The Financial Times released a new poll showing that former President Trump has an 11-point lead over President Biden in terms of who would best handle the economy. This poll is significant as the economy is often a key issue in presidential elections. The poll found that 42 percent of respondents believe Trump would be the best steward for the U.S. economy, while 31 percent chose Biden. The remaining respondents were undecided or said neither candidate would be best.
This presents a dilemma for Biden, as he is presiding over historically low unemployment and a booming stock market but has seemingly yet to convince voters of his economic stewardship. While there is some evidence of rising sentiment on the economy, with 27 percent saying the U.S. economy is “excellent” or “good” and 47 percent saying they can “comfortably” pay their expenses, this sentiment has not translated into approval for Biden. His 36 percent approval rating on the economy is the same as in the November survey.
The Trump campaign has kept the focus on inflation, which was high during Biden’s first years in office but has now reached its lowest levels since 2022. Consumer prices have risen 3.4 percent between January 2022 and 2023, with a 0.3 percent increase between December and January. The Federal Reserve is expected to keep interest rates high for much of the year as inflation continues to fall.
The Biden administration has been working to sell its story on the economy, with Treasury Secretary Janet Yellen boasting about the “historic recovery” of the U.S. economy since COVID under the Biden administration. She stated that GDP growth is strong, inflation has declined significantly, and a healthy labor market has been achieved.
The figures and poll results underline the significant role that the economy plays in political leadership and voter opinion. Regardless of the statistics, the public continues to have varying opinions on both the current administration and former President Trump.