Fox Business host Larry Kudlow predicted that an “affordability crisis” would wreck President Joe Biden’s support among Hispanics and working-class voters.
Biden currently has a 37% approval rating on the economy compared to a 60% disapproval rate, according to the RealClearPolitics average of polls between Nov. 1 and Jan. 2. Kudlow said that despite the Consumer Price Index increasing at a slower rate, voters still viewed the economy as bad. (RELATED: ‘What People Feel And Know’: Legendary Economist Explains Why Corporate Media Is Misreading Voters’ Views On Economy)
“You can’t buy and sell GDP, you don’t buy and sell the CPI, you buy and sell what your wages after taxes and inflation can buy and sell, and you buy and sell prices,” Kudlow, a former Trump administration official, told “America Reports” co-host Sandra Smith. “So my point is, if you take a look at where Biden was, average weekly earnings, real weekly earnings, this is from the Bureau of Labor Statistics, at the beginning of the Biden term, the average family, $399 a week. The most recent reading for that in November of last year, we’ll get a new number soon for December, the most recent number was $380.”
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The CPI rose 3.1% in November, following a 3.2% increase in October, rates much lower than the high of 9.1% in June 2022. Kudlow pointed to an Investor’s Business Daily/TIPP poll to note the trouble Biden faces with the economy. (RELATED: The US Rings In The New Year Facing Milestone For Massive Federal Debt)
“Just 34% of Americans say they’re better off than they were four years ago. That’s the famous Ronald Reagan, Jimmy Carter thing back in 1980, 34% better off, 58% they are not, and I might add half the Democrats think they are worse off than four years ago. But again, that reflects the crisis of affordability,” Kudlow said. “Now, there’s other issues, you mentioned housing, mortgage rates are down a percentage point, this is good, but they are way up from where they were three years ago. That’s a problem. And manufacturing, we have not had any increase in manufacturing jobs in a couple years. We have not had any increase in manufacturing output. People who make things with their hands basically, no increases whatsoever. This stuff is gonna haunt Biden.”
Kudlow noted that the higher prices as the result of inflation, which has risen 17.2% since Biden took office in January 2021, hit key voting blocs for Biden.
“The politics of this election may be fundamentally different,” Kudlow said. “[The] Biden coalition of Hispanics and working folks and African Americans and young people, that coalition is falling apart because of the affordability crisis.”
Biden won 65% of the Hispanic vote and 87% of the black vote in the 2020 election while securing the support of 56% of union members who voted, according to a CNN exit poll.
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