The Working Class Struggle Election
A cost-of-living referendum may be coming in November.
The stubbornly intransigent inflation of the past three years has been hardest hitting the U.S. economy's lower strata.
While not exactly a surprise, this is sure to impact the reelection hopes of incumbents running left, right, and center of U.S. President Joe Biden.
“Only half of Americans, maybe a bit more, own stock,” Moody Analytics Chief Economist told CNN Newsroom hosts two weeks ago. “And it’s probably only a third of Americans that own enough stock to really make a difference. Two-thirds of Americans own their own home. So, they’re benefiting from the run-up in house prices.”
“But a third of Americans rent, and that means that, for many of them, they’ll be locked out of buying a home because they can’t afford the high house prices with the high mortgage rates,” he added.
“So, if you’re in the top third of the income distribution, everything’s fine,” summarized Zandi. “You’re doing really well. You’re enjoying those high stock prices. You’ve got a job. Wages are rising. If you’re in the middle part of the distribution, in the middle third, you’re doing okay. You’re kind of, it’s not great, it’s not bad, it’s just about typical. But if you’re in the bottom third of the distribution, very, very difficult, very, very tough…