President Biden’s approval rating on his handling of record-setting inflation is plunging ever further, with nearly 70 percent offering a negative review.
The latest news comes from a new ABC News-Ipsos poll released on Sunday.
“As the White House confronts rising and widespread concern about inflation, Americans are especially negative on how the Biden administration is managing this issue,” ABC News reports.
Further breakdown of the numbers indicates 71 percent of independent voters disapprove of the President’s handling of inflation. Biden isn’t performing all that great within his own party either.
According to the report, “The survey also reveals weaknesses from Biden’s own party with only a slim majority of Democrats (54%) approving” on the matter of inflation.
BREAKING: More than two in three (69%) Americans disapprove of Pres. Biden’s handling of inflation, while 57% disapproves of his handling of the economic recovery, according to a new @ABC News/Ipsos poll. https://t.co/8BaO3UoT8i
— ABC News (@ABC) December 12, 2021
RELATED: Psaki Confronted, Claims ‘No Economist’ Is Predicting Higher Inflation From Massive Spending Bill
Inflation Crisis
Inflation has been on the minds of concerned Americans for months now, even though the Biden administration has consistently downplayed those concerns.
It’s likely going to get a lot worse as we head into Christmas and more people are priced out of certain gifts for their loved ones due to supply chain and inflation issues.
At least one administration official raised eyebrows leading into Thanksgiving.
White House Chief of Staff Ron Klain tweeted an article arguing that inflation is a “high-class problem.”
Inflation, of course, affects the less well-to-do far more than the rich.
WH chief-of-staff slammed over post calling supply chain crisis ‘high class problems’ https://t.co/QXh6OvHi5p pic.twitter.com/rACBxy5qHj
— New York Post (@nypost) October 14, 2021
White House Press Secretary Jen Psaki followed up by insisting inflation isn’t going to be exacerbated by more government spending.
“No economist out there is projecting that this will have a negative impact on inflation,” she replied when a reporter questioned “injecting another $1.57 trillion” of spending into the economy.
NBC’s Peter Alexander: “Americans are seeing their dollars, their paychecks stretched right now. Why should Americans not be concerned that injected another $1.57 trillion or more would raise inflation?”
Psaki: “B/c no economist out there is projecting that[.]”
Um, wut? pic.twitter.com/Cz4vcguSvs
— Curtis Houck (@CurtisHouck) November 15, 2021
Weeks later, economists with the National Association for Business Economics (NABE) predicted inflation would remain above 2% possibly over the next three years.
[totalpoll id=”245507″]
“The nation’s business economists have sharply raised their forecasts for inflation, predicting an extension of the price spikes that have resulted in large part from bottlenecked supply chains,” the Associated Press reported.
Fox Business adds that panelists with the NABE have upped their projections for inflation going forward indicating it could “remain above 2% over the next three years as a result of rising wages and strong demand for goods and services.”
Solidifying those concerns, reports last week show inflation rose 6.8% in November – a 39-year high as consumer prices soar ever higher.
Up: Inflation
Not up: Biden’s approval numbers
— Rep. Jim Jordan (@Jim_Jordan) December 12, 2021
Americans Are Suffering
Americans don’t like having money taken out of their pocket and it’s coming from everywhere, whether through inflation, gas prices, or real wages.
Biden has attempted to counter the news by insisting repeatedly – falsely – that “wages are up.”
CNBC also concludes that “inflation has taken away all the wage gains for workers and then some.”
In reality, real average hourly earnings decreased by 1.9% over the past year.
Real hourly earnings (adjusted for inflation) lowest this century pic.twitter.com/OEi6WlbvXz
— zerohedge (@zerohedge) June 10, 2021
President Biden insists the nation is at “the peak” of the inflation crisis, expressing hope it would settle down once his Build Back Better Act gets passed.
Former Obama economic adviser Larry Summers countered, “I think the inflation rate would be slightly higher in 2022 and 2023 with the Build Back Better than it would be without the Build Back Better.”
“We’re going to see inflation of a kind we haven’t seen in 30 years.”
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