Runaway inflation is crushing President Joe Biden’s approval ratings and threatens to swamp Democrats in the midterm elections. But many progressives say Biden’s all-out messaging war against spiking prices is making matters even worse.
Frustration among administration progressives boiled over at the end of May when Joe Biden declared his “laser focus” on inflation while meeting at the White House with Fed Chair Jerome Powell and rolled out a plan to combat spiking prices. | Merendino/Getty ImagesRunaway inflation is crushing President Joe Biden’s approval ratings and threatens to swamp Democrats in the midterm elections.
“A lot of people were frustrated by [the rollout] and by the idea that we were going to try to Paul Volcker our way out of this problem,” said a senior official, referring to the legendary Fed chair of the 1980s who relentlessly jacked up rates to break the back of soaring inflation — triggering two recessions along the way.
It’s an excruciating spot for the White House. Polls show inflation is a top concern to voters, so attacking it head-on seems like the smartest political move. Powell and many economists argue that the economy won’t work for anyone if inflation — now at its highest point since Volcker’s day — isn’t reversed quickly.
A mixed picture is likely to provide fodder for both sides in a debate that senior aides say is mostly respectful but may not stay that way. The official added, “Inflation is the purview of the Fed. The Fed determines rate hikes. And we have been perfectly clear about the independence of the Fed to make the decisions they deem necessary.”
“The U.S. economy is growing faster than China’s and American manufacturing is booming with good-paying union jobs, but weakening our protections against unfair trade would not significantly reduce prices,” Warren said in a statement to POLITICO.
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