“Why Consumers Are Mad About Inflation Even Though It Has Fallen” (Wall Street Journal, today):
Prices are rising more slowly, but consumers fixate on how much lower they were before the pandemic, a problem for Biden.
Inflation has fallen sharply in the past year. The economy remains strong. Yet Americans remain deeply unhappy about the economy, often citing inflation. It continues to weigh on President Biden’s approval and re-election hopes.
Peasants aren’t sufficiently grateful, in other words, for all of the good things that the Party has done for them. They don’t credit Joe Biden for increasing their chocolate ration to 20 grams, for example.
I wonder if there will be spontaneous pro-Biden rallies to show gratitude for the lower airfares and car prices after the latest union contracts work their way through the system. CNBC: