President Biden celebrated the one-year anniversary of the enactment of the Inflation Control Act and declared that things are getting better for Americans when it comes to the economy. However, a poll conducted by Suffolk University’s Sawyer School of Business and USA TODAY reveals that most Americans do not agree with him. Nearly 70% of Americans believe that the economy is getting worse, with 84% saying that the cost of living is rising. Food and grocery prices are particularly concerning, with 49% of Americans stating that they are the main cause of the increasing cost of living.
The poll also shows that Americans trust former President Donald Trump more than President Biden when it comes to solving economic problems. Many Americans are pessimistic about the current economic situation, and this deeply concerns the Biden administration as it poses a challenge to his reelection bid. Housing costs, utility bills, and gasoline prices are cited as the main factors contributing to the rising cost of living. Biden has touted his economic policies, or “Bidenomics,” which focus on expanding domestic manufacturing, investing in infrastructure, and addressing the cost of healthcare. However, the poll reveals a disconnect between Biden’s description of the economy and how most Americans feel.
Despite the administration’s efforts, only 34% of Americans approve of Biden’s economic response, while 59% do not. People interviewed for the poll expressed their worries about the economy, ranging from rising food prices to the struggle of small business owners to keep up with the cost of living. Many Americans have had to cut back on their spending, with 71% saying they eat out less, and 68% cutting back on clothing expenses. Low-income households are particularly affected, and they are more likely to reduce their spending in response to economic concerns.
The poll reveals the immense challenge Biden faces as president in addressing the economic concerns of the American people. While Biden’s economic policies have received support from his administration and some economists, the public’s perception is different. The disconnect between government statistics and people’s experiences further complicates the issue. Some Americans place blame on Republicans for the economic woes, while others believe that the economy would be better off if Trump were still in office.
In conclusion, the poll highlights the concerns and pessimism among Americans regarding the economy, despite President Biden’s efforts to promote his economic policies. The rising cost of living, particularly in terms of food and groceries, is causing anxiety among Americans and impacting their spending habits. The administration faces the challenge of addressing these concerns and improving the public’s perception of the economy.