Political Commentary on Affordability Crisis
On Thursday, CNN’s senior political commentator Scott Jennings highlighted to former Democrat New York mayoral candidate Michael Blake that the affordability crisis began during Joe Biden’s presidency.
Blake claimed that Iowa’s Democratic Sen. Catelyn Dray won the recent special election by capitalizing on Republicans’ inability to address policies that could make life more affordable. Jennings, however, smirked at the Democrats for expressing concern over the affordability crisis while inflation soared to unprecedented levels under Biden.
“It’s interesting to hear Democrats talk about this crisis, knowing how we got here over the last four years. It seems a bit disingenuous,” Jennings remarked.
When Blake blamed Trump for inflation during Biden’s tenure, Jennings pushed back, questioning, “Are you suggesting there was no affordability crisis while Biden was in office? Where do you think inflation originated from?”
Blake noted that inflation has risen under “all Republican presidencies” but didn’t adequately address the significant spike during Biden’s term.
Under Biden, prices increased by over 20%, peaking at an annual rate of 9.1%, the highest since 1981. However, inflation fell below 3% in July 2024, marking a significant decrease for the first time in two years.
Many economists have criticized the Biden administration for rising prices, citing the administration’s spending of $1.9 trillion on the U.S. rescue plan and $750 billion on the inflation reduction law.
Inflation saw a notable drop during Trump’s second term, with rates often ending up better than anticipated. As of now, inflation is at its lowest since March 2021.
Interestingly, egg prices fell from a high of $8.20 in March to $2.13 recently. Conversely, the average gas price has surged to record levels under Biden, now reported at $3.21.
Jennings observed that Democrats generally perform better in special elections, which he believed contributed to Dray’s victory.
“That’s quite accurate. Democrats have an advantage in special elections, particularly those that occur outside of standard voting cycles. We see a consistent trend of Democrats performing well in these types of elections,” Jennings pointed out.
