As President Biden struggles to sell Bidenomics to skeptical voters, he’s facing the all-too-real consequences of stubbornly higher inflation, but he’s also battling human psychology. And both of those factors may be especially strong in California. Most economists agree that the American economy during Biden’s presidency has made a remarkable recovery from the pandemic. And it continues to outperform expectations, even if California isn’t doing quite as well.
“Young people today might think prices have risen by 20% and no one’s ever going to make me whole.” But, in fact, Wolfers noted, gains in wages and salaries, on average, have actually outpaced inflation since the pandemic, with lower-income workers seeing the highest percentage gains.
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