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Four in Every Five Americans Dislike Biden’s Economic Approach

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Four in Every Five Americans Dislike Biden’s Economic Approach

US — Since US President Joe Biden took office in January of last year, he and his new cabinet has faced the consequence of the unprecedented expansionary measures employed by both the US Federal Reserve and the outgoing government at the time to rescue the largest economy in the world from an economic crisis brought by a black swan event in the form of the COVID-19 pandemic. Since then, the US economic landscape has been plagued with multiple inside and outside detrimental factors that caused its unpleasant position today.

In his one and a half year in office, the US has faced some of the most noteworthy economic and geopolitical events in its modern history. These include the record-breaking inflation level the country is currently experiencing, the fall of its equities market from the heights it enjoyed during the prior year, and the looming recession brought by the aggressive tightening policy the Fed has been implementing. Furthermore, outside forces such as the Ukraine conflict and the global supply chain disruption have worsened the already adverse disposition of the US economy.

The People are Growing Impatient

According to the published result of the CNN/SSRS poll, 79% of the total respondents representing different demographics have expressed their disapproval of how the current administration handles the economy. In a statement on the release of the recent survey this Monday, the headline stated: “The public’s perceptions of the economy and of how things are going in the country are overall deeply negative and worsening.”

“Since spring, the share (percentage) saying things are going badly for the country has climbed 11 points to 79 percent, the highest since February 2009, and shy of the all-time worst reached in November 2008 by just four points,” the poll concluded.

Interestingly, the major shift comes primarily among the supposed party supporters — the people of color and democrats. “Just 38 percent of Democrats now say things are going well in the country, down from 61 percent this spring. Likewise, there’s been a steep drop among people of color, from 41 percent saying things were going well in the spring to 27 percent,” the release said.

In contrast, satisfactory numbers from both independents and republicans have remained around parity from the previous poll. 

Lastly, only 18% of Americans reported that they view the current economic landscape in good shape. An astounding 82% of the total respondents view the current economy as “poor.” Among these include 70% dissatisfied with Biden’s response on the most pressing economic issues, and 41% of the respondents rated the economy to be in a “very poor” shape, an almost 100% jump in just six months from December’s numbers.

The Bottomline

Overall, the results indicate a major loss in confidence among the general public. Which, historically, happens when one’s economy slides to the point where the major population feels the sting of the downward economic predicament in their daily lives. It also did not help that most Americans (76% of Republicans, 63% of Democrats, and 56% of independents) have reported in the survey that they believe that the US is already in a state of economic recession, something the current administration has constantly downplayed and assured that would never occur.

Thus, this puts more pressure on the current administration to address the most pressing issues and expedite the actions it has promised to build a “resilient and robust economy.” 

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