Joe Biden's policies have caused inflation to surge.
The likely election of a Republican House majority is good for the economy, good for Republicans — and even good for President Biden.
Inflation cooled last month, but remains at 7.7% over the past year — and a staggering 14% in the 20 months since President Biden was inaugurated. Real wages have fallen approximately 4%. And the stock market — even with a strong week — remains down 16% for the year.
The Federal Reserve is doing the heavy-lifting on inflation, and has already hiked the federal funds rate from near-zero to nearly 4%. This has pushed up mortgage rates from 2.6% to 7.1%, and combined with rising house prices to double the monthly mortgage on a new median-priced home, from $1,148 to $2,445.
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Brian M. Riedl is a senior fellow at the Manhattan Institute. Follow him on Twitter here. Based on a Brian Riedl's 2022 Chart Book.
This piece originally appeared in New York Post