A poll released Wednesday indicated that Shifting Democrat reactions to inflation have not improved the public’s perception of the issue.
Inflation was first dismissed by Democrats, who predicted it would soon disappear and criticised those who raised it. They claimed that inflation was only a problem for elites or would have a silver-lining in higher wages. Recenty, the Biden administration claimed that high prices were due to “Putin’s price rises.” A new Morning Consult/Politico poll shows that voters trust Republicans more on the topic of inflation than Democrats ahead of the midterm elections.
46% of voters trust Republicans in Congress. This is a 14-point advantage over Democrats who are only 32 percent trusted.
The economy is another area where Democrats are behind the GOP, with only 36% trusting them as opposed to 47% for the GOP. Only 39% of voters trust Democrats on jobs, compared to 45 percent for Republicans. Independent voters trust Republicans more than Democrats when it comes to inflation at 40 percent-17 percent, 43 percent-22 percent economy, and jobs, as well as at 41% to 22%.
According to a separate survey by the Conference Board , 7.9 percent was expected in inflation over the next twelve months. This is an all-time high, and a sign consumers don’t believe inflation will be under control in the coming year. also showed that a separate survey on consumer confidence conducted by the Conference Board this week.
The University of Michigan poll of consumer sentiment last week found that 32 per cent of consumers expected their financial situation to worsen over the next year, which is the highest percentage ever recorded in the history of these surveys. It was also the largest in the history of the surveys dating back to the mid-1940s. The survey found that half of households expected a decline in inflation-adjusted household incomes in the coming year due to rising prices and lower income expectations.
Richard Curtin from the University of Michigan, chief economist, said that inflation was discussed throughout the survey. When asked to describe changes in their financial lives in their own words due to rising inflation, consumers were more likely to mention lower living standards than ever before, except for the two worst recessions of the past 50 years, which occurred from March 1979 through April 1981 and May 2008 to October 2008.