By Ben Ritz
Despite experiencing record levels of output and job growth during the first year of the Biden presidency, rising prices are casting a shadow over the economy. Inflation over the last 12 months was higher than at any point in the last 40 years and has outstripped wage gains for many workers across the income distribution. Concerns about these trends have left the Build Back Better Act, a sweeping social spending bill containing critical priorities for Democrats, completely stalled for weeks with no clear plan for revival.
As they head into President Joe Biden’s State of the Union address this week, Democrats must pivot towards aggressively tackling inflation head-on to salvage their domestic agenda and restore confidence in the economic recovery they helped stimulate.
