<<I wrote: Do voters "hate" inflation, per se? I would say not, so long as the money keeps flowing in to them to more than make up for the price rises.

Albaby replied: You'd think so, but Chait's argument is that this is mistaken. That Biden gambled on this being true, and it turned out to be incorrect.>>

But the money didn't keep flowing in fast enough. There was a big dip in real income; and current real income is still below the peak, even as inflation has cooled.

That said, after I wrote the passage above, I thought about deleting it. Biden may well have gotten dinged by voters for high inflation even if their real wages continued to grow steadily. The tendency of humans to blame others for anything bad and praise themselves for anything good (including being so smart as to elect and retain the right people to run government) may be insurmountable.

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