Russians’ Stagnant Incomes Sap Kremlin Support
(Bloomberg) -- Russians’ incomes, adjusted for inflation, have slipped for most of Vladimir Putin’s last two presidential terms, hurt by weak economic performance and rising inflation, according to data from Bloomberg Economics. “Welfare spending through the pandemic and ahead of the elections has provided real support for households, but it’s a stopgap solution,” said economist Scott Johnson. Pollsters say stagnant living standards have undermined support for Putin’s ruling United Russia party, which is hoping to extend its control of parliament in elections this weekend.
©2021 Bloomberg L.P.