The midterm elections are seven months away.
There are storm clouds on the horizon for Democrats.
And one number is about to put Nancy Pelosi and Chuck Schumer out of a job.
The top issue in every election is the economy.
Biden and the Democrats are trying to gaslight the American people that a 3.6 unemployment rate means the economy is booming.
But the American people see through this fog of misinformation.
The economy has still not recovered all the jobs lost during the coronavirus lockdowns and inflation is at a 40-year high.
The Michigan consumer confidence survey is the top economic indicator election forecasters look to when determining how the public’s mood toward economy conditions will shape the political environment.
And the latest numbers show a disaster for Democrats.
The Michigan consumer confidence survey plunged to its lowest levels in 11 years, when Americans were still dealing with the aftermath of the great recession.
Economist Richard Curtin, who has run the Michigan consumer confidence survey since 1976, explained that the sour mood in the economy centered around the public realizing the Biden administration lied through its teeth claiming inflation was “transitory.”
“The big run-up in gas and food and home prices has really caused great hardship for many households,” Curtin told POLITICO. “And the Biden administration made a critical error in saying it would be transient and people should just tough it out. It wasn’t transient. A lot of people couldn’t just tough it out. And it caused a big loss of confidence in [President Joe Biden’s] policies.”
Two generations of Americans never lived through massive inflation and they are correctly blaming Joe Biden and the Democrats’ socialist spending for the rise in prices.
Moody’s Analytics chief economist Mark Zandi constructs a model predicting electoral outcomes based on economic factors.
Zandi said he finds it hard to believe Democrats will hang on to power in the House and Senate this fall given the public’s sour mood on the economy telling POLITICO that the public ignored the low unemployment rate because it doesn’t matter if you have a job if gas prices and grocery bills become unaffordable due to inflation.
“Most Americans have never experienced high inflation like this, particularly on gas prices, and it has gotten everyone very upset,” Curtin continued. “Behavioral economics reveals that people hate inflation more than they love a low unemployment rate. And the pandemic still colors everything. People have been through the wringer.”
Republicans only need to flip one seat in the Senate and five in the House of Representatives to win back control of both houses of Congress.
In addition to the Michigan consumer confidence survey, an AP-NORC poll found 70 percent of Americans hold a negative view of the economy, and a CNBC poll found 81 percent of the public believes America will plunge into a recession this year.
The public is angry at Joe Biden’s failed economic policies.
And that voter fury could cost Nancy Pelosi and Chuck Schumer their jobs as speaker of the House and Senate majority leader.
If you want Black Eye Politics to keep you up to date on any new developments in this ongoing story and the rest of the breaking news in politics, please bookmark our site, consider making us your homepage and forward our content with your friends on social media and email.