Staff Reports
President Biden’s economic policies, commonly referred to as “Bidenomics,” are facing criticism as Americans are increasingly feeling the effects of inflation, which they have dubbed as “Bidenflation.” According to a recent Gallup poll, a record high of 41% of Americans cited inflation as their top financial concern, signaling widespread unease about the current economic landscape.
It is noteworthy that all three yearly records for concerns about inflation have occurred during the Biden administration. The prospect of impending tax hikes, with reports suggesting that middle-income households could see their tax bill rise by as much as $14,000, has only added to the economic apprehensions gripping the nation.
People junk ‘Bidenomics,’ say inflation worst in 18 years
Biden owns last three record ratings…https://t.co/OSZ9BGqtpU via @dcexaminer pic.twitter.com/mOsPwA4TrS
— Paul Bedard (@SecretsBedard) May 2, 2024
Despite efforts by the White House and Democratic representatives to portray a positive economic outlook, the Gallup poll reveals a stark contrast in public perception. High and sustained prices, uncertainties about retirement plans, exorbitant costs of housing and vehicles, and the resurgence of gas prices approaching $4 a gallon have all contributed to a growing sense of financial strain among Americans.
Furthermore, the Federal Reserve’s wavering stance on interest rates and previous assertions by Treasury Secretary Janet Yellen regarding the transitory nature of inflation have eroded the public’s trust in government reassurances.
Even as the inflation rate has decreased since its peak in 2022, Americans’ confidence in their financial situation remains notably low. As indicated by the Gallup poll, this persistent concern over inflation is also reflected in the broader anxieties about domestic issues facing the country.
Overall, the prevailing sentiment among many Americans is that the current state of the economy is worse than the aftermath of the Great Recession, underscoring the widespread pessimism about personal financial circumstances. This widespread skepticism towards the government’s economic policies and the perceived inadequacy of their personal financial situations have contributed to a prevailing aura of economic distress across the nation.
