As voters cast their ballots for the November 8 election, surging prices are uppermost in their minds. Annual inflation is running at just over 8%, nearly a 40-year high and the hottest in many voters’ lifetimes. For decades, inflation was quiescent enough that most Americans could ignore it. Now the cost of the weekly shop is dominating voters’ daily lives—and fuelling their ire.

Joe Biden’s colossal economic stimulus in early 2021 first set inflation on its feverish trajectory, before Russia’s invasion of Ukraine sent prices spiraling further. Voters may soon punish him for it, among other perceived excesses. Yet the consequences of nearly two years of Bidenomics go well beyond stoking inflation.

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