US is headed for an ‘absolute explosion’ of inflation in 13 days
A Republican political pollster predicted Friday that the nation’s already soaring inflation could soon worsen.
Frank Luntz, a political consultant known for his polling and his work developing Republican-focused talking points, made the warning on the CNBC show. squawk box. He told host Joe Kernen that the full impact of inflation will be felt during the upcoming Fourth of July weekend, saying it is one of three American holidays, along with Thanksgiving and Christmas, when Americans fill their cars with gas and “buy more food than anyone else.” another time of year.”
Recently released figures for the consumer price index showed that the annual rate of inflation moderated in April. However, the index rose at an annual rate of 8.3 percent, and the Bureau of Labor Statistics said last Friday that inflation rose 8.6 percent in May from a year earlier, the fastest rise since 1981. In an attempt to combat inflation, the Federal Reserve on Wednesday announced its biggest interest rate hike in 28 years. Experts have said the plan is to get consumers to spend less because of higher interest rates, which will dampen demand and eventually reduce inflation.
However, Luntz said he thinks inflation will continue to rise before Americans see any relief.
“We’re 13 days away from an absolute explosion of inflation,” Luntz told CNBC, speaking of his prediction for Independence Day weekend.
Luntz also said that he tried to warn President Joe Biden. “The tragedy is that we have tried to explain this to the Biden administration, because they are the ones who need to know and they have refused the presentation,” he said.
Luntz added that “everyone is going to fill up their car in 13 days, and they can’t put $40 or $50 in their tank, they actually have to fill it up. And that’s when the blowout happens.”
He continued: “They have to fill their shopping carts for barbecues and cookouts. Thirteen days from now, the American people will come face to face with these higher prices and face to face with the fact that they can’t afford it.” “.
Luntz further said that the nation’s economic numbers haven’t been as bad as they currently are since 2009. At the time, he said, only about 60 percent of the population was affected by the poor economic numbers, but now everyone is being affected.
“Now with inflation, no matter who you are, no matter where you live, no matter how much you make, it affects you. And that impact will be felt shortly,” she said. “Inflation affects everyone everywhere.”
Luntz also offered another warning for Biden and the Democratic Party. “Unless you get this inflation under control, where people don’t get exasperated and they’re not angry … this will affect the midterms,” she said.