As he faces the biggest economic crisis of his presidency, nearly half of the nation has “almost no confidence” in President Joe Biden’s ability to fix the economy.
And he’s not alone. In a new Gallup survey of economic leadership, Biden is at the bottom, but his team is right there with him.
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According to the just-released survey, 35% of respondents have confidence in Biden “to do or to recommend the right thing for the economy.” Some 64% don’t. For Treasury Secretary Janet Yellen, 37% have confidence in her, and 54% don’t. For Federal Reserve Chairman Jerome Powell, it’s 36% to 54%.
The confidence people have in Democratic congressional economic leaders is even lower, at 34%. Republicans rank the highest, but at just 38%, according to Gallup.
Biden has so far stiff-armed Republicans and House Speaker Kevin McCarthy (R-CA) in his demand for spending cuts in return for an increase in the debt ceiling. Yellen has warned that the cap may be hit on June 1, and on Tuesday, Biden, his economic team, and congressional leaders will hold their first meeting to work on a deal.
Biden and Yellen have set out a doomsday scenario if the spending cap isn’t raised. Republicans have said continued spending will feed inflation and create a recession.
Biden said he believes he is in good standing with voters on the economy, but the Gallup numbers pull that rug out from under him. Nearly half, 48%, have little faith he will do the right thing, according to Gallup.
“Nearly half of Americans say they have almost no confidence in Biden,” the analysis said.
Ditto for Democrats on Capitol Hill, with the analysis indicating that “Democratic congressional leaders’ 34% confidence rating is also the lowest for that group in Gallup’s trend.”
The survey follows others from Gallup showing Biden at a very low approval point and concerns that the economy will get worse.
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The analysis said bad feelings about the economy usually parallel the public’s view of those in charge, as they did during the economic crisis at the end of former President George W. Bush’s two terms.
“Americans’ growing concern about the economy is manifested in their views of the key government officials responsible for economic policy,” the pollster said. “None of these leaders engenders much confidence now, and Americans have similarly low confidence levels in each. In fact, many are at or near low points in the two-decade history of Gallup’s trend.”
