It is difficult for presidents to directly control inflation in the short term. But the White House has addressed some specific costs important to families, releasing oil from the Strategic Petroleum Reserve to contain surging oil prices in late 2022, for example. The Inflation Reduction Act reduced the price of prescription drugs under Medicare and capped the cost of insulin for people with diabetes. The administration is also going after what it calls “junk fees,” which inflate the prices of things like concert tickets, plane tickets and even birthday parties.
The more the administration talks about its concrete efforts to lower prices, the more Mr. Biden will benefit, Mr. Doss said. At the same time, Mr. Biden can mitigate the impact of persistent inflation by deflecting blame — an out-of-control pandemic was the original cause, he might reasonably argue, and most other rich countries are worse off.
That’s what Kendra McDowell, 44, an accountant and single mother of four in Harrisburg, Pennsylvania, thinks. She feels the sting of inflation every time she goes to the grocery store – she spent $1,000 on groceries last month and didn’t even spend $1,000 on groceries last month. fill its freezer – and in the health of its customers’ balance sheets. Despite her judgment that the economy is bad, she still has enough confidence to start a business in home care, a field in growing demand since Covid-19 ravaged nursing homes.
“When I talk about the economy, it’s all about inflation, and to me, inflation is systemic and comes from the Trump administration,” Ms. McDowell said. If the pandemic had been contained quickly, she believes, supply chains and labor disruptions would not have caused prices to skyrocket.
Moreover, she sees the situation healing itself and believes Mr. Biden is doing his best in the face of the challenges of the wars in Ukraine and now Gaza. “People go shopping, do you know why? Because they have work,” Ms. McDowell said. “God forbid, today or tomorrow, if I had to go look for work, it would be easier than before. »