In an increasingly divided America, President Joe Biden has united the country on one issue: inflation.
According to a new I&I/TIPP poll, 77% of respondents said inflation is causing financial hardship for them and their families.
"This was one poll where Republicans, Democrats and independents all see eye-to-eye, with 75% of Democrats, 81% of Republicans, and 75% of independents saying they suffer the wrath of out-of-control inflation," Issues & Insights wrote in its analysis.
Beginning with his inaugural address and continuing with his State of the Union speech last week, Biden has promised to bring the nation together, while polls have consistently shown it to be increasingly divided. On inflation, however, there seems to be consensus.
According to the survey, "Whites (77%), Blacks (70%), Hispanics (78%), male (77%) and female (75%), those who earned under $30K a year (79%) and those who earned $50K-$75K a year (80%), urban dwellers (79%) and suburban dwellers (73%) and rural dwellers (80%) all feel the pinch."
Notably, of the 21 demographic groups tracked regularly by TIPP, only 68% of those older than 65 years of age said inflation has caused hardship. Every other demographic group recorded 70% or more.
The poll's analysis stated the most important statistic for how inflation hurts average people is real wages, or wages adjusted for inflation. They fell 1.6% over the last year, confirming that the average American is losing the fight against inflation as it steadily erodes standard of living.
EJ Antoni, research fellow in regional economics with the Heritage Foundation's Center for Data Analysis, said last month that "the average family has effectively lost $7,400 in annual income" since the onset of the inflation surge two years ago.
"The overall price level declined 0.1% last month but increased 6.5% in 2022, a year which saw four-decade-high inflation," Antoni said. "Even as the increase in the CPI [consumer price index] slows, many consumer staples remain highly elevated compared to the start of the Biden administration: eggs are up 189.9%, ground beef 21.1%, gasoline 44.3%, electricity 21.3%, transportation services 19.5%, and housing 11.8%."
The poll comes amid a positive January jobs report from the Labor Department and Federal Reserve Chair Jerome Powell saying last week that a "gratifying" drop in inflation was underway.
The wholesale price for a dozen eggs in the New York market dropped $0.36 to $2.31 last week, but the public isn't feeling relief as high prices for other goods and services continue to abound and public opinion surveys show that people don't believe Biden has handled the economy well.
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