US consumers remain unimpressed with this progress, however, because they remember what they were paying for things pre-pandemic. Used car prices are 34% higher, food prices are 26% higher and rent prices are 22% higher than in January 2020, according to our calculations using PCE data.
While these are some of the more extreme examples of recent price increases, the average basket of goods and services that most Americans buy in any given month is 17% more expensive than four years ago.
It’s the same reason Republicans are asking “are you better off than you were four years ago?”
Anyone with an existing ideology probably knows who they are voting for. Swing voters are emotional.
Republicans are whistling to those just willing to judge the economy based on a Democrat being in office.
Biden is trying to thread the needle by pointing out there have been positive indicators without shirting on his own policies or advocating straight up anti capitalist messages.
After the primaries, the race is always a race to the middle.