As for Democrats, “they are losing the working class,” Stefanik said. “I feel that in my district. And their dismissiveness will be devastating in November.”
Understand Inflation in the U.S.
- Inflation 101: What is inflation, why is it up and whom does it hurt? Our guide explains it all.
- Your Questions, Answered: We asked readers to send questions about inflation. Top experts and economists weighed in.
- What’s to Blame: Did the stimulus cause prices to rise? Or did pandemic lockdowns and shortages lead to inflation? A debate is heating up in Washington.
- Supply Chain’s Role: A key factor in rising inflation is the continuing turmoil in the global supply chain. Here’s how the crisis unfolded.
Painful inflation memories
One Democrat who is not dismissive is William Galston, a senior fellow at the Brookings Institution who served as a domestic policy adviser to Bill Clinton. Now 76, he lived through a time of high inflation in the late 1970s and early 1980s.
“It was vividly etched in my memory,” Galston said, sounding over the phone as if he was wincing while recalling it all. “It seized the center of domestic politics and wouldn’t let go for years.”
Galston watched inflation wreck the re-election hopes of Jimmy Carter in 1980. Then, when he was policy director for Senator Walter Mondale of Minnesota, the Federal Reserve crushed inflation in the early part of Ronald Reagan’s first term, causing a severe recession. In 1983, Reagan’s approval rating was 35 percent, and Mondale, the expected Democratic nominee, was leading him in hypothetical matchups by nine percentage points.
Then the economy rebounded, setting Reagan on course for “Morning in America” and the comeback narrative that got him re-elected in the greatest landslide in history.
The lesson, Galston says, is that inflation can be beaten. “The question,” he said, “is whether you’re willing to endure the pain.”
‘You have to be caught trying’
There are signs that some Democrats are beginning to panic.
This week, a group of Democratic senators, led by Mark Kelly of Arizona and Maggie Hassan of New Hampshire, called for suspending the federal gas tax, which is 18.4 cents per gallon.