Staff Reports
Next week marks the anniversary of President Joe Biden and congressional Democrats passing the Inflation Reduction Act, and they are wasting no time in promoting the measure. Despite the fact that inflation has cooled slightly, consumer prices remain high. The Heritage Foundation’s EJ Antoni explains that the Inflation Reduction Act has actually increased prices and slowed down the rate of inflation, contradicting the Democrats’ claims of success. In fact, inflation is still more than twice what it was when Biden took office. Antoni also believes that the upcoming inflation numbers will not show any significant improvement.
Antoni points to several factors contributing to the ongoing inflation problem, including excessive government spending, borrowing, and printing money. He also highlights the deprioritization of domestic energy production, which has led to higher energy prices. For instance, the average national cost of gas has increased to $3.83 a gallon from $3.50 just a month ago. The Republican National Committee adds to this critique by reminding Biden how he previously took credit for falling gas prices, but now he seems unwilling to take responsibility for the recent increase.
These concerning inflation figures are affecting Biden’s support among voters, particularly non-college-educated and minority non-college-educated voters. Exit polls from the last midterm cycle showed that the economy was a top concern, and Biden’s approval ratings in this area reflect the public’s dissatisfaction. Despite some slight improvements, the majority of Americans do not credit Biden for any positive financial progress.
Biden’s reelection campaign will heavily rely on the economy, but his inflation approval-disapproval rating stands at a dismal 33%-63%. This is consistent with a recent Monmouth University poll showing that only 34% of Americans approve of Biden’s handling of inflation. That number drops even further to 26% among independents.
In an effort to salvage his image, Biden plans to embark on a campaign tour, starting in Arizona and then moving on to New Mexico. He will be highlighting the Inflation Reduction Act’s supposed benefits and its contribution to climate action and clean energy manufacturing. Biden’s preferred super PAC, Future Forward, will also be running advertisements touting the measure.
However, the Inflation Reduction Act’s anniversary may be overshadowed by the political drama surrounding Sen. Joe Manchin. Speculation is swirling that Manchin may launch a third-party presidential campaign instead of seeking reelection, potentially posing a challenge to Gov. Jim Justice. Manchin has expressed concerns about the Inflation Reduction Act’s provisions on electric vehicle tax credits and Biden’s energy policies, leading to clashes and delays in confirming the president’s nominees.
In conclusion, the Inflation Reduction Act’s anniversary reveals the ongoing struggle with inflation and the negative impact it is having on the Biden administration’s standing with voters. Despite attempts to promote the measure and claim success, the reality is that prices remain high, and Americans are not giving Biden credit for any economic progress. These challenges, along with the potential disruption caused by Manchin’s political maneuvering, make it clear that the road to reelection for Biden and congressional Democrats will be an uphill battle.
