Inflation blame game: Who Republicans, Democrats say is driving high prices
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Republicans are twice as likely as Democrats to blame the government for inflation while Democrats are twice as likely as Republicans to blame corporate greed, according to the latest Axios Vibes survey by The Harris Poll.
Why it matters: A messaging battle over who's most responsible for higher prices on goods and services in the post-pandemic world — and what to do about it — may take center stage when President Biden and former President Trump meet for Thursday night's debate.
Between the lines: On the surface, the survey's findings offer some comfort to Biden. They suggest most Democrats and half of independents still give him the benefit of the doubt.
- But if 1 in 4 Democrats sees the current government as the biggest driver of high prices, that could be decisive in a close election.
By the numbers: Party ID is the biggest predictor of blame.
- 41% of overall respondents say government spending and policies are most to blame for higher prices, while 39% say companies bolstering profits were more to blame and 20% put the finger on supply chain disruptions.
- 56% of Republicans but just 41% of independents and 26% of Democrats blame the government.
- 54% of Democrats but just 41% of independents and 23% of Republicans blame businesses.
There are no significant partisan differences among those blaming supply chains, nor are there significant differences by gender or race.
- Gen X and Boomers are more likely to blame corporate greed while Gen Z and millennials are more likely to blame the government.
The intrigue: Top Biden administration economists have called out corporate America for raising prices more than their costs have risen. The results suggest that some voters — largely Democrats — are buying that message.
- "We are seeing some companies with pricing power keep their [profit] margins high rather than pass along savings to consumers when input prices go down," Lael Brainard, the chair of the National Economic Council, said last week.
What to watch: In another series of questions, just 41% of respondents overall are optimistic the government will "manage the economy" through the end of this year, and 38% are optimistic the government will ensure that companies set fair prices for goods and services, lower inflation or set junk fees.
- Democrats are about twice as optimistic as Republicans across these categories, while independents align more closely with Republicans.
What they're saying: "Biden, having limited room to maneuver on inflation, will try to keep hammering corporations, especially credit cards and the airlines, for hidden fees; anything to deflect," said John Gerzema, CEO of The Harris Poll.
- "Republicans will pin blame squarely on the current administration to try to court swings and companies," Gerzema said.
- "From a fundraising standpoint, Biden can't go too far against corporate America on this issue without significant risk."
Methodology: The findings in this Axios Vibes survey by The Harris Poll are based on a nationally representative sample of 2,122 U.S. adults conducted online from June 13-15, 2024.
- The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the data for the overall population is accurate to within +/- 2.6 percentage points using a 95% confidence level.
