The Trafalgar Group and Convention of States Action’s nationwide survey polled more than 1,000 likely general election voters between June 6 and 7 and found that just under 40 percent of respondents hold Biden responsible for inflation. Trump came in at 17.7 percent, followed by 14.4 percent blaming Congress, more than 10 percent blaming the prior Congress, and about 18 percent who are unsure.
Our @trafalgar_group @COSProject #poll released on #SpicerAndCo @newsmax show tonight, reveals that most Americans blame #PresidentBiden and #Congress for rising inflation. See report: https://t.co/3fGzRTkMND pic.twitter.com/OMBPCJjHli
— Robert C. Cahaly (@RobertCahaly) June 15, 2021
Nearly 64 percent of Republicans held Biden responsible, as well as 35.5 percent of people with no party affiliation — both a majority. About 27 percent of Democrats surveyed held Trump responsible, but Biden came in second with more than 21 percent.
Inflation is a major concern among Americans. The Consumer Price Index rose by 5 percent over the past 12 months ending in May, marking the greatest rise since 2008, when the stock market crashed during the housing crisis. The producer price rose by 0.8 percent, whereas Dow Jones and the Wall Street Journal predicted a 0.5 percent increase. The data from May also showed a 5 percent increase in prices in all industries from a year prior, whereas economists thought there would be an approximately 4.7 percent rise.
“The all items index rose 5.0 percent for the 12 months ending May; it has been trending up every month since January, when the 12-month change was 1.4 percent,” the report states. “The index for all items less food and energy rose 3.8 percent over the last 12-months, the largest 12-month increase since the period ending June 1992. The energy index rose 28.5 percent over the last 12-months, and the food index increased 2.2 percent.”
Given the trillions of dollars the Federal Reserve has injected into the economy, as well as the trillions of dollars in federal spending the Biden administration has introduced via stimulus and otherwise, it was only inevitable there would be significant price increases and inflation. Based on recent data, it is estimated that an employee making $50,000 in January 2021 will have the buying power of $44,265 in January 2025, assuming they are still making the same salary.