A new survey by the Financial Times revealed that almost 70% of voters believe that the economic strategies and policies implemented by the Biden administration have not been beneficial for the country's financial situation. On the contrary, citizens consider that they have "hurt" the national economy.
Thirty-three percent of voters have an even worse opinion of "Bidenomics." They consider that the measures applied by the government have "hurt the economy a lot." On the other hand, only 26% said that their policies had been good or helped the country.
The poll, conducted in conjunction with the University of Michigan's Ross School of Business, highlights how "President Biden's economic record could undermine his re-election prospects" and "economic sentiment affects the race for the White House." An example of this was when "in 1980, Republican Ronald Reagan famously asked voters whether they were better off than they were four years earlier, setting the stage for his landslide victory over incumbent Democrat Jimmy Carter."
'Inflation continues to cloud the Biden campaign'
The survey showed that inflation continues to be the main concern of voters (despite the latest data showing a drop to 3.2%, this does not seem to be reflected in the pockets of citizens). This has as a side effect that high prices are one of the main problems facing the president in the face of re-election.
Eighty-two percent of voters surveyed said rising prices are their biggest "financial stress," and three-quarters said rising costs across the board "posed the most significant threat to the US economy in the next six months." Erik Gordon, professor at the University of Michigan's Ross School of Business stated:
Every group — Democrats, Republicans and independents — list rising prices as by far the biggest economic threat . . . and the biggest source of financial stress. ... That is bad news for Biden, and the more so considering how little he can do to reverse the perception of prices before election day.
Only 14% of those surveyed claimed to be in better economic conditions than when Biden took office as president and due to inflation, while 65% said they had to cut back on non-essential items like eating out and vacations in order to make ends meet. Also, more than half (52%) indicated they have reduced spending on daily needs such as food.
Biden loses ground among young people
The survey reaffirmed results from other polls where it is evident that the president's support is tanking. Fifty-nine percent of voters disapprove of Biden's job performance, while only 40% approve, and 61% reject the administration's management of the economy, while 36% approve:
The negative view of the White House’s economic record comes despite record jobs growth and almost three years of economic expansion under Biden. The president’s political allies believe that voters can still be won over as the campaign heats up and more Americans scrutinise his achievements.