43% of Americans say they’re worse off financially since Biden took office

A new poll shows 43 percent of Americans say their family’s financial situation is worse than two years ago as inflation has made it harder for people to make both ends meet.

The new ABC News-Washington Post survey, released on Sunday, finds that share has doubled since President Joe Biden took office last year on January 20, replacing Donald Trump.

Inflation and economic discontent have endangered the Democratic Party’s political chances in Tuesday’s midterm elections.

Forty-three percent said their family’s financial situation has worsened, but 39 percent said it has remained the same in the past two years while 18 percent claimed it is better.

Only about 20 percent of voters said their financial situation had worsened at the time of the 2020 election compared to four years earlier when Trump was elected, according to exit polling.

In what’s being called a “disaster” for the ruling Democratic Party, inflation reached a 40-year high in the final official reading ahead of the midterm legislative elections.

A report published last month on inflation showed prices in the US are rising more than expected.

The data is even worse than it appears because the government excludes food and petrol from the official inflation rate. The record high is being driven by increases in other necessities such as lodging, medical care and mass transportation.

The report marks potential bad news for Biden and Democrats who are desperate to retain control of Congress and must try to convince voters deeply concerned about high prices that they can help drive inflation down.

Biden said in his statement on Friday that inflation is the top economic challenge and that he has a plan to bring down prices by lowering healthcare costs and energy costs.

“The Republican plan is very different. They want to increase prescription drug costs, health insurance costs, and energy costs, while giving more tax breaks to big corporations and the very wealthy. Here’s the deal: cutting corporate taxes and allowing big pharma to raise prices again is the Republican inflation plan and it’s a disaster,” Biden said.

Biden says 'Americans are squeezed by the cost of living,' as inflation rises before midterms

US President Joe Biden has admitted that “Americans are squeezed by the cost of living,” as his Democratic Party heads into the midterm elections which they are likely to lose to the Republicans.

With prices rising 8.2 percent and wages increasing just 4.9 percent, economists say the average American effectively are losing almost an entire day’s pay - and that’s using the official inflation rate.

Even though almost every economic indicator is negative, the nation’s bankers seem intent on restricting borrowing just when businesses are pulling back new job offers in record numbers and credit card debt is at a record high. The situation has already deteriorated into liberalism’s theoretically unsolvable dilemma: stagflation, which is recession plus inflation.

The right-wing economic policies may also produce political stagnation: the likely Republican takeover of the House of Representatives, and possibly the Senate, would hobble Biden’s ability to get any major legislation passed for the next two years.

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