Many pundits are still trying to square the circle of how inflation could be such a key issue right now and yet it apparently changed so few minds in the midterms. Here’s one explanation that we don’t see anyone else considering: inflation affects different voter groups quite differently.

Retirees on fixed incomes have lost almost 14% in real annual income since Biden took office. Retirees also disproportionately vote Republican. Conversely, young college grads are the only demographic whose real incomes have actually increased under Biden, and they disproportionately vote Democrat. Many of those youngsters also live with Mom and Dad, who still provide their adult children with health insurance. So, on top of seeing nominal wages rise faster than inflation, this key Democratic voting bloc has also been somewhat immune from three of the key drivers of inflation: food, housing, and health insurance price increase.

Finally, those living on government paychecks or government benefits are almost all given the automatic cost of living adjustments – because the feds have a credit card with no limits.

Democrat voters are protected from inflation. Republican voters tend to pay the price.