Voters blame inflation on Bidenomics

The US economy is having trouble with inflation, and people are mad at President Biden. A poll shows that twice as many people think his actions hurt the economy as they help it, and almost half of them think his policies will also make prices go up.

This according to Fox News poll published on Thursday. More than two thirds of registered voters have had money problems in the last six months because of inflation. Two-thirds of those people say Biden’s leadership is “very” or “a bit” to blame for prices going through the roof.

To keep prices in check, 47% of people say Biden’s stock is bad, while only 22% say the president is good. Also, 46% of people think that Biden’s suggested social spending plan, the $1.7 trillion Build Back Better bill, would also make inflation go up, while only 21% think that it wouldn’t.

This is the highest rate of price growth for consumer goods in 39 years, at 6.8% in November. For the first time ever, Thanksgiving dinner cost more than ever before. In some places, gas prices are higher than ever before. Up until recently, the Biden administration said that rising prices were “transient” and said that the supply chain problems caused by the coronavirus were to blame. Now, though, the Federal Reserve has taken the word out of its language.

Fed Chairman Jerome Powell told reporters on Wednesday, “The risk of higher inflation that has taken root has risen.” This came after the bank announced that it would cut back on buying bonds, which basically shrinks the economy to try to keep people from spending too much. The move also makes it easier for interest rates to go up or down next year. During the pandemic, the Federal Reserve kept rates close to zero to keep the economy going.

In fact, the most famous time of skyrocketing prices in U.S. history—the 1970s—did not end until the Federal Reserve raised interest rates to over 20% and stopped buying any more bonds. While other factors influenced the management of the Carter administration of the 1970s economy, the Trump and Biden administrations, too, both attempted to keep the United States economy artificially squeezed, with Trump overseeing the creation of a quarter of all dollars ever created last year and Biden spend more in the first eight months of his presidency with respect to Trump in 2018 and 2019 together, according to Fox News.

In this case, Fox polled voters and found that 45% believe the US economy will get worse in the coming year, while only 26% believe it will get better. 35% thought things would get worse at this time last year, while 40% thought they would get better.