U.S. is only thirteen days away from an “absolute explosion” on inflation, a pollster and political strategist warned on Friday.
Luntz’ remarks on CNBC’s ‘Squawk Box’
Frank Luntz says the American consumer will feel the full impact of inflation over the upcoming Independence Day weekend. Speaking with CNBC’s Joe Kernen on “Squawk Box”, he noted:
4th of July is when Americans take to the road and buy more food than any other time of the year. 13 days from now, they’ll come face to face with the higher prices and the fact that they can’t afford it.
The U.S. CPI jumped to a new forty-year high of 8.6% in May. According to Luntz, if Biden administration doesn’t take immediate measures to tame inflation, it will likely affect midterm elections.
Inflation today is worse than the one in 2009
He also warned the ongoing war in Ukraine could ultimately lead to food shortage. Inflation today, Luntz added, is worse than the one seen in 2009 in terms of the breadth of its impact.
You have to go back to 2009 to find a time when economic numbers were this bad. The difference is back then, it affected roughly 60% of the population. Now, no matter how much you make, you’re impacted by inflation.
Earlier this week, the U.S. Federal Reserve announced its biggest rate hike since 1994 that pushed the benchmark S&P 500 index officially into the bear market territory.
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