Americans are increasingly frustrated with the state of the country amid economic uncertainty, inflation at a 40-year high and high gas prices. A new poll shows 60 percent agree the state of the nation is “uneasy.”
A CBS/YouGov poll released Sunday also found that 69 percent view the economy as “bad,” up from 46 percent in the spring. Almost all Democrats and Republicans polled said they wanted candidates to focus on inflation as the main voting issue as Americans remain angry at the country’s direction.
Inflation hit a 40-year high as the consumer price index, a measure of the average price of goods and services in the country, rose to 8.5 percent in March and stayed near that level in April. And gas prices are now at a record high, with an average national price of $4.59 for a gallon of gas, according to the AAA.
Officials and lawmakers commented on the matter on Sunday, with some accusing the Biden administration of being too slow to respond to a potential economic crisis.
When asked if the country was at risk of recession, Brian Deese, director of the National Economic Council, didn’t rule out it, telling CNN’s Dana Bash that “there are always risks” of going into recession, but insisted that the US was stuck in a recession “transition phase.
“Our economy is in a transition from the strongest recovery in modern American history to what may be a more stable and resilient period of growth that works better for families,” Deese said. “There is no doubt that we are currently facing serious global challenges, most notably inflation, which is hitting families hard.
“But there’s also no doubt that the United States is in a better position than any other major country in the world to address inflation without giving up all the economic gains we’ve had, and that’s because of the strength of our recovery.” ‘ he called.
More signs of economic instability came last week as major indices in the stock markets plummeted. The S&P 500, an index that includes the country’s top companies, dipped into bear market Friday after a seven-week decline.
To combat rising inflation, the Federal Reserve raised interest rates by half a percentage point earlier this month, the largest hike since 2000.
Republicans are using inflation as a key campaign issue to mobilize voters ahead of the midterms. But they offered few details on how they would combat the problem should they make expected gains in Congress after November.
Sen. Rick Scott (R-Fla.) told CBS “Face the Nation” host Margaret Brennan that he expects the Biden administration’s dealings with the economy and a host of other issues to boost Conservative turnout.
“The president has been slow to respond — whether it’s the border, whether it’s inflation, whether it’s gas prices — even Ukraine,” Scott said. “This fall’s election is going to be about inflation, it’s going to be about the effectiveness of the Biden administration, and I think it’s going to bode well for Republicans.”
Citing the CBS poll, which also showed that Republicans don’t seem to have much of an advantage on the issue of inflation, Brennan asked Scott what advice he would give his GOP peers.
“Well, I think it’s important that we talk about what we’re going to do,” Scott said. “We’re telling people what we’re going to do to bring down inflation. We will balance the budget. We’re going to start watching the dollars very closely. We will keep an eye on our expenses. We’re going to, you know, expect the Federal Reserve to reduce its balance sheet. So I think we need to talk about the things that we’re going to do to make it better for people.”
Speaking on Fox News Sunday, Deese championed the “strongest job market in modern history,” citing low unemployment rates and the shrinking federal deficit, but the White House has struggled to explain how this ties into the economic woes many Americans are struggling with.
“These prices create real hardship and they also create uncertainty. We understand that. And that’s what the President has made very clear that fighting inflation is his top economic priority,” Deese told guest presenter Martha MacCallum. “And people should know that we can do that. We know how to do that.”
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However, Republican National Committee Chair Ronna McDaniel predicted the GOP party would produce favorable results on Election Day due to the cascading array of issues facing the Biden administration.
“We have rising inflation. We have a baby food crisis. We have a border that undulates. We have a drug crisis. We have what is happening in Ukraine. We have gas prices going through the roof,” she said.
“When the dust settles, Republicans will unite, including the President [Donald] Trump to make sure we win back the House and Senate,” McDaniel said.
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