The famous phrase coined by Democratic political strategist James Carville in 1992 for then-candidate Bill Clinton’s presidential campaign is finding new relevance in 2022. As much as the White House wants to divert voters’ attention elsewhere, “It’s the economy, stupid!” reflects what’s overwhelmingly on the minds of the electorate.
A new Redfield & Wilton Strategies survey this week shows that, by a large margin, an economy dominated by runaway inflation dominates other concerns going into November. Eligible voters rate the economy over healthcare by 58% to 32%, with immigration a close third at 28%.
Perceived battleground states now endure some of the highest inflation rates in the nation, particularly in the South. In Florida, Tampa and Miami residents learn to cope with prices skyrocketing an average of 9.6% and 9.8% respectively. Meanwhile, their northern neighbors in Atlanta, the center of another fierce midterm showdown, are now paying 10.6% more for goods and services than just a year ago.
The new polling numbers verify data released this week by analytics company Quorum. Their expansive breakdown of official statements from lawmakers since Jan. 1 shows Republicans mention inflation eight times more than Democrats. The ten GOP legislators who refer to rising prices most have directly mentioned inflation an average of 101 times this year. The top ten Democrats average only 32 mentions.
What’s more, many economists now foresee a looming recession as the Federal Reserve attempts to dampen inflation that is higher than any time since 1981. The central bank, after two years of pouring cheap money into the economy, is now scrambling to implement interest rate hikes. Many fear that a too-hawkish reaction will cause an overreaction in the other direction.
Even Moody’s chief economist Mark Zandi, a favorite forecaster of the Biden White House, now asserts that he believes the odds of a recession are now around 35%. That figure, which he describes as “uncomfortably high,” applies to the next 12-24 months.
All the spin and propaganda in the world, even backed up by leftist news outlets, is powerless against what the American public sees every day. Whether pumping gas or filling their grocery carts, consumers face undeniable proof of the Biden administration’s mismanagement. And a ballot box reckoning is coming.