David Catron of the American Spectator notes one noticeable political consequence linked to inflation.
When the Bureau of Labor Statistics reported last week that September’s inflation rate remained at an unacceptably high 8.2 percent, it sealed the fate of the Democrats. Despite risible claims by President Joe Biden that his policies are helping, the consumer price index (CPI) confirmed that the cost of necessities like food, energy, and housing continues to increase apace. Many hit hardest by this trend are minority voters upon whom the Democrats depend for their survival.
Inflation is all too tangible for middle- and lower-income Americans, many of whom are black and Hispanic, because most of their earnings must be spent on basic necessities. The latest Economist/YouGov poll provided a list of issues to respondents and asked, “Which of these is the most important issue for you?” Blacks and Hispanics overwhelmingly answered, “Inflation/prices.” No other issue came close. They aren’t likely to find comfort in the following balderdash offered by Biden after the CPI report was released:
“Americans are squeezed by the cost of living: that’s been true for years, and they didn’t need today’s report to tell them that. It’s a key reason I ran for President. Working to give middle class families some breathing room in dealing with their costs is critical.” …
… The only accurate assertion in the above quote is that Americans don’t need the CPI report to tell them that the cost of living is skyrocketing. Biden’s bizarre claim that inflation was a “key reason” why he ran for president is just another of his trademark fabrications. When Biden took office, inflation stood at 1.4 percent. Consequently, his claim that the 8.2-percent rate “shows some progress” only serves to reinforce ongoing concerns about his cognitive decline, as does his assertion that inflation averaged only 2 percent over the last three months.
None of this is going to fool middle- and low-income minority voters who face ever-increasing prices for the basic necessities of life.
