Worsening Economy Means Disaster for Democrats
President Biden and Democrats have to face many challenges related to the inflation rates, volatile stock market, and potential recession if they want to retain their House and Senate majorities.
The President was hoping that another economic rebound would once again help his party win over Congress as it had done two years ago when his recovery plan allowed for trillions of dollars to be funneled into the economy in support of American households and the job market.
Despite the high prices this past summer, accompanied by the many supply chain disruptions, Democrats managed to have several policy wins.
Gas prices were reduced and a new climate and health care bill seems to reinvigorate their efforts. Hiring rates also grew, with 10 million jobs being added to the market since Biden took office.
However, the high inflation costs have led to a lot of fear about the future of the US economy. In the past 12 months, the Consumer price index showed an 8.2% increase. In the last month, there was a 0.4% increase which was also far higher than the increase anticipated by economists.
Inflation rates have steadily fallen since June, but the price of food, shelter, and travel are still taking their toll on household budgets.
According to a poll by The Economist and YouGov, only 28 percent of Americans thought that the country was heading down the right path.
The same poll showed that 41 percent of Democrats, 53 percent of independents, and 78 percent of Republicans believed that the country was already in recession.
Doug Heye, a Republican strategist and former spokesman for the Republican National Committee, attributed this to the high prices for goods in the grocery store. He said that it is imperative that people continue to spend their money.
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