President Joe Biden speaks during an event on lowering the cost of living for American families at the Granite State YMCA Allard Center in Goffstown, New Hampshire, March 11, 2024.
Sophie Parker | Getty Images News | Getty Images
President Joe Biden is starting to win the inflation blame game against businesses.
recent Financial Times– A Michigan Ross online poll found that 63% of respondents blamed “big companies taking advantage of inflation” for price increases over the past six months, up from 54% in November. Meanwhile, 38% of respondents attributed the price increase to Democratic policies, unchanged from November.
The poll shows a 59% majority still disapproves of Biden’s handling of the economy, down only slightly from 61% in November. The poll, conducted between February 29 and March 4, surveyed 1,010 registered voters and had a margin of error of +/-3.1%.
Still, voters’ growing dissatisfaction with businesses has brought relief to the White House and Biden’s reelection campaign.
Both are trying to convince Americans that stubbornly high inflation is the fault of businesses, not Bidenomics.
“Too many companies are raising prices to increase profits, charging you more and more for less and less,” Biden said in his State of the Union address on Thursday. “That’s why we’re cracking down on everything from food to Businesses that gouge or deceptively set prices in areas ranging from health care to housing.”
The consumer price index released on Tuesday showed that inflation rose 0.4% in February, basically in line with analysts’ expectations. The price increases are largely driven by housing costs, which is one of the focuses of Biden’s 2025 budget proposal released on Monday.
“As I said in my State of the Union address, we have more work to do to lower costs and provide fair opportunity for the middle class,” Biden said Tuesday in response to the Consumer Price Index report.
Another welcome data point for Biden was the record improvement in consumer confidence.
In February, consumer sentiment The index was at 76.9, about the same level as when Biden took office, according to a widely watched consumer survey from the University of Michigan. This is a significant rebound from June 2022, when consumer optimism hit an all-time low.
A Financial Times poll confirmed the more optimistic outlook on the economy. Although most people still have a relatively negative view of the economy, the gap has narrowed: 30% of respondents are optimistic about overall economic conditions, an increase of 9 percentage points from November.
Biden’s battle with corporate interests has been a cornerstone of his economic platform since taking office.
from aggression antitrust movement From cracking down on trash fees to negotiating new rules for drug pricing, the president has established various fronts to fight rising consumer costs. Biden’s 2025 budget also reiterates his demand for higher taxes on billionaires and wealthy corporations.
However, as the November election approaches, Biden’s next economic confrontation is against former President Trump, the Republican presidential candidate.
In an interview with CNBC on Monday, Trump slammed Biden’s economy and “skyrocketing” energy and food prices. Recent polls have found that voters still prefer Trump’s handling of the economy to Biden. Trump has said that if elected, he would consider imposing widespread import tariffs that could raise consumer prices.
In the same interview, Trump said he was open to cuts to Social Security, Medicaid and Medicare. The Biden campaign sprang into action.
“This morning, Donald Trump said cuts to Social Security and Medicare are once again on the table,” Biden said Monday in remarks after releasing his 2025 budget proposal in New Hampshire. “I will never allow this. Something happens.”
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