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Surging inflation during President Biden’s first two years took a huge toll on his popularity, and the memory of that inflationary episode is probably the main reason that, at least until recently, polls showed Donald Trump with a large advantage on the economy.But most recent polls I’ve seen show that advantage substantially reduced; there are even two surveys, one conducted by the Financial Times and the regular Michigan survey of consumer sentiment, that show Kamala Harris as somewhat more trusted than Trump to manage the economy looking forward.Some of this surely reflects Biden’s withdrawal from the presidential race; despite having been part of his team, Harris may not carry some of his inflation baggage. But it’s also true that, as Biden emphasized in his convention speech last night, inflation is way down — and voters may finally be starting to notice.The change over the past two years has been startling. Consumer price inflation, which peaked at 9 percent, is now under 3 percent. And the true inflation picture is arguably even better. U.S. inf …
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