Topline
Americans fed up with historic inflation are largely putting the blame on President Joe Biden and his administration’s policies, according to a Morning Consult/Politico poll released Wednesday, as the rise in consumer prices becomes a growing political problem for the president and his fellow Democrats.
Key Facts
The poll found 62% of registered voters believe that Biden's policies are at least somewhat responsible for inflation, compared to just 11% who believe the president isn’t responsible at all.
The numbers aren’t much better among Democrats, with 46% of Democratic respondents saying the president is at least somewhat responsible and only 16% believing he holds no responsibility.
Among Republicans, 70% believe the president is “very responsible,” according to the poll.
Voters are overwhelmingly troubled by inflation, according to the poll, with 60% being “very concerned” and another 27% saying they are “somewhat concerned.”
The poll surveyed 1,998 registered voters between November 13 to November 15.
Big Number
6.2%. That’s how much the price of consumer products rose between October 2020 and October 2021, according to the Bureau of Labor Statistics. That’s the fastest pace of inflation recorded in more than 30 years.
Key Background
Republicans have launched repeated attacks at Biden and Democrats over inflation, claiming federal spending is behind the rise in consumer prices. The GOP and critics of the administration have cited comments from former Clinton and Obama administrations official Larry Summers, after the economist warned earlier this year that a $1.9 trillion Democratic Covid relief bill would trigger inflation. Biden Administration officials for months took a public position of assuring Americans that inflation wouldn’t be a serious, long-term problem, but their stance has changed a bit following the release of the October report. Biden in the past few days has taken a more direct approach, saying inflation and supply-chain issues are significant problems for the nation.
Contra
Biden may be receiving the bulk of the criticism, but former President Donald Trump signed off on about $1 trillion more in Covid relief spending than Biden, and inflation was already on the rise before Biden took office.
What To Watch For
Democrats are now promoting their $1.75 trillion social spending proposal as a solution for inflation. Reuters reported Wednesday that analysts at top ratings agencies do not believe the spending bill will contribute to inflation, since spending would be spread out over ten years and is paired with tax increases.
Tangent
Biden sent a letter to the head of the Federal Trade Commission on Wednesday requesting an investigation into why the price of gasoline remains high. The average price for a gallon of gas in the U.S. is up more than 60% from last year, according to AAA.
Further Reading
‘Meatflation’ Worsens As Prices Rise At Fastest Rate In 30 Years In October (Forbes)
Larry Summers sends stark inflation warning to Joe Biden (CNN)
Explainer: Republicans blame Biden for inflation, but are they right? (Reuters)
EXCLUSIVE Rating agencies say Biden's spending plans will not add to inflationary pressure (Reuters)
