WASHINGTON – Inflation has become a top political problem in Washington, damaging President Joe Biden’s standing with voters and grinding his domestic policy agenda to a halt.
On Thursday, the Bureau of Labor Statistics reported that compared to last year, consumer prices in January had risen at the fastest rate in decades. Democrats are already bracing themselves for the political hit that they may take in the midterm elections.
But on every other measure besides the consumer price index, the economy is actually doing incredibly well. There’s strong growth, unemployment at just 4%, and employers adding half a million jobs each month.
As Biden noted on Thursday, the past year has been “the greatest year of job growth in history.”