A fresh poll released Monday indicates that the percentage of Americans disapproving of President Joe Biden’s management of the economy increased in May, coinciding with ongoing concerns about rampant inflation.
In May, approximately 49% of surveyed voters expressed the belief that Biden’s policies have negatively impacted the economy, an increase from 47% in April and 45% in March. Conversely, only 28% of respondents felt that Biden’s policies have positively influenced the economy. The findings come from a poll conducted by the Financial Times and the University of Michigan’s Ross School of Business, which also showed that only 27% of participants viewed the current economic conditions in the U.S. as positive, while 71% perceived them as negative, up from 68% in April.
According to the poll, inflation emerged as the primary financial concern for Americans in May, with 80% ranking it among their top three stressors, followed by income level at 49% and rent at 32%. In March, the inflation rate rose to 3.5%, up from 3.2% in February and notably surpassing the Federal Reserve’s target of 2%.
NY Fed: even more evidence no one believes Fed will get control of inflation: short-term inflation expectations rose from 3.0% to 3.3% while long-term climbed from 2.6% to 2.8% – all while earnings growth expectations fell to 2.7%, so people believe they'll keep getting poorer: pic.twitter.com/6mU0Khuj18
— E.J. Antoni, Ph.D. (@RealEJAntoni) May 13, 2024
According to the poll, slightly more than half of voters observed that they have experienced a decline in their financial situation under Biden’s administration, while only 17% reported an improvement. In terms of trust in handling the economy, approximately 43% of voters expressed confidence in former President Donald Trump, compared to 35% who favored Biden. The share of voters responding to the poll was 38% Democrats, 27% independents and 35% Republicans.
An increasingly bleak economic forecast poses challenges for Biden’s chances in the upcoming presidential election, with 55% of respondents indicating economic concerns as the most crucial factor influencing their presidential vote, as per the poll. Approximately 78% of voters reported being impacted by rising food prices in their financial situation, followed by 56% citing gas and everyday essentials like household supplies.
Numerous economists attribute recent elevated inflation in part to the high-spending policies of the Biden administration. This has contributed to the national debt ballooning to over $34.5 trillion, an increase of nearly $6.8 trillion since he assumed office. Biden has signed both the Inflation Reduction Act and the American Rescue Plan, authorizing $750 billion and $1.9 trillion in new spending, respectively.
