Former Obama economic adviser: Voter anger over inflation ‘baked in’ for midterms

By failing to steer liberal elites away from anointing Joe Biden as the Democrat nominee in 2020, former President Barack Obama arguably paved the way for the record high inflation currnetly plaguing the country, and now, one of his own past economic advisers is warning that the resulting voter rage may spell impending electoral doom for the party, as Fox News reports.

In an interview with the New York Times, Jason Furman, former chair of Obama’s Council of Economic Advisers, explained that the skyrocketing inflation confronting every American family is “a very negative thing” for Democrats, particularly as the midterm elections draw near.

“My guess is that the negative views about inflation are so deeply baked in that nothing can change in the next few months to change them,” Furman opined.

Though Furman’s remarks could be taken by some to suggest that voters’ inflationary worries are simply the result of heated political rhetoric in the midst of highly contested campaigns, he recently admitted how bleak things are in real terms, according to the New York Post.

Commenting on the fact that real average hourly earnings dipped by 1% in June compared to one month earlier, and inflation increased by 9.1% on a year-over-year basis,Furman described the scenario as “terrible” and noted that the wage drop was “the fastest pace of decline in 40 years.”

Dean Baker of the Center for Economic and Policy Research did explicitly suggest that campaign rhetoric regarding inflation could exacerbate the risk of a true recession, saying, “The concern that I have is that you get inflationary expectations embedded in the economy and that leads to the wage-price spiral that we saw in the 70s. It becomes self-perpetuating.”

Either way, Biden’s support among voters has taken a massive hit, in large part due to the financial challenges facing the electorate, with recent polling pegging the president at just 33% approval, as Fox News further noted.

Though the White House continues to blame factors such as Russia’s war in Ukraine and the lingering impact of the COVID-19 pandemic for the seemingly relentless pace of inflation, the administration still persisted in an ill-fated attempt to revive a revamped version of the president’s massive Build Back Better spending plan, doubling down on the policy decisions that pushed the country onto the perilous perch on which it now sits.

With nearly two-thirds of Democrat voters now expressing their clear preference that the current president not seek a second term, it seems all but certain that Obama and his allies, who have long been pulling the strings inside the Democrat Party, are ruing the day they ever decided to green-light a Biden candidacy.