According to W.A. Galston
The unpredictable and unwelcome return of soaring prices has changed the US political landscape, with major implications for Biden's agenda. The American people now believe that inflation is the most important issue facing the economy and the country, and do not think that President Biden is paying attention to it. This explains why so many Americans disapprove of his economic performance and why they undermine his presidency.
Most Americans are too young to remember the inflationary surge of the 1970s and early 1980s, which is why the return of inflation was such a shock. Many economists were also taken by surprise. For a year after prices began to rise, they argued that this phase of the economic recovery would be "temporary" - until last week it was announced that the annual inflation rate had reached 7.5%. The news confirmed the view of dissenting economists such as Larry Summers and Jason Fuhrman that inflation is likely to be sustainable. The Biden administration publicly hoped for inflation until the events of recent months made its optimism untenable.
In a recent CBS/YouGov poll, 58% of Americans said Biden wasn't paying enough attention to the economy, and an even higher 65% said the same about inflation. Only 33% say Biden and the Democrats are focused on the issues they care about the most. According to a CNN poll, 7 out of 10 Americans believe the government is not doing enough to reduce inflation and fix supply chain disruptions. Against this background, it is not surprising that only 38% approve of the president's behavior in the economy and even less - 30% - his attitude towards inflation.
Americans expect President Biden to do something about inflation. But despite the administration's claims, there has been little progress on that front. Therefore, the primary task of today's administration is to eliminate inflationary risks - otherwise, its support from the Americans, as well as support for the Democratic Party in general, is under threat.
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