Voters Are Right to Complain About Inflation
Many households don’t just feel worse off; they are worse off.
Not imagining things.
Photographer: Michael M. Santiago/Getty Images
Against the odds, the Federal Reserve’s effort to guide the US economy to a soft landing — reducing inflation without causing a recession — seems to be working. Recent data show a still-growing economy, a gently cooling jobs market and a slower pace of price increases in services. Investors are growing more confident that the Fed won’t need to raise its policy rate any higher — and might start cutting in another few months.
President Joe Biden’s administration seems baffled that voters aren’t celebrating this accomplishment. Opinion polls show they’re persistently unhappy with the economy. It shouldn’t be a mystery why.