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In March the annual inflation rate in the US accelerated to 8.5%, the highest rate of inflation in over 40 years, representing the largest 12-month increase since December 1981.
Tesla boss Elon Musk said during a shareholder’s meeting that he believes that the actual rate of inflation is in fact much worse.
“I think the official numbers actually understate the true magnitude of inflation. And inflation appears to be likely to continue for at least the remainder of this year,” Musk said. “What’s keeping costs down, at least in the short term, is that we have locked in contracts with suppliers. Those modular contracts will obviously run out, and then we’ll start to see potentially significant cost increases.”
This is a major issue that will hurt Democrats in the upcoming midterms as voters deal with rising costs of living.
Brad Bannon, a Democratic strategist, said that inflation was causing the Democrats to lose Hispanic voters according to the Washington Examiner.
“I think the single biggest reason is inflation,” Bannon told the Washington Examiner when asked why many Latino voters are shifting to vote Republican. “Hispanic Americans are not happy because their income is not keeping up with inflation.”
He added, “Hispanic Americans have the same economic concerns that other Americans have, and it’s a big problem.”
A poll done by Pew Research in February found that “strengthening the economy” is the top issue for voters going into the 2022 midterms and the apprehension is because of inflation.
“The public’s policy agenda reflects continued concerns over the economy,” the report said. “With inflation at a four-decade high, large majorities of Americans say prices for food and consumer goods (89%), gas prices (82%) and the cost of housing (79%) are worse than they were a year ago. Only 28% rate economic conditions as excellent or good.”
A recent Gallup poll also found that many Americans are worried about the effects of inflation.
“Roughly one in five Americans mention the high cost of living/inflation (17%), or fuel prices (4%) specifically, as the most important problem facing the U.S. today,” the survey found. “Together, these account for over half of the economic issues that 35% of Americans cite as the nation’s top problem. Within that group, 11% identify the economy in general as the chief problem.”
A recent survey from The New York Times revealed that 9 out of 10 Americans said they were worried about inflation.
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