An overwhelming majority of people disapprove of how President Joe Biden is handling the worst inflation in more than four decades, according to a new survey.
A CBS/YouGov poll found that 71% of U.S. adults surveyed gave the president bad marks on inflation. The survey also found that 66% disapproved of Biden’s overall handling of the economy, and 59% disapproved of Biden’s job performance more generally.
Those surveyed were also very pessimistic about the state of the economy, which, despite being plagued by inflation of 8.6%, still has a tight labor market and an ultra-low unemployment rate. A mere 22% said the economy is in good shape, with only 4% saying it is in very good shape.
Inflation and the economy are the highest-priority issues facing the country, with 82% and 80%, respectively, reporting them as high-priority matters.
POWELL PROMISES BIG RATE HIKES UNTIL ‘COMPELLING EVIDENCE’ INFLATION IS FALLING
This month, the Fed announced that it would hike its interest rate target by three-quarters of a percentage point, to a range of 1.5% to 1.75%. The central bank typically raises rates by just a quarter of a percentage point, so the move signals that the Fed is now desperate to drive down prices.
“Over coming months, we will be looking for compelling evidence that inflation is moving down, consistent with inflation returning to 2%,” said Fed Chairman Jerome Powell last week. “We anticipate that ongoing rate increases will be appropriate; the pace of those changes will continue to depend on the incoming data and the evolving outlook for the economy.”
The Fed’s efforts to slow economywide spending have led many investors and economists to fear that the risk of recession is high.
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The Conference Board, a nonprofit business research group, also released a survey that found most CEOs are now predicting a recession or say that their area is already in a recession. And Nomura, a major financial firm, is penciling in a mild recession beginning in the fourth quarter of this year.
The poll found that a big chunk of U.S. adults are also planning for a recession. Nearly 45% of those queried said that looking ahead to the next year, they expect recessionary conditions, while an additional quarter expect the economy to slow but not quite to the level of a recession. Just 3% said they expect the economy to be booming a year from now.
