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Sixty-two percent of people think President Joe Biden’s policies are very or somewhat responsible for soaring consumer costs, a new survey found.
The Morning Consult-Politico poll revealed that 40% of registered voters see the Biden administration as very responsible for the country’s high inflation, while 22% said his policies are somewhat responsible. A total of 28% said the administration is not too responsible or bears no blame for the higher prices.
About half said that people returning to pre-pandemic behaviors are a driving force behind inflation.
Consumer prices rose 5.4% for the year ending in September, according to a report by the Department of Labor released this month, the highest pace of inflation since 2008. Inflation also recently hit the highest rate in 30 years in the gauge favored by the Federal Reserve.
While the majority of voters put some of the onus on the Biden administration, which has embarked upon a spending spree, an even larger amount of those surveyed expressed worry about the pace of inflation.
Nearly 90% of respondents said they were concerned about rising costs, with 58% saying they are very concerned and 31% saying they are somewhat concerned. Only 11% said they weren’t fearful about rising prices.
The Federal Reserve, which has held interest rates at near-zero since the pandemic began and has been purchasing $120 billion in monthly Treasury Department bonds and mortgage-backed securities, has consistently said that high inflation is only transitory and won’t stick around.
Others, such as Larry Summers, a Democrat who served as treasury secretary under former President Bill Clinton and as director of the National Economic Council under former President Barack Obama, billionaire investor Paul Tudor Jones, and JPMorgan Chase CEO Jamie Dimon, have warned that inflation is a danger that might linger.
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Original Author: Zachary Halaschak
Original Location: Biden bears responsibility for high inflation: Poll