Hint: There's a piece of economic data reaching levels not seen in 40 years—inflation. And that's an issue that Biden and his White House have struggled to address.
President Biden showed off a chart comparing strong job creation during his first year to that of previous presidents. But economists say surging inflation is top of mind to voters. President Biden's first year in the White House has ushered in record job gains, unprecedented wage gains for low-income workers and GDP growth not seen in decades.
But there's piece of economic data reaching levels not seen in 40 years: inflation. And that's an issue that Biden and his White House have struggled to address. The plan has passed the House of Representatives, but seems all but dead in the Senate, where Democratic Senator Joe Manchin has said he opposes new government spending, given inflation.
"More unemployment is the difference between a job and not a job for 2 or 3% of the population. More inflation is higher prices for 100% of the population," Summers said. "A lot of that had to do with an intervention from the government that allowed us to withstand that pandemic. So there's going to be inflation."American Rescue Plan
"There's an old notion that you cannot tell people how they feel and that they feel better than they do," said Lew, the former Treasury secretary. "Until the time when the pandemic is done, you know people are going to be upset about the economy," said Austan Goolsbee, chair of the Council of Economic Advisers in the Obama administration.
"The instability is really unnerving the public," she said. Voters are worried about economic volatility and the rising cost of living.
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