According to a recent poll conducted by the Financial Times-University of Michigan’s Ross School of Business, it was discovered that just 14% of voters believe they are in a better financial position with President Joe Biden as the commander in chief. This alarming statistic has raised concerns among Democrats, indicating that “Bidenomics” has not delivered the desired outcomes.
The poll revealed that a meager 14% of voters feel they are better off financially since Biden took office. In contrast, a significant 70% of voters expressed that Biden’s economic policies either had a negative impact on the economy or made no difference at all. Out of this 70%, 33% claimed that the president’s policies had greatly harmed the economy.
One of the most significant financial concerns for voters was inflation. An overwhelming 82% of respondents highlighted soaring prices as their greatest financial stress. Additionally, 75% of participants believed that inflation posed the most significant threat to the United States’ economy in the next six months. As a result, the majority of voters had to make adjustments to their spending habits. The poll found that 65% reduced non-essential spending, including dining out and non-essential purchases, while 52% had to cut back on everyday necessities like food.
Interestingly, the poll also unveiled that 52% of voters claimed to have little to no knowledge about “Bidenomics.” This lack of awareness may further contribute to the skepticism surrounding Biden’s economic policies.
The findings from this poll indicate that rising prices remain the most pressing economic concern for Democrats, Republicans, and independents alike. Erik Gordon, a professor at Michigan’s Ross School, emphasized that this poses a significant challenge for Biden, as it will be difficult to change voters’ perceptions regarding prices before future elections.
The poll was conducted from November 2-7 and surveyed 1,004 voters, with a margin of error of 3.1. Following the publication of these results, it has been reported that Democrats are advising Biden to reconsider his economic policy approach, with many suggesting discarding “Bidenomics.” Critics argue that attempting to persuade voters to believe in something they don’t is futile, particularly in the face of rising costs for housing, gas, and groceries.
It is evident that these findings reflect the urgent need for the Biden administration to address concerns surrounding the economy and inflation in order to regain the trust and support of the American people.