicans warned that the massive spending bill would take a warming economy, overheat it, and cause inflation to strike. It appears they were right.
President Biden and his team repeatedly stated since last spring that inflation was transitory. Last summer, former Obama Treasury Secretary Larry Summers contradicted the claim and blamed the rising prices of goods and services on the massive government spending. On October 18, the San Francisco Federal Reserve hinted that the stimulus package contributed to inflation.
On Tuesday, November 15, former Obama Treasury official Steven Rattner agreed with Summers but went into fuller detail. Rattner specifically blamed Democrats for passing the COVID relief bill and causing inflation to spike by adding trillions of more dollars to the US economy. Rattner warned his fellow Democrats if they pass the $1.75 trillion Build Back Better semi-Socialist and climate change legislation into law, it could drive prices even higher.
So, are Americans right not to trust in Biden’s ability to bring down inflation? It would appear they are onto something. Unfortunately, neither Biden nor Democrats are listening. Americans may pay the price long after Democrats are no longer the majority in Congress. By then, it’ll be too little, too late.
Don Purdum, Independent Political Analyst
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