A new poll carried out by Fox Business found that 47 percent of American voters think that President Biden’s policies are hurting inflation, while just 22 percent say they are helping to get inflation under control. Meanwhile, 28 percent think they are making no difference.
The respondents also took a dim view of Biden’s proposed social spending plan. Forty six percent said they believe that it will only serve to push inflation higher, while just 21 percent think it will reduce inflation; 28 percent believe it will not make any difference to the inflation we are seeing right now.
Meanwhile, four out of 10 Americans said that inflation is currently the biggest issue that is facing our economy, more than double the number who identified income inequality or the deficit as the top issue. Other problems, such as labor shortages, big tech monopolies, government regulations and supply chain issues were identified by fewer than one in 10 as our biggest economic issue.
When it comes to the factors that led to the inflation we're currently facing, two thirds of people felt that Biden’s leadership played a role, and a similar percentage said regular economic cycles were at least somewhat responsible for it. Meanwhile, three fourths of respondents said that price gouging by companies, government spending and regulations, and the coronavirus pandemic were either somewhat or very responsible for inflation.
The poll, which was carried out by phone from December 11 to 14, also asked respondents how inflation is impacting them. Two thirds of voters said that the rising prices we have seen in the last six months have led to financial hardship for them; three fourths of those living in lower-income households said they were experiencing financial hardship.
Inflation also appears to be one of the top concerns of Americans right now, with more than eight in 10 saying they are either very or extremely concerned about it. This means it outranks other issues facing the country, such as the pandemic at 68 percent, neighborhood crime at 48 percent, higher national crime rates at 77 percent, the federal deficit at 69 percent, being able to pay bills at 63 percent, and taxes at 71 percent.
When it comes to how President Biden’s economic policies have affected them personally, only one out of every six voters say they are currently better off financially than they were one year ago. There has also been a shift since the last poll in August when more than half of respondents said their finances were in positive shape; in this month's poll, a majority rated their personal financial situation negatively.
Three fourths of respondents rated the national economy negatively, and half of them believe things will only get worse in the year to come. Americans are pessimistic overall about the economy, with just one in four of the respondents saying that they thought the economy would get better next year.
It's not surprising to see President Biden's approval rating going down. Right now, 51 percent of Americans say they disapprove of his job performance overall while 47 percent approve. Nearly six in 10 disapprove of his performance as it relates to the economy, government spending, taxes, immigration and crime.
If there is any silver lining here for Biden, it's the fact that people's expectations of him are so low that it's hard for them to drop too much more. Democratic pollster Chris Anderson, who carries out the Fox polls with Republican counterpart Daron Shaw, said: "One thing the president has going for him is low expectations. If the spending plans start to have positive impacts in people’s lives, maybe some will reconsider their view of Biden."
Shaw, meanwhile, said that given the overall low approval of the president recently, the study's dismal findings might actually be good news to the Biden camp.
"Given where his ratings have been recently, I’m sure White House advisors would be pleased with an overall approval in the high 40s," he said.
"But the specific policy ratings suggest the issue environment remains toxic, and that severely limits the potential for improvement in Biden’s standing moving forward."
Sources for this article include: