While the White House has done its best to paint the public perception that all is fine and dandy under the Biden administration – Americans have seen right through it.
Biden and his administration have constantly insisted that the economy is doing great, but confidence in the U.S. economy continues to sink.
The share of Americans saying the economy is worsening climbed from 63 percent in September to 68 percent in October, Gallup reported Wednesday.
The majority of the rise in concerned Americans came from independents, with the percentage of those feeling pessimistic soaring from 63 percent to 72 percent. Democrats and Republican views of the economy were essentially unchanged in October, according to Gallup.
The Economic Confidence Index fell to negative 25 in October, the lowest reading since fear of the pandemic was at an all-time high, hitting negative 33 in April 2020 and negative 28 the following month.
Gallup’s index has a theoretical high score of +100, if everyone says the economy is excellent or good, and a possible low score of -100, if everyone says the economy is poor and getting worse.
Before pandemic wreak havoc on the U.S. economy, confidence was high under President Trump. The Gallup index registered +41 in February 2020, the best reading since 2000.
It collapsed in March and hit the nadir of -33 in April. Since then, confidence has fluctuated but has never risen above the +2 recorded in April 2021. The October decline is the fourth consecutive retreat, meaning things are deteriorating under Biden’s lack of leadership.
Americans are increasingly mentioning economic issues as one of the most important challenges facing the U.S.
“The upticks in citations of the deficit and inflation are largely responsible for an increase in mentions of any economic issue — from 16 percent in September to 24 percent in October. The percentage of U.S. adults mentioning any economic issue as the most important has not been this high since April 2017, although the 23 percent figure from last June is similar to the current reading,” Gallup said.
The rest of the “stack” of most important issues is also equally bad for a clueless Biden administration.
The government or poor leadership is most often mentioned as the top problem facing the U.S., cited by 21 percent of Americans. With COVID-19 cases falling after the summer surge, mentions of the disease have dropped six points, to 15 percent (but are still slightly above the 12 percent in July as the delta surge was beginning).
Immigration (11%), unifying the country (7%), the federal budget deficit (6%), the economy in general (6%), inflation (5%), race relations (5%), unemployment (4%) and moral decline (4%) are the next-most-mentioned issues.
U.S. economic growth crashed in the third quarter, as the economy grappled renewed Covid concerns and critical supply-chain woes.
Gross domestic product — the value of all goods and services produced in the U.S. — grew at an annualized rate of two percent from July through September, after adjusting for inflation and seasonality, the Commerce Department said Wednesday.
That was well below the already diminished expectation for 2.9 percent growth.
Author: Franklin Murray