Some things being conflated here.

Rates of gain or decrease, which represent how much something changes from Time Location A to Time Location B, and
Levels of prices and wages, which is what is baked into the economy at this point. What voters are clearly reacting to are pricing levels.

If a good cost $5 four years ago and now costs $20, then a voter will remember paying $5 bucks every time they swipe a credit card to pay $20. That's magnified if the good is an essential one or something purchased often. Every. Single. Time. they go to pay, they'll think about it.

If the democrats want to talk about how much rates have come down, that's nice, but a low rate merely determines what happens next to the price level already present in the economy. They've failed at that, mainly because there is no answer for it.

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