The NPR Politics Podcast Presidents Can't Fix Inflation. It Doesn't Stop Americans From Blaming Them For It.
Jul 14, 2022
Inflation has surged to a 40-year high, leaving Americans grappling with skyrocketing costs for essentials like gas, food, and shelter. Lawmakers, including President Biden, find themselves with limited tools to address this crisis, raising concerns about the upcoming midterm elections. The podcast highlights the global factors behind rising prices and discusses the complicated relationship between monetary policy and political pressure. With economists' predictions of temporary inflation proving wrong, the Federal Reserve's interest rate hikes come under scrutiny.
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Presidential Influence on Economy
- Presidents have little direct control over the economy.
- They often bear the political consequences if it performs poorly.
Inflation and Gas Prices
- Gas prices, a major inflation driver, have recently fallen.
- However, core inflation, excluding food and gas, remains high.
Inflation's Impact on Families
- Linda Foster from Tacoma, Washington, shared how inflation affects her family.
- They've cut back on discretionary spending, prioritizing essential needs over wants.