(TheRedAlertNews.com) – President Joe Biden’s reelection hopes are increasingly in big trouble as the share of Americans expressing disapproval of his management of the economy has spiked in May, as persistent inflation exacerbates concerns, according to a new poll.
Approximately 49% of the electorate surveyed in May perceive Biden’s economic policies as detrimental, an increase from 47% in April and 45% in March.
Conversely, only 28% of respondents believe his policies have been beneficial, based on data from a poll conducted by the Financial Times and the University of Michigan’s Ross School of Business.
A mere 27% of those surveyed view the current economic conditions in the US favorably, while a substantial 71% perceive them negatively, a rise from 68% in the previous month, the survey found, cited by The Daily Caller.
Inflation emerged as the primary financial concern for Americans in May, with 80% ranking it among their top three worries, followed by income levels at 49%, and housing costs at 32%, according to the same poll.
The inflation rate rose to 3.5% in March, an increase from February’s 3.2% and significantly above the Federal Reserve’s target of 2%.
Over half of the voters indicated their financial situation has deteriorated under Biden, with only 17% reporting improvement, the poll revealed.
About 43% of voters expressed greater trust in former President Donald Trump’s ability to manage the economy over Biden, who garnered the confidence of 35% of those polled.
The composition of the poll’s respondents was 38% Democrats, 27% independents, and 35% Republicans.
The survey, which involved just over 1,000 participants, has a margin of error of 3.1 percentage points.
The deteriorating economic outlook poses a challenge to Biden’s reelection prospects, with 55% of individuals citing economic issues as pivotal in their presidential voting decision, according to the poll.
Approximately 78% of voters noted that rising food prices have impacted their financial status, followed by 56% who cited increases in the cost of gas and basic household necessities.
About 59% of voters attribute recent price hikes to large corporations, while 40% blame Democratic policies for the inflation, the poll indicates.
Biden has attributed the sharp price increases during his tenure to corporate practices, specifically citing “shrinkflation” in a February video. This term refers to the practice of reducing product sizes to maintain stable prices amidst external inflationary pressures.
Many economists, however, associate the recent spike in inflation with the high-spending policies of the Biden administration, which have significantly increased the national debt to over $34.5 trillion, nearly $6.8 trillion more than at the beginning of his term. Biden has enacted the Inflation Reduction Act and the American Rescue Plan, which authorized $750 billion and $1.9 trillion in new expenditures.
The RealClearPolitics average for the 2024 general election matchup between Trump and Biden shows Trump leading by 1.2 points, with Trump also leading in several key swing states, including Nevada, North Carolina, Arizona, Georgia, and Pennsylvania.
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