According to a Gallup poll released on Wednesday, Americans have low trust in the economy, with 42% ranking current economic circumstances as “poor” and 38% classifying them as “fair.” Per the poll, which was conducted between April 1st to 19th, only 2% of respondents claimed the economy is “excellent,” while only 18% said it is “good.”
Americans are rapidly losing faith in the US economy, reflecting mounting consumer concerns over sky-high inflation and the rising cost of daily products.
Furthermore, the majority of Americans believe the economy will continue to deteriorate: Around 76 percent say the economy is deteriorating, compared to 20% who believe it is improving.
“Economic confidence is depressed, but it is still well above readings seen during the Great Recession,” the survey stated. “However, if inflation continues to rise and gas prices remain elevated as the summer months approach, economic confidence in the United States could fall much further.”
Economic concerns are cited by four out of ten Americans as the most pressing issue confronting the country, the highest level in six years, with 17% seeing the high cost of living as the most pressing issue. Another 6% indicated the most serious issue is rising fuel prices.
These statistics are slightly higher than last month when 35% of Americans said the economy was the most serious issue.
In the statistics, there is a partisan gap. Republicans are more likely than Democrats to say that the country’s biggest problem is economic issues, particularly inflation. The economy is the No. 1 problem, according to 42% of Republicans and 33% of Democrats.
The poll comes after the government revealed that consumer prices rose 8.5% year over year in March, the fastest rate since 1981. Food (8.8%), gasoline (48%), electricity (13.5%), and rent have all increased in price in the last year (5.1% ).
President Biden’s approval rating has dropped as consumer prices have risen, which has been bad news for him. The White House has blamed the price increases on Russia’s war in Ukraine, supply chain bottlenecks, and other pandemic-related economic disruptions, while Republicans have blamed it on Trump’s huge spending program.
During a panel discussion at the International Monetary Fund and World Bank spring meetings this week, Fed Chairman Jerome Powell said, “It is appropriate to be moving a little more quickly.”