
Welcome to Biden-Flation
The share of U.S. adults telling pollsters at Gallup that they are experiencing financial hardship because of inflation climbed to 61 percent in the most recent survey, up from 56 percent in the August and November survey. The share saying they are experiencing severe hardship has held steady at around 15 percent; so, the increase comes from those saying they are experiencing moderate hardship.
It’s notable that the hardship of inflation has jumped even while inflation has retreated. The year-over-year increase in the consumer price index peaked at 9.1 percent way back in June, nearly 11 months ago. Yet the Gallup survey, which was conducted in mid-April, showed an increase in reported hardship. The simplest explanation for this is that it is not just the level of inflation that hurts but its duration. Continue reading