A key question is looming for Vice President Kamala Harris: Can she turn the Biden-Harris economic record into a political advantage?
President Joe Biden and Vice President Kamala Harris stand on stage at the Democratic National Committee meeting on Feb. 3, 2023, in Philadelphia.
Soon, though, clogged supply chains caused parts shortages, as demand for furniture, cars, and other goods, juiced by the administration's stimulus, soared. Russia's invasion of Ukraine escalated gas and food prices. In June 2022, inflation reached a four-decade high. Former President Donald Trump is campaigning hard on the higher cost of living, having mentioned inflation 14 times in his speech last week at the Republican National Convention. His running mate, Sen. JD Vance of Ohio, has attacked Biden over the surge in housing costs, which has diminished the hopes of many would-be home buyers.
The combined increase in prices and inflation has been particularly jarring for many families because it followed nearly a decade of little-to-no inflation and ultra-low interest rates. America's households grew used to prices barely rising. From 2015 until the pandemic, for example, U.S. food prices were basically flat. When high inflation eventually did strike, it both bruised Americans' finances and darkened their economic outlook.
“We’ve never really seen this in terms of a severe policy tightening,” Waller said, referring to the Fed's rate hikes. “The economy just kind of held its ground. And inflation came down a lot. This has been an amazing recovery from what happened in ‘21 and ’22.” “It’s difficult to change your consumption" of cars and homes"in little amounts quickly,” Wozniak said."You’re forced to think about this big budget choice of, should I give up a car and substitute into transit? That’s a huge adjustment. And adjustments are painful.”
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