PHX Reporter

As the country is in the grip of the worst inflation in 40 years, confidence in the Biden Administration is eroding in Arizona and across the nation.

On Feb. 10, the U.S. Bureau of Labor Statistics released the Consumer Price Index (CPI) data for the year preceding January 2022. The data showed a 7.5% annual increase, which is the largest increase since 1982.

Several economists and lawmakers predicted inflation early last year if the Biden administration wasn't careful with their monetary actions. In February of 2021, an opinion piece published by economist Lawrence Summers in The Washington Post outlined the major economic risks associated with Biden’s ambitious macroeconomic stimulus measures, namely an inflationary spiral.

Summers warned of the sharp rise in inflation expectations that would occur given the financial commitments of the Federal Reserve and the Biden administration’s dismissal of the possibility of inflation.

"I'm not sure that we would have the inflation if there had never been a pandemic and, even if there had been a pandemic, without the overwhelming stimulus that was applied well into recovery — during 2021," Summers wrote in a Feb. 4 Twitter post.

The New York Times reports that Republican Rep. Elise Stefanik of New York predicted inflation as an economic concern to be aware of. In early 2021, she reportedly began to notice rising prices at the grocery store for things like fruit, milk, and eggs, along with baby products such as diapers. 

Former domestic policy adviser to Bill Clinton William Galston is not dismissive when it comes to inflation concerns. Having lived through the inflation wreck of the late 1970s and early 1980s, Galston knows that inflation can be beaten, but “the question is whether you’re willing to endure the pain.” Galston feels that Biden must be more active in showing that he’s working to fix it, recalling advice from Bill Clinton who said, “you may not be able to fix the problem right away, but you have to be caught trying.”

White House spokesperson Emilie Simons claims the president “is using every tool available to reduce prices.” Even so, economists believe there isn’t much Biden can do at this point to stop inflation.

The current levels of inflation are leading to rising levels of dissatisfaction with the Biden Administration. Civiqs, an online polling company, surveyed registered voters in every U.S. state to gauge their approval rating of President Biden. As of Feb. 12, 61% of Arizona voters disapproved of Biden’s job performance, while only 32% approved. When asked the same question a year ago, 49% disapproved and 44% approved.

The latest national CNN poll revealed nearly six in 10 Americans are unhappy with the performance of the Biden administration amidst widespread inflation and increased coronavirus cases. The poll found that an overall 58% of Americans disapproved of Biden’s job performance, while just 41% approved.