President Joe Biden and members of his administration have attempted for years to put a positive spin on “Bidenomics”—his basket of economic policies—but a new survey shows once again that the vast majority of Americans aren’t seeing the allegedly positive results.
Instead, Americans say they are feeling the effects of “Bidenflation” as prices for most everything they use in their everyday lives remain elevated like interest rates. Gallup announced on Thursday that a record-high 41 percent of people surveyed cited inflation as their top kitchen-table concern. All three yearly records occurred under the Biden administration, which is reportedly planning tax hikes, including a potential $14,000 increase on middle-income households, as per Americans for Tax Reform.
“For the third year in a row, the percentage of Americans naming inflation or the high cost of living as the most important financial problem facing their family has reached a new high. The 41% naming the issue this year is up slightly from 35% a year ago and 32% in 2022. Before 2022, the highest percentage mentioning inflation was 18% in 2008,” Gallup said, noting that the Biden administration has been countering with arguments that the stock market and wages are up while unemployment remains low.
However, the U.S. economy’s macro successes are not translating into personal finance gains for most American workers. Prices remain high and are expected to stay elevated, leading to delays in retirement plans, challenges in affording homes and cars, and the return of gas prices inching closer to $4 a gallon, the Washington Examiner reported.
Additionally, the inconsistency from the Federal Reserve regarding interest rate cuts, along with previous inaccurate statements from Biden’s treasury secretary suggesting inflation would be short-term, has fueled increased skepticism about government initiatives and announcements among the populace, the outlet further observed.
“The U.S. inflation rate has declined significantly since its peak in 2022, but that has done little to alter Americans’ perceptions of their finances. This could reflect the cumulative effect of higher prices for the past few years and the fact that inflation has remained above the lower rates in the U.S. between 2012 and 2020,” Gallup said.
“Inflation continues to be an issue for Americans and is likely why less than half are positive about their financial situation. In addition to being named the most important financial problem facing their family, inflation also ranks as one of the domestic problems Americans worry most about,” Gallup added.
That’s not surprising since many families feel the economy is actually worse than after the last Great Recession, Gallup noted. “Americans’ ratings of their personal financial situation were worse than now between 2009 and 2012, as the U.S. was coming out of the Great Recession and unemployment was high. During those years, an average of 42% of Americans rated their personal finances positively,” the pollster said.
