“Americans vote with their hands in their pockets,” so goes the old political cliché.
Democrats didn’t cause the 40-year high inflation, which has been squeezing the family budgets of American voters. But it’s something to be concerned about in the upcoming midterm elections.
That’s according to Dr. Michael Lee, an Associate Professor of Accounting at the SKEMA Business School and an expert on inflation.
“The Democratic party has a lot to worry about in the upcoming midterm elections as strong inflation continues to ravage throughout the economy in core areas,” he told International Business Times in an email. “Strong inflation increases the likelihood of interest rises, and this creates a double whammy that will significantly impact consumer sentiment and their inclination to continue to support the Democrats and their economic policies.”
Professor Lee’s concerns are confirmed by a Gallup survey, which found that inflation was the top economic problem last month and continues to be, eroding Americans’ confidence in the economy.
Then there’s the third-quarter CNBC All-America Economic Survey, which finds that Americans still hold negative views on the economy and give the GOP double-digit leads on critical economic and financial issues ahead of the November elections.
Thanh-Long Huynh, CEO of data analytics firm QuantCube Technology, sees rising prices as the main challenge for Biden’s administration. For instance, following the publication of US CPI data about August inflation on September 13th, QuantCube Technology has observed a significant number of undecided users posting pro-Republican comments.
“This suggests that inflation is one of the main drivers of the current administration’s slight decrease in popularity, as observed in the most recent surveys (Gallup’s latest poll on Biden’s approval rate),” Huynh told IBT.
Jared Weitz, who has been in the financial services industry for more than ten years, provides further insights into how inflation could hurt democrats.
“Most people tend to blame those in power for their problems, and rightly so, even if it could be a bit misguided,” he told IBT. “The entire world is going through inflationary pressures, but people may not look to blame anyone besides their country’s leaders for what they feel are their country’s problems. But, unfortunately, even if the party in power isn’t responsible for today’s inflation, they will most likely be affected negatively in the mid-terms if high inflation continues.”
Dr. Jim White sees inflation being a problem for Democrats’ midterm elections, too.
However, White thinks that “inflation is not the ONLY issue at play as discussions about women’s choice, the hearings on the 01/06 insurrection, and poorly vetted far-right candidates are hurting Republicans.”
Still, the jury is out until the elections are over and the votes are counted.
“With the election a few weeks away, we never know what issues – and surprises – are in store,” White added.
