Economics
U.S. Economy Can Likely Weather Russia Crisis Shock But Democrats Face Peril
Pain of surging gas and food prices comes against strong economic backdrop
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Inflation-walloped Americans are largely prepared to withstand the economic pain imposed by Russia’s Ukraine invasion. That may be little solace for President Joe Biden’s Democrats, who will pay a price at the ballot box for the surging cost of living, if history is any guide.
Consumer prices were already rising at the fastest pace in four decades even before the hit to energy and food supply chains caused by the war and sanctions imposed by the U.S. and its allies on Russia. Gasoline prices are already up about 20% this month, reaching an unprecedented $4.33 a gallon in recent days — contributing to the weakest consumer sentiment in more than a decade.