The vast majority of Americans say surging grocery and household goods prices are causing them financial hardship and nearly 80 percent blame the Biden administration’s economic policies, a new poll says.
About 70 percent of Americans say the national economy is in bad shape, and the majority — 86 percent — are concerned about inflation, according to the Fox News poll released Wednesday.
Of those polled, 86 percent blame the COVID-19 pandemic for increasing prices and 79 percent blame the Biden administration’s economic policies.
What is all this “Biden inflation tax” talk really about? What is the actual effect of inflation on the lives of real people?
Well, below is a chart that compares yearly wage and inflation rates for each month from 2017 through July of this year using Bureau of Labor Statistics data. Wage rates are in blue and inflation (as measured by the consumer price index) is in red. When blue is on top, as it was during the entire Trump administration, workers’ wages are beating inflation and their standards of living are improving. When red is on top, they’re not.
While President Biden claims that it is “indisputable” that his jobs plan “is working,” this chart unequivocally shows that it is not, at least not for American workers. Rather, inflation is surging, more than wiping out any wage gains those workers might have experienced.
One promise from the U.S. economy emerging from the pandemic was that American workers would benefit from a tight labor pool driving up salary and pay. And while that happened, the benefits have all been erased by the sudden surge of inflation on President Biden’s watch.
That means workers aren’t running in place, they are actually falling behind as rising prices force middle- and working-class families to make hard choices, like whether to fill the gas tank or the refrigerator.
Inflation topped out at 5.4% in July, the government reported Wednesday, the third straight month above 5%. When President Trump left office in January, inflation was in check at just 1.4%.