Over half of voters believe ‘Bidenflation” could be intentional
A University of Michigan survey of consumer sentiment revealed Friday that inflation is considerably depressing America’s confidence in the economy. The specific blame is on Joe Biden’s administration and big government policy makers.
About one-third of the country’s households expect their financial condition to worsen over the next year due to rising prices, now deemed “Bidenflation.”
This is now the largest share of costs in historical records going back to the 1940s.
Shockingly, now only 16 percent of Americans say they trust Biden has the right policies to deal with the problems. Despite mainstream media narratives, people are feeling the inflation personally in their own pocketbooks. This is certainly a strong sign of the continuing loss of confidence in the Fed and the Biden administration.
The state of economy is so bad that now over 54 percent of voters believe these failed policies could be a combination of being intentional and/or incompetence. This is detrimental to fighting inflation harder because so much of inflation depends upon psychology and expectations.
This is not good for Democrats and RINOS during mid-term elections.
What is becoming obviously normal with the Biden economy is the administration’s and corporate media failure rate on predicting employment measures. Next week we will get another declining readout on this months’ jobs numbers.
The market is expecting a drop down to a still-extremely high 450,000 from February’s astronomical 678,000. Some forecasters are predicting figures surpassing last month’s horrorific readout of high jobless claims.
The best we can hope for at this point is some indication of employment growth in the regional Fed surveys. Better labor market figures might entice those who want to work to roll up their sleeves and come off the sidelines. This could possibly help prevent wages from exploding too high. Any numbers higher than consensus, however, is likely to increase anxiety about a wage-price inflation spiral.
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