Democrats thought they could defy history.
Instead, they may have just walked into a political trap of their own making.
And Nancy Pelosi is not going to like the bad news contained in this new polling data.
American electoral decisions depend in larger part on their perception of the state of the economy.
Heading into next year the Democrats sit in a precarious position.
A majority of Americans believe the economy is in poor shape.
“Fewer than half of Americans, 45 percent, judge the economy to be in good shape, while 54 percent say it’s in poor shape, according to a new poll from The Associated Press-NORC Center for Public Affairs Research. Views are similar to what they were in AP-NORC polls in June and in March, despite increases in vaccinations and the flow of aid from Biden’s $1.9 trillion coronavirus relief package,” Breitbart reports.
That is not good news for the party in power.
Democrats hold narrow majorities in the House of Representatives and the Senate.
Nancy Pelosi, Chuck Schumer, and Joe Biden bet that pumping trillions of dollars in spending into the economy would supercharge an economic rebound that would allow the Democrats to busk historical trends in 2022 and hang on to power.
Instead, the $1.9 trillion-dollar blue state bailout bill and the proposed nearly five trillion in spending on a so-called “infrastructure” and Green New Deal/socialist spending bills are fueling fears about runaway inflation.
For the last several months the inflation numbers came in worse than the experts projected as prices rose at the fastest rate since 2008 – when the economy collapsed into the Great Recession.
That trend looks like to continue for several more months – if not years – should Congress pass Joe Biden’s massive trillion-dollar spending bills.
Congress also is looking at raising the debt ceiling to $30 trillion dollars requiring the secretive Federal Reserve to print even more money which will only increase inflationary pressures on the economy.
Inflation is a backdoor, regressive tax that hurts poor and working-class Americans the hardest.
As the government devalues the dollar with record levels of spending prices rise.
But American’s take home pay stays the same which – in reality – means a pay cut.
Every time Americans, shop for a new car, fill up their gas tank or head to the grocery store the purchasing power of their paychecks declines.
Concern about the inflation crisis now shows up in polling.
Democrats banked on a roaring economy to convince the American people to keep them in charge through 2024.
But their own policy choices inflamed a crisis that now threatens the party’s political prospects next year.
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