Well, after today, a lot more people will be talking about it — with newly released data suggesting that prices for everyday goods are higher than they have been in more than THREE decades.
“Rising inflation has been a hallmark of the pandemic recovery thanks to a potent mix of rampant demand, raw material shortages and choke points along the global supply chains. And the jump in energy costs is only making it worse.”
She also quotes Rick Rieder, BlackRock’s chief investment officer of global fixed income, suggesting that the stimulus money passed by Congress and signed into law by President Joe Biden earlier this year made things worse, not better, as it “bolstered savings, household wealth and ultimately demand.”
Inflation is such a potent political issue because a) it’s relatively easy to understand (your money doesn’t buy as much as it once did) and b) it affects every American.
That pretty much covers, well, everything — from grocery shopping to driving your car to keeping your house lit and heated as we head into the winter months.
Inflation is no esoteric topic — like, say, the debt ceiling. It is something that confronts every American every day in some way, shape or form.
For his part, President Biden insists that this latest inflation surge is only temporary — saying that energy prices, a major driver of inflation, are already beginning to come down from recent highs.
Not everyone — even in Biden’s own party — was convinced.
There’s no question that the Biden White House is now aware of how big a threat rising inflationary prices are to not only his reelection chances but, more immediately, his party’s hopes of keeping the House and Senate majorities next November.
The Point: Being aware of the problem isn’t the same thing as knowing how to fix it. And that’s the conundrum Biden and his party now face.
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