The writer is a senior fellow at Brown University and global chief economist at Kroll
America’s Democrats have a problem. They face midterm elections in November with inflation outstripping wage growth, which means standards of living are falling. But there’s very little any president or political party can do about it.
Inflation is impossible for voters to miss, with consumer prices up 9.1 per cent in June over the past year. According to a Morning Consult survey, more than half of voters blame the policies of President Joe Biden, who has made tackling inflation his top economic priority.
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