Is Inflation Affecting Biden's Polling? Expert Says 'Numbers Are Still Firm In People's Minds'

Policy analyst James Pethokoukis recently discussed how the sharp rise in inflation is still fresh in voters’ minds, potentially influencing President Biden’s polling numbers.

What Happened: During CNBC’s “Last Call,” Pethokoukis reflected on the economic challenges faced by the Biden administration.

"We had a huge inflation surge over a short period of time that wasn't that long ago," he said.

"You just have to look back at 2020 or 2021. They remember what the eggs cost, they remember what bread cost. Those numbers are still very firm in people's minds, so they think that prices are still out of hand, even though those price rises have minimized.”

Pethokoukis added that the only solution to the problem is a real wage increase over the next seven months leading up to November’s election.

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Why It Matters: The economy is a pivotal factor for voters, with a recent Morning Consult poll showing that 77% consider it “very important” in the 2024 election. President Biden has been emphasizing his economic achievements but has stopped using the term ‘Bidenomics,’ a label coined by the press and used by Republicans in a derogatory manner. This strategic move comes as Biden prepares for a potential electoral showdown.

Moreover, a shift in public opinion has been observed, with a Financial Times-Michigan Ross online poll indicating that 63% of voters now blame corporations for exploiting inflation to increase prices rather than Democratic policies. This change in perception could play a significant role in the upcoming general election, as Biden’s approval ratings see an uptick.

In his State of the Union address, Biden criticized corporations for inflating prices, aligning with the public sentiment in the polls.

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