As fears of inflation grow across America, President Joe Biden is getting the blame.
A recent New York Times poll showed that 70 percent of people believe long-term inflation is here. Those results came after federal data showed inflation taking a bite out of paychecks at a rate not seen since 2008.
The New York Times poll was conducted from July 5 to July 7 among 2,587 adults. No margin of error was disclosed.
Now, 59 percent of registered voters hold Biden’s policies responsible for rising prices, according to a new Morning Consult poll.
“There’s no question we have serious inflation right now,” Republican Sen. Pat Toomey of Pennsylvania said Sunday, according to The New York Times.
“I’m just worried that the risk is high that this is going to be with us for a while. And the Fed has put itself in a position where it’s going to be behind the curve. You combine that with massively excess spending, and it is a recipe for serious problems.”
— Senator Ted Cruz (@SenTedCruz) July 26, 2021
Toomey’s views are shared by a vast majority of his party. The Morning Consult poll found that 82 percent of Republicans blame the Biden administration for the onset of inflation.
The same is not true of Democrats. Sixty-nine percent parrot the party line that prices are rising because consumers are returning to “pre-pandemic behaviors.”
As a result, 53 percent overall say inflation represents a rebounding economy, while 59 percent point the finger at the president.
The Morning Consult poll was conducted from July 23 to July 26 among 1,997 registered voters with a margin of error of +/- 2 percentage points.
Inflation has emerged as a point of contention as Democrats try to ram a new spending bill through Congress.
“As Joe Biden’s inflation crisis rages, he just can’t stop fueling it with more reckless government spending,” Republican Sen. Rick Scott of Florida said in a statement.
“Americans are experiencing 1970’s-style inflation again, and it’s because of Joe Biden’s failed economic policies.”
The Democratic proposal “would exacerbate pre-existing inflationary pressures … and put at risk the longevity of the recovery,” said Michael R. Strain, an economist at the American Enterprise Institute, according to The New York Times.
— Ways and Means GOP (@WaysandMeansGOP) July 27, 2021
“Government spending doesn’t stimulate the economy, it de-stimulates the economy and causes inflation,” said Stephen Moore, an economic adviser to former President Donald Trump, according to Fox Business. “We should be aggressively cutting government spending right now, not raising it.”
“Government spending doesn’t stimulate anything except government,” Moore said.
If making the economy work was a simple as increasing government spending, “Argentina, Mexico and Zimbabwe would be the richest countries in the world,” he added.
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