Thanks for sharing your expertise.
I will add that I found this type of analysis for why inflation was higher in the US persuasive. For example, this study from 2022 by the Federal Reserve Bank of San Francisco found that likely 3 percentage points of the higher inflation (basically all of it at the time) in the US compared to other rich countries was due to the stimulus in the US. But yes, I agree that the history of low inflation (and I believe lower stimulus than was appropriate during The Great Recession) made this a reasonable mistake to make.
I should note that the purpose of my post wasn’t to make a point about the pros and cons of different policies. I just wanted to point out that the personal experiences of voters were probably pretty different than most of us were thinking. I feel like I should have put more thought into making that clearer. I’ve been enjoying our conversation though!
I feel more confident about this than I did in July.
The 2021 US real median household income numbers were released, and they showed a 1% decrease despite a similarly large stimulus package and real GDP growth improving by 7 percentage points, because inflation got so bad. Without a large stimulus package, and with worse inflation and real GDP growth, incomes could easily have decreased in 2022. US real median household income grew by 90% between 1979 and 2021, making a decrease a rare and important experience.
Nate Silver also came out with an article making a similar argument, noting that real disposable personal income has stagnated during the Biden administration. While I dislike this source because it is not a median measurement in a time when incomes could well be growing faster for poorer Americans than richer ones, he notes that it has historically been one of the best predictors of election outcomes.