Soaring inflation sends support for Biden's economic agenda even lower
By Will Kessler Daily Caller News Foundation The share of Americans who disapprove of President Joe Biden’s handling of the economy grew in May as inflation continues to run rampant, a new poll released Monday shows. Around 49% of voters surveyed in May believe that Biden’s policies have hurt the economy, compared to 47% in April…
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Joe Biden and union members building Intel's Ocotillo Campus walk onstage before announcing $20 billion in investments to ramp up production of semiconductor chips under the CHIPS & Science Act, Wednesday, March 20, 2024, in Chandler, Arizona. (Official White House photo by Adam Schultz)
By Will Kessler
Daily Caller News Foundation
The share of Americans who disapprove of President Joe Biden’s handling of the economy grew in May as inflation continues to run rampant, a new poll released Monday shows.
Around 49% of voters surveyed in May believe that Biden’s policies have hurt the economy, compared to 47% in April and 45% in March, while only 28% believe that they have helped the economy, according to the poll from the Financial Times and the University of Michigan’s Ross School of Business. Only 27% of respondents thought that the overall economic conditions in the U.S. right now were positive, while 71% thought they were negative, up from 68% in April.
Inflation was listed as the biggest financial stressor for Americans in May, with 80% putting it in their top three, followed by income level at 49% and rent at 32%, according to the poll. The rate of inflation increased to 3.5% in March, up from 3.2% in February and far from the Fed’s 2% target.
Just over half of voters noted that they have become worse off financially under Biden, while only 17% indicated that they have become better off, according to the poll. Around 43% of voters said that they trusted former President Donald Trump to handle the economy as opposed to Biden, who was preferred by 35% of respondents.
The share of voters responding to the poll was 38% Democrats, 27% independents and 35% Republicans. Just over 1,000 people were interviewed, and the results have a margin of error of ± 3.1%.
A worsening economic outlook spells trouble for Biden’s prospects in the upcoming presidential election, with 55% of people listing economic issues as the most important in deciding their vote for president, according to the poll. Around 78% of voters reported that price increases in food have affected their financial situation, followed by 56% of people listing gas and everyday necessities like household supplies.
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
Around 59% of voters blame large corporations for price increases in the last six months, followed by 40% of voters who blame democratic policies for inflation, according to the poll. Biden has sought to paint the narrative that corporations are to blame for the rapid price increases seen under his term, making a video in February calling out “shrinkflation,” which is the process of product sizes being reduced to keep prices the same amid outside inflationary pressures.
Many economists point to the Biden administration’s high-spending policies as at least part of the cause of recent elevated inflation, which has led the national debt to balloon to over $34.5 trillion, nearly $6.8 trillion more than when he took office. Biden has signed the Inflation Reduction Act and the American Rescue Plan, which authorized $750 billion and $1.9 trillion in new spending, respectively.
The RealClearPolitics average for a 2024 general election matchup between Trump and Biden puts Trump ahead by 1.2 points. The former president is also leading in a number of crucial swing states, including Nevada, North Carolina, Arizona, Georgia and Pennsylvania.
The White House did not immediately respond to a request to comment from the Daily Caller News Foundation.
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