Americans ill-prepared for the compounding effects of a -20% plunge in purchasing power since January 2021.

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Media and politicians ignore the dire loss in purchasing power, leaving most Americans unprepared for a -20% plunge since January 2021. Economic data reveals a grim reality of inflation, with the US Dollar losing -3.4% in purchasing power over the past year and producer prices surging at an annualized rate of 6.2%. Despite these warnings, Federal Reserve Chair Jerome Powell remains complacent, while energy costs and government spending exacerbate the crisis. Urgent action is needed to address the root causes of inflation and protect the economic stability of the nation.

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Voters say they care about inflation more than Gaza. Today’s numbers should worry Biden

Nevertheless, the latest numbers are a blow to Biden. A New York Times/Siena College poll released this week found that while most Americans consider the economy — namely jobs, and the strength of stock market — their top issue, inflation and the cost of living is also extremely important to them. Indeed, it outpaces Gaza as an issue among every age group.

It may be a surprise to some that inflation motivates plenty of young voters, but the data is clear. Last month, the Harvard Institute of Politics released its poll of voters between the ages of 18 and 29. The survey found that 64 per cent of young voters call inflation a major issue facing the United States, while 56 per cent of young voters list housing as a major issue. Meanwhile, only 50 per cent list women’s reproductive rights as a major issue, 34 per cent of young voters list Israel and Palestine as a major issue and only 26 per cent list student debt as a major issue.

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