Few Independents Trust Congress, Biden, or Jerome Powell and the Fed
Democrats have faith in Democratic leaders, Republicans have faith in Republican leaders, but Independents have little confidence in anything.
Confidence in Biden Economic Stewardship Historically Low
Gallup reports Confidence in Biden Economic Stewardship Historically Low
With Americans less optimistic about the state of the U.S. economy than they have been in recent months and concern about inflation persisting, their confidence in President Joe Biden to recommend or do the right thing for the economy is among the lowest Gallup has measured for any president since 2001. But Biden is not alone in facing a skeptical public, as Federal Reserve Chair Jerome Powell, the Republican and Democratic leaders in Congress, and presumptive presidential nominee Republican Donald Trump garner confidence ratings below 50%.
These findings are from Gallup’s Economy and Personal Finance poll, conducted April 1-22. During the poll’s field period, the Bureau of Labor Statistics released the latest Consumer Price Index data showing that inflation remains stubbornly elevated, though nowhere near the 40-year highs seen in 2022. After the poll was completed, Powell announced that interest rates would remain steady due to the current inflation rate.
Americans’ Confidence in the President
Whereas Trump never topped 50 percent, he never dipped below 40 percent once.
Notably, independents favor Trump over Biden by 11 percentage points, 45-34.
Confidence in Fed Chair Jerome Powell
Other than Alan Greenspan, considered by many misguided economists to be the great Maestro, the Fed has not gained much confidence.
Gallup concludes “Biden’s subpar rating could have significant electoral implications as not only does he have the lowest economic rating of any president seeking reelection since Gallup began tracking this in 2001, but independents trust his opponent more than him.”
The Inflation Rate Under Biden vs 7 Previous Presidents
For discussion, please see What’s the Inflation Rate Under Biden vs 7 Previous Presidents?
Voters seem angry about inflation despite economists telling us how great things are. A few pictures explain.
The Fed Notes “Lack of Progress” on Inflation
Also consider, Understatement of the Day: The Fed Notes “Lack of Progress” on Inflation
In addition to the usual Fed boilerplate FOMC statement, today it added “There has been a lack of further progress toward the Committee’s 2 percent inflation objective.”
On April 19, I noted Auto and Home, Insurance & Maintenance Costs Soaring and People Are Angry
Some homeowners are skipping home insurance. What’s going on and who is to blame?
The Fed’s Big Problem, There Are Two Economies But Only One Interest Rate
I described the Fed’s role on February 20 in The Fed’s Big Problem, There Are Two Economies But Only One Interest Rate
And as a direct result of soaring home prices, insurance and maintenance costs had to rise. The only surprise is the lag in which that happened.
It’s really no wonder independents don’t have much confidence in anything. Otherwise partisanship is striking.
As it stands, if independents swing the elections, Trump rates to win. But my main take is People Who Rent Will Decide the 2024 Presidential Election
To get in a final word on the Fed, people have little faith because The Fed Sounds Like a Wizard Reading Chicken Bones