President Joe Biden is eager to address the issue of declining inflation, as public perception of this issue could impact the outcome of the 2024 election. Biden highlights the decrease in inflation from its peak of 9% in June 2022, attributing this high level to when he first took office. However, prices continue to rise and remain significantly higher than when Biden became president.
Critics, such as Job Creators Network CEO Alfredo Ortiz, point out that inflation under Biden has reached 20%, leading to a cost-of-living crisis for ordinary Americans. Republicans are quick to label this phenomenon as “Bidenflation,” emphasizing how rising prices are eroding the American dream.
While Biden is hopeful that the Federal Reserve will lower interest rates before the election, providing a boost to his economic strategy, experts like economist David Madland acknowledge that inflation still exceeds the Fed’s target rate of 2%. Factors such as supply chain disruptions from COVID-19 lockdowns are cited as causes for the spike in inflation.
Republicans attribute inflation to government spending bills like the American Rescue Plan, which was passed without any support from the GOP. Regardless of the reasons behind inflation, voters are likely to remember the high costs they face compared to previous years. Biden’s attempts to frame the situation positively by emphasizing the decrease in inflation may be met with skepticism.
Public opinion on the economy, particularly inflation, plays a crucial role in shaping voters’ views leading up to the election. Biden’s approval rating on the economy stands at 39%, dropping to 34% when specifically asked about inflation. As the campaign progresses, the Biden team will continue to highlight positive economic indicators like low unemployment rates and job creation, while also acknowledging the need to address and combat inflation.
