A poll from The Washington Post and ABC News which was carried out Sunday discovered that the Republican Party is quite a distance ahead of the Democratic Party concerning economic issues by a margin of double-digits.
The results from this new poll highlighted a quite dismal picture for the Democrats just two months before we make out way through the midterm elections. As the average approval rating of Old Uncle Joe manages to plunge to new depths, 74% of the American people seem to think that the economy is in horrible shape currently — a notable increase from the 58% it was situated at back in the spring of 2021. Only around 35% of Democrats and Democratic-leaning independents want the current President of the United States to take a shot at running for a second term.
The topics of inflation and the economy seem to be key issues for voters, with over 84% thinking that the latter is the top factor in their opinions. The Republicans currently lead the Democrats by a margin of 16% and a margin of 19% with respect to trust on the handling of the economy and inflation respectively, as reported by the recent poll.
Price levels saw a spike of roughly 8.3% between August 2021 and August 2022 as reported by a released data set from the Bureau of Labor Statistics, highlighting a slight moderation from an 8.5% year-over-year spike back in July and a 9.1% year-over-year increase back in June. nonetheless, the overall month-to-month costs for shelter, medical services, and food went up, while core inflation — which notably excludes the costs of energy and food due to their overt volatility — continued to climb.
The Federal Reserve issued a response this past week by raising the target federal funds rate by roughly 0.75% — triggering a massive stock market selloff and forcing the Dow Jones to drop well over 1,500 points than the level experienced at Biden’s Inauguration.
An extremely quick spike in the costs of energy was marked as the cause of most of the inflation seen over the past two years. This has been exacerbated by Biden’s attempt to push renewable energy policies while cutting back on the leasing of federal lands for the purpose of oil drilling and the overall canceling of the proposed expansions slated for the Keystone XL pipeline project at the beginning of his tenure.
The average national price of a gallon of gasoline sat at $2.38 when Biden entered the Oval Office and had gone up to $3.53 per gallon by the time Russia instigated its full-scale invasion of Ukraine. After breaking the $5.00 per gallon mark back in June, prices have managed to dwindle back down to $3.73 per gallon as of writing, reported a data set coming from AAA.