Low confidence in Biden and Fed on economy at historic levels
The summary outlines growing discontent with “Bidenomics,” with a marked decline in confidence in President Biden’s economic management, highlighted in Gallup’s recent survey. Trust in Biden’s ability to tackle economic challenges, crucial for re-election, is at its lowest. The public’s confidence in the Federal Reserve Chairman, Jerome Powell, also faces scrutiny. The summary highlights a rise in dissatisfaction with “Bidenomics,” a significant drop in trust in President Biden’s economic leadership as shown in Gallup’s latest survey. Confidence in Biden’s capacity to address economic issues, vital for a re-election bid, has hit a low point. Additionally, public trust in Federal Reserve Chairman Jerome Powell is under question.
People feeling the pain of “Bidenomics” are now putting the hurt on President Joe Biden and his economic team.
In its latest economic survey released early Monday, Gallup said confidence in Biden’s “stewardship” of the economy is “historically low.”
Confidence in a president running for reelection to fix the economy is the lowest under Biden since Gallup first tracked the metric, according to the pollster.
“With Americans less optimistic about the state of the U.S. economy than they have been in recent months and concern about inflation persisting, their confidence in President Joe Biden to recommend or do the right thing for the economy is among the lowest Gallup has measured for any president since 2001,” the pollster said Monday morning.
And it’s not just Biden. Confidence in Federal Reserve Chairman Jerome Powell is also the worst recorded, and it’s no better for congressional leaders. And while more people have greater faith that former President Donald Trump would be a better economic steward, he is also underwater.
“Biden is not alone in facing a skeptical public, as Federal Reserve Chair Jerome Powell, the Republican and Democratic leaders in Congress, and presumptive presidential nominee Republican Donald Trump garner confidence ratings below 50%,” Gallup said.
But confidence in Biden is a lot lower than in Trump.
“Forty-six percent of U.S. adults say they have ‘a great deal’ or ‘a fair amount’ of confidence in Trump to do or recommend the right thing for the economy, while fewer say the same of Biden (38%), Powell (39%), and Democratic (38%) and Republican (36%) leaders in Congress,” Gallup said.
Until recently, Biden has campaigned with huge posters reading “Bidenomics” and claimed that things have never been better. However, people have told pollsters for months that they believe Bidenomics represents higher prices, lower wages, and a much worse standard of living. As a result, Biden has stopped touting Bidenomics.
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The pollster said that partisanship plays a big role in how the leaders are viewed. But in a reelection, the pressure is usually on the incumbent, not the challenger, and that’s not good for Biden.
Gallup said the “bottom line” is that the economic situation threatens Biden. “Biden’s subpar rating could have significant electoral implications as not only does he have the lowest economic rating of any president seeking reelection since Gallup began tracking this in 2001, but independents trust his opponent more than him.”
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