Keep going up!U.S. prices continue to rise in many places, Biden’s approval rate may further decline
2021-12-11 11:22:06Source: China News Network
China News Service, December 11, a comprehensive report, on the 10th local time, the U.S. Department of Labor stated that the national inflation rate in November was rising at the fastest rate since 1982. Although U.S. President Biden is optimistic about curbing prices, some US media analysts say that the continued rise in prices may further reduce his approval rating.
November CPI reached the highest in nearly 40 years
New York, Chicago, and Los Angeles are all spared
According to a report by the US Chinese website, the US Department of Labor reported that the national CPI index rose by 0.8% in November and rose by 6.8% year-on-year, which was the fastest growth rate since June 1982.
In addition, the “core CPI,” which excludes food and energy prices, also rose by 0.5% in November, up 4.9% year-on-year, the largest increase since mid-1991.
As for the main reason for rising prices, the Ministry of Labor said that it may be due to the rapid rise in food and energy. The report pointed out that the annual growth rates of these two items were the fastest in 13 years. Among them, energy prices rose by 33.3% year-on-year and 3.5% month-on-month. Among them, the price of gasoline alone has soared by 58.1% in the past year.
The data shows that although the situation across the United States is not the same, but including New York, Boston, Chicago, and Los Angeles, California-metropolitan areas have seen price increases to varying degrees.
Among the metropolitan areas, Tampa, Florida, saw the highest increase of 8%.
Prices have risen more than income
People: Drive less and buy less meat
In response to the recent increase in prices, a poll conducted by the US media on the 9th local time showed that respondents who reflected rising prices far exceeded income increasers.
The results showed that two-thirds of American respondents said that their household expenses have increased since the epidemic; only about one-quarter of respondents said that their household income has increased; half of the respondents said their income has increased. No change; about a quarter of the interviewees reported that their income has decreased.
Most of the interviewees pointed out that soaring prices of goods and services have had an impact on their lives, and 40% of the impact is substantial.
In addition, soaring prices have caused many Americans to change their spending habits. For example, one-third of respondents said they drive less; one-third said they buy less meat.
Regarding the current economic situation, the survey results show that only one-third of the respondents believe that the current economic situation is “good”, which is a significant drop from 50% in March.
Regarding the current situation, the US Department of Labor also pointed out that the rapidly rising inflation rate has hindered the pace of economic recovery.
Biden is optimistic about curbing prices
US media: Approval rate may further decline
After the latest price report was released, Biden said that he believed that the rise in US prices had peaked and the rate of decline would be faster than Americans expected.
Biden said, “This is the pinnacle of the crisis. I think you will see it change faster and faster than most people think.”
Citing recent unemployment figures and economic growth figures, he added, “All other aspects of the economy are advancing at a rapid pace.”
Biden also linked inflation to supply chain problems in the United States. He said, “The reason for inflation is that we have a very serious supply chain problem, which has caused prices to rise sharply.”
He added, “In the final analysis, it is the new crown epidemic. The new tube epidemic has severely affected the production capacity of a large number of necessary products.”
“The New York Times” pointed out that rising prices may further decline Biden’s approval rating and threaten him to push for the huge expenditure bill passed by Congress. A poll released by NPR/Marist on the 9th local time showed that Biden’s overall approval rate was 42%.
According to reports, the Biden administration has recently pushed for a package of expenditures, including expanding social security, investment in education and labor, and combating climate change, which are regarded as its most important legislative issues.
Since the two parties currently occupy 50 seats in the Senate, if the bill is to pass, Biden must win the support of all Democrats (including Manchin, the most conservative Democrat in the Senate). Recently, Manchin has repeatedly expressed concern that the huge expenditure case will further push up inflation.
Brady, a Texas congressman and senior member of the Ways and Means Committee of the House of Representatives, also stated on the 10th local time that the Democrats should stop reviewing this bill “until the president can prove that he can control inflation.”
.