By Paul Bedard
Rising inflation is the top election issue for over 8 out of 10 voters, with most blaming President Joe Biden’s policies for making the economy worse in less than two years on the job.
In the latest Rasmussen Reports survey, 84% said that rising prices would be important in their vote, easily making it the top issue. That includes 77% of Democrats who said it was an important issue.
The survey was released on the heels of new indications that prices are continuing to rise higher and faster than the White House predicted, undermining claims by Biden and his top aides that they have inflation under control.
It would appear in the Rasmussen numbers that a majority of voters don’t believe Biden or his aides, however. They show that 60% believe the president’s policies are to blame for “increased inflation.” Just 13% think the White House has been successful in its bid to decrease inflation.
And it seems clear that voters polled by Rasmussen aren’t likely to change their minds before Election Day. Asked “how concerned are you about inflation,” a sky-high 89% said they were somewhat to very concerned.
Digging deeper into the numbers, Rasmussen’s analysis indicated that “majorities of all racial groups — 64% of whites, 60% of black voters and 66% of other minorities — are very concerned about inflation.”
The poll joins others putting the economy at the top of mind for voters. A new one in Virginia from Christopher Newport University’s Wason Center for Civic Leadership, for example, notes that people are “pessimistic” about Biden fixing the economy.
Joe Biden’s economic and energy policies have resulted in another record matching former President Jimmy Carter. The Social Security Administration (SSA) has announced an inflation driven increase in SAA benefits of 8.7% beginning in January 2023. This is the largest cost of living adjustment in 40 years.
Democrats and idiot Biden have destroyed what was a strong and healthy economy. End of story. Period. Settled science.
There is no path forward for democrats in the 2022 midterms. democrats are not energized and will stay home this year. The red tsunami will take 70+ seats in the House and 5-6 in the Senate.
Remember, it’s not the people who vote that count, it’s the people who count the votes.
Retail Sales Growth Drops Below Rate of Inflation, What Does That Tell You?
You often hear me talk about how financial pundits and economic analysts are disconnected from Main Street. Today we get a prime example of that from the Wall Street Journal.
The topline of the WSJ article is essentially that people are not spending money on anything except essential goods (housing, energy, fuel, food, etc), which is somewhat of a ‘duh tell us something we don’t know‘ type article. However, the analytical part of the article is where you find the insufferable disconnect. Here’s one example:
[Data Point 1] “Gasoline prices dropped in September for the third month in a row, falling 4.9% from August.” [Data Point 2] Sales at gasoline stations, a proxy for spending by car owners, declined 1.4% last month.”
If gasoline dropped 4.9% in price, but sales only declined 1.4% that would indicate more physical gasoline was purchased at a lower price than the month before. It’s not a hard concept to understand.
This is a retail sales reality even identified in the article itself, “Unlike many government reports, retail sales aren’t adjusted for inflation, so some swings reflect price changes rather than shifts in the amounts purchased.”
However, now look at this: “Spending at restaurants and bars grew 0.5% in September from the prior month. But prices at restaurants grew 0.9% in the same month, according to a separate Labor Department report released Thursday, meaning that consumers are getting less for their spending.”
No, that’s not what this means.
If restaurant prices increase 0.9%, but restaurant sales only increase 0.5% it means you are selling/serving fewer customers. It doesn’t mean consumers getting less food, it means fewer consumers are eating at restaurants…. Which is caused by consumers having to prioritize their spending.
(WSJ) – […] Spending declined in categories linked to big purchases like cars, televisions, beds and golf clubs. Purchases at electronics and appliance stores declined 0.8% in September while spending at furniture stores fell 0.7%.
[…] Scott Brave, the head of economic analytics for Morning Consult, said consumers have started to pull back on optional purchases while still spending on the essentials. “They are having to make tough decisions,” he said. (more)
10/20/22 – Republicans Are Coming for Your Social Security and Medicare – The party of starving grandma returns to its roots.
Clown Show: White House Deletes Tweet Boasting of Massive Social Security Increase After Biden-Caused Inflation Fact Checks
Dow falls 600, Naz down 2 percent…
Reporter Asks Karine Jean-Pierre Why White House Panicked and Deleted Misleading Tweet Bragging About Increase in Social Security Checks
BIDEN ECONOMY: FED Increases Interest Rates Again – This Time Nearly One Percent (.75%) – The FED’s Only Answer for Inflation
Joe Biden Says His Dumpster Fire Economy “Works For Everybody”