Payne Capital Management President Ryan Payne and TJM Institutional Director Jim Jurio reveal how consumers can react to record-breaking inflation in Money Making.
The two most important issues in the minds of US voters ahead of the 2022 by-elections are inflation and the economy, according to a new study, and President Biden’s assessment of these issues may be a bad sign for Democrats in Congress.
The latest ABC News / Ipsos poll, published on Sunday, found that inflation was the single most important issue for voters in determining how they would vote for Congress in November, with 80% of voters saying it was ” “extremely important” or “very important.”
Inflation is rising (istock / iStock)
Respondents said they disapproved of the president’s behavior with inflation, which has been hovering around a 40-year high, ranging from 71% to 28%. An even larger number, 72%, said they disapproved of Biden’s approach to record high gas prices, while 27% said they did.
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Another 83% of voters said that the state of the economy would be an extremely or very important factor in dictating their vote. 61 percent said they disapproved of the president’s handling of economic recovery, compared with 37 percent who approved of the work he was doing.
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The poll also found that Republican voters are more motivated to go to the polls this fall, with 57% saying they are very enthusiastic about voting compared to 44% of respondents who identify as Democrats.
In the past, Biden has insisted that he doesn’t look at polls when making his decisions, but his economic figures are becoming increasingly difficult to ignore.
President Joe Biden (Kent Nishimura / Los Angeles Times via Getty Images / Getty Images)
As the public has become more frustrated with rising prices, which are expected to continue for the rest of the year, his party is at risk of losing the narrow majorities it has in both the House of Representatives and the Senate.
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The White House has tried to shift blame for inflation on Russian President Vladimir Putin’s war against Ukraine and shifted responsibility for tackling rising Federal Reserve prices.
However, the president sought to ease rising gas prices by releasing a record 180 million barrels of oil from the National Strategic Oil Reserve for six months beginning in March. So far, this move has had little impact. The average price per gallon of gas reached a new high of $ 4,865 per gallon on Monday, according to the latest AAA data.
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