Americans, already hurting from record-level inflation, think Democrats’ Build Back Better spending plan (more accurately, Build Back Broke) will cause inflation to spike further.
What’s telling is that lower-income households are far less likely than wealthier households to believe this liberal spending plan will help fight inflation, according to new polling by POLITICO/Morning Consult. Perhaps it’s because poorer families, including racial minorities and elderly living on fixed income, are hit hardest by inflation.
POLITICO reported today:
INFLATION WATCH — The Biden White House has become much more attuned to the political damage that the highest inflation since 1992 is inflicting. On Tuesday, the president will make remarks about lowering prices, an issue that now claims the kind of attention previously reserved for fighting the pandemic and promoting his infrastructure and reconciliation bills.
Our latest POLITICO-Morning Consult poll offers fresh data about why that is. While the fiercest inflation hawks, such as LARRY SUMMERS, don’t see much of an inflationary impact from the reconciliation bill, which is loaded with long-term spending, a plurality of the public disagrees:
• 43% of voters think the climate and social spending package will make inflation worse.
• 15% of voters think it will have no impact on inflation.
• 26% of voters think it will make inflation better.
Just 7 percent of households with income under $50,000 said the Biden spending plan would make inflation “much better,” compared to 9 percent of households making between $50 and $100,000 and 14 percent making more than $100,000.
We know that the House-passed Build Back Better massive spending plan, according to the nonpartisan Congressional Budget Office (CBO), is NOT fully paid for. This is contrary to what the Left has consistently maintained.
While the bill would raise more than $1.2 trillion through increased taxes on corporations, higher-income households, and IRS crackdowns on tax cheats, the CBO projected that there would be a big budget shortfall. The BBB would add $160 billion to the national debt over the next decade.
POLITICO’s new polling is consistent with May 2021 polling by Harvard University with HarrisX, which found “massive government spending” was what Americans believe is the top cause for inflation. That was followed by “significant” injections of money by the Federal Reserve and, thirdly, “uncontrollable government deficits.”
The same polling found 88% of Americans are “very” or “somewhat” concerned about rising inflation, and 48% of Americans said they were “not confident” or “not at all confident” in the Biden administration’s ability to keep inflation at bay.
The common sense of everyday Americans is sending warning signals to Washington: to beat inflation, cut the wasteful spending.