A recent poll reveals a bleak outlook for President Biden’s chances of re-election, as a mere 35% of voters have faith in his ability to manage the economy. This alarming statistic has caused a decline in Biden’s confidence, leading to consumer apprehension and a negative impact on the stock market. Many perceive an impending recession as inevitable. Notably, the poll highlights a stark contrast between Democrats and other voters, with a staggering 77% of Democrats expressing confidence in Biden, while only 31% of independents share the same sentiment.
Taken at face value, the poll showed Biden trailing Trump by 6 percentage points in a theoretical rematch, raising the question of whether the president is as well positioned as he maintains.
— Yahoo News (@YahooNews) May 9, 2023
Furthermore, the survey indicates a general lack of trust in key figures such as Jerome Powell, the Federal Reserve Chair, Treasury Secretary Janet Yellen, and the leadership of both major political parties. Republicans marginally outpace Democrats in terms of confidence levels, with a mere 38% of voters expressing trust in the GOP compared to 34% for Democrats. In a similar vein, Yellen garners confidence from only 37% of respondents, while Powell fares slightly better with 38% of voters expressing trust in his leadership.
In addition, concerns arise as the Federal Reserve persists in raising interest rates to curb inflation, fueling apprehension that the central bank’s actions might trigger a recession, despite Powell’s assurance of a “soft landing.” President Biden has commenced his re-election campaign, employing the same rhetoric of “democracy” and the “soul of the nation” as he did in 2020. Curiously, he continues to assert that “white supremacy” poses the greatest threat to the country, a statement that appears peculiar given the current economic climate.
Compounding Biden’s worries, there are persistent doubts about his age and mental sharpness. According to a recent poll, voters lack confidence in his leadership abilities, with a significant 68% of respondents believing he is too old. Furthermore, the same survey indicates that in a hypothetical rematch against President Trump, Biden would lose by a margin of 7 points.
Despite attempts to downplay concerns about his age by emphasizing his “wisdom,” Biden’s words will hold little weight if the administration’s mishandling of the economy leads to a severe downturn. Moreover, as discussions surrounding the debt ceiling reach an impasse, Biden has taken a preemptive approach by attributing blame to Republicans in the event of a government default. Concurrently, the American populace may be bracing themselves for an impending recession, while the Biden administration’s efforts to prevent such an outcome are proving to be ineffectual.