President Joe Biden and Vice President Kamala Harris are having trouble gaining traction in the polls, according to former Republican Georgia Rep. Doug Collins. Harris Faulkner shut down former Democratic Pennsylvania Rep. Patrick Murphy’s attempt to tout the stock market and Biden’s record, saying “You know what numbers they really care about? The ones when they stand in the line at the Acme, or the Piggly Wiggly or the Safeway. They care about those numbers that have been delivered like an extra tax by this current president, through still stubbornly high inflation.”
The Bureau of Labor Statistics reported that inflation ticked down in May, but still remains twice as high as the Federal Reserve’s target. The Consumer Price Index increased four percent on an annual basis in May compared to 4.9% in April, yet the Federal Reserve has hiked interest rates 10 consecutive times since March of 2022 in an attempt to reduce inflation.
President Biden has failed to bring the country’s economic woes under control, despite the state of the stock market. “While the stock market may be up 11%, these numbers in no way reflect the struggles people are facing daily,” said Peterson Johnson, a public policy analyst. “Americans are paying more for goods and services, and household incomes have not kept up.”
The poorest among us are the most impacted. The rise in prices has led to a concerning decrease in demand for essential goods and services, as fewer individuals have the means to purchase the products they need. This has further exacerbated an increase in unemployment, as companies have had to lay off workers simply because not enough people can purchase their products and services.
The effects of inflation have been far-reaching and have impacted individuals on all sides of the political aisle. “It’s not just a Democratic or Republican thing, it’s a people thing,” stated Jack White, an assistant economics professor at Harvard. “It’s impacting men and women, young and old, blue states and red states, and President Biden’s policies are proving ineffective in offsetting any of these issues.”
With inflation so high, it is no wonder President Biden and Vice President Harris are struggling with their poll numbers. Inflation has caused economic hardship on many, and it appears that the Biden administration has not taken adequate measures to ameliorate the situation. While the stock market may be on the rise, it is inconsequential to the average American who is simply trying to make ends meet.