Biden sees progress on inflation, but what does America think?

Majority of Americans Struggle with Inflation Despite Biden’s Claims of Progress

An increasing number of Americans are feeling the pinch of inflation on their household budgets, despite President Joe Biden’s claims of progress. According to a recent Gallup survey, 61% of respondents in April 2023 reported experiencing financial hardship due to recent price increases, up from 56% in August 2022 and 45% in November 2021.

Lower-Income Americans Hit Hardest

Of those surveyed, 15% reported severe hardship, which has affected their ability to maintain a consistent standard of living. The survey also found that lower-income Americans are hit harder by inflation than those in higher income brackets.

High Cost of Living a Major Concern

Another Gallup survey revealed that the high cost of living is the most significant financial problem facing American families. Of those surveyed, 35% cited inflation, 11% cited costs for owning or renting a home, 9% cited excess debt, and 7% cited low wages.

Inflation Rates Still High Despite Recent Decline

Although headline inflation fell below 5% last month, prices for food, shelter, and other essential household items remain well above the 5% overall level. The Federal Reserve has increased the target federal funds rate to slow price level increases, but this policy regime raises the cost of borrowing funds for consumers and businesses, dampening overall economic activity.

Biden’s Policies Under Scrutiny

President Biden has faced criticism for his repeated claims that his policies, such as the Bipartisan Infrastructure Law and the Inflation Reduction Act, are responsible for the somewhat less severe headline inflation levels. Rates are still three to four times higher than those seen before he assumed office in January 2021 and more than double the 2% benchmark maintained by the Federal Reserve for decades.

Despite the challenges, the administration is working to give families more breathing room. White House Press Secretary Karine Jean-Pierre has claimed that Americans are saving money on gasoline under the administration’s energy policies, which focus on discouraging fossil fuels and transitioning to renewable power sources.

However, with inflation still a major concern for many Americans, it remains to be seen whether the administration’s efforts will be enough to alleviate the financial strain on households.

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