Voters see profit maximization and supply chain issues as reasons for inflation

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As policymakers continue to play the political hot potato on rising consumer prices – including Democrats’ attempts to “dogreed” is coming — a new Morning Consult/Politico investigation indicates that voters attribute the role of corporations in inflation to two main drivers: the pursuit of profit and supply chain challenges.

Bipartisan agreement on effect of supply chain on inflation
  • Voters were split on which business-related cause was most responsible for inflation, with 32% believing companies’ efforts to maximize profits were the biggest contributor to inflation and an equal share saying problems supply chain were to blame.
  • Democrats (46%) were more than twice as likely as Republicans (20%) to believe that companies’ attempts to maximize profits lead to higher prices.
  • Three in 10 Democrats and about a third of independents and Republicans blamed supply chain problems on the role of businesses in inflation, while about 1 in 10 Democrats, Independents and Republicans identified rising costs of labor as the main culprit.
  • When asked if a recession would be better than inflation if the former drove prices down, 38% of voters said they would accept the recession, while 35% said they didn’t know or didn’t. had no opinion and 27% said they would prefer to continue. fight high prices than suffer a recession.
Democrats’ efforts to blame business for inflation

Public efforts by Democrats to shift blame to corporations have included legislation against price gouging and calls for investigating infant formula companies amid shortages and soaring prices.

The Biden administration is working to address at least one major problem for consumers by trying to lower gas prices. White House staffers are reportedly considering ways to cut gas prices, even considering discounts in the form of gas cards provided to consumers. The administration is considering a gasoline tax exemptionsaving consumers about 18 cents per gallon.

Economists continue to point to wage pressures from the booming labor market as a source of higher prices. Former Treasury Secretary Lawrence Summers said the country would need five years of unemployment above 5% to bring inflation down to acceptable levels.

On June 17-20, 2022, investigation was conducted among a representative sample of 2,004 registered voters, with an unweighted margin of error of plus or minus 2 percentage points.

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