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A sizeable majority of Americans believe that President Joe Biden’s policies are directly responsible for rising prices across a range of commodities and products, according to a revealing new survey.
According to a new Morning Consult-Politico survey, 62 percent of respondents blame Biden’s policies as being very responsible or somewhat responsible for escalating consumers costs.
The survey “revealed that 40% of registered voters see the Biden administration as very responsible for the country’s high inflation, while 22% said his policies are somewhat responsible. A total of 28% said the administration is not too responsible or bears no blame for the higher prices,” the Washington Examiner reported Wednesday.
Meanwhile, about half of respondents said they believe that people returning to pre-pandemic behaviors and habits are largely driving inflation, the Examiner reported:
Consumer prices rose 5.4% for the year ending in September, according to a report by the Department of Labor released this month, the highest pace of inflation since 2008. Inflation also recently hit the highest rate in 30 years in the gauge favored by the Federal Reserve.
While the majority of voters put some of the onus on the Biden administration, which has embarked upon a spending spree, an even larger amount of those surveyed expressed worry about the pace of inflation.
Almost 90 percent of survey respondents said they are worried about inflation and overall rising costs, as 58 percent said they were very concerned and another 31 percent said they are somewhat concerned. Just 11 percent said they had no fears at all about rising prices.
Meanwhile, the Federal Reserve has been buying up Treasury Department bonds worth about $120 billion every month while holding interest rates nearly at zero since the COVID pandemic began. The central bank’s analysts have repeatedly stated that inflationary pressures are just transitory; Biden and others in his administration have said the same thing.
“Others, such as Larry Summers, a Democrat who served as treasury secretary under former President Bill Clinton and as director of the National Economic Council under former President Barack Obama, billionaire investor Paul Tudor Jones , and JPMorgan Chase CEO Jamie Dimon, have warned that inflation is a danger that might linger,” the Washington Examiner added.
Supply chain issues stemming in part from the pandemic are also causing prices to rise.
But the current polling follows previous surveys in which the vast majority of respondents also blamed Biden for the state of inflation.
“The vast majority of Americans say surging grocery and household goods prices are causing them financial hardship and nearly 80 percent blame the Biden administration’s economic policies, a new poll says,” the New York Post reported in August.
“About 70 percent of Americans say the national economy is in bad shape, and the majority — 86 percent — are concerned about inflation, according to the Fox News poll,” the outlet continued.
Eighty-six percent blamed COVID for rising prices, but 79 percent said the administration’s economic policies are to blame.
“The degree to which lower-income households are feeling the squeeze on food and fuel is striking, if not surprising, and highlights the risk that inflation could push families on the brink over the financial edge,” said pollster Chris Anderson.
Inflation acts as an invisible tax and hurts working-class Americans the hardest, critics of the administration have said.
“The sharpest tax President Biden is levying upon Americans is one that was never passed by Congress, promised from the White House, or voted on by citizens at the ballot box. The invisible tax of rising inflation will do far more to harm working and middle-class Americans than Biden’s proposed tax hikes,” Kristin Tate, a libertarian analyst at Young Americans for Liberty, wrote in The Hill in May.
“The trillions of dollars in congressional spending and money printing from the Federal Reserve is already having a dramatic effect on the price of ordinary goods. Inflation has reached its highest point in years, and will likely reach the highest in two generations,” Tate added.