President Joe Biden admitted Tuesday that he has no definite idea about when inflation will go down.
“I hope by the end of next year . . . but I can’t make that prediction. I’m convinced we’re not going to go up. I’m convinced they’re going to continue to go down,” Biden told a reporter after remarks on the "strength" of the economy.
Reporter: "Can you say when you expect prices to get back to normal, Mr. President?
Joe Biden: "I hope by the end of next year...but I can't make that prediction." pic.twitter.com/sxqYNDg7dA
— Daily Caller (@DailyCaller) December 13, 2022
Biden tried to inject hope into the economic picture, claiming that inflation was lessening and that wages were growing more than inflation over the last few months.
“Inflation is coming down in America,” he said. “Make no mistake, prices are still too high. We still have work to do.”
“For the last several months, wages have gone up more than prices have gone up,” he added. “We’re just getting started.”
According to Heritage Foundation research fellow E.J. Antoni, however, “The average family is effectively $7,400 poorer today” than on Biden's inauguration day, including wage gains.
Antoni said that voters who are most likely to vote Democrat have been artificially protected from inflation because of government assistance programs, which allow them to pay only a portion of their true living expenses and offer automatic cost of living increases.
This could explain why more people didn't switch to voting Republican in the midterms, he argued.
He also indicated that data showed inflation rates were lower in blue areas like New York and San Francisco while they were about twice as high in red areas like Atlanta, Miami, and Tampa.
Biden has used the economy as an example of a "more important priority" than going to the southern border to view the devastating impacts of his immigration policies.
Antoni's analysis explains why although voters named inflation as their number one concern, it didn't change many people's votes.
Figuring out how to convert more Democrats to Republicans is going to be key to future election cycles, including the presidential race in 2024.
It's looking pretty bleak right now, but give Biden another two years to further wreck the economy, and we'll see what happens. There may be time for a red wave yet, and this country is sorely going to need it by then.