The latest Gallup poll released Wednesday revealed that only 2% of Americans think economic conditions are “excellent,” while 42% think conditions are “poor.”
More than three-quarters of Americans feel that the economy is getting worse, according to polling data. Four in five adults rate the country as “only fair” (38%) or “poor” (42%). Seventy-six percent of respondents believe the economy is getting worse, with 20% saying it is improving, and only three percent feeling that it’s staying the same. (RELATED: Pelosi Says Biden Polls Poorly Because Americans Simply Don’t Know How Good He’s Been)
The poll was conducted between April 1 – 19. A random sample of 1,018 adults living in 50 states participated in the poll. The margin of sampling error is ±4 percentage points at the 95% confidence level.
The Economic Confidence Index remained at -39, identical to the number revealed in March, according to Gallup. Four in 10 Americans name economic issues as the most important problem facing the nation at this moment in time, which includes the 17% of Americans who mention inflation and the soaring costs of living at present.
Inflation is the Great Destroyer — and it is here! Thanks President Biden! pic.twitter.com/gFPSblXAxp
— Tom Fitton (@TomFitton) April 28, 2022
Economic concerns are at the highest level observed in six years, according to Gallup. Mentions of inflation are the highest they’ve been since 1984, the report continued. President Joe Biden recently released an annual Economic Report, which mentioned “gender” more than “inflation.”
Biden blamed the economic contraction of the first quarter of 2022 on “technical factors” as national gross domestic product (GDP) fell 1.4%. Biden said that “last quarter, consumer spending, business investment, and residential investment increased at strong rates.” In the final quarter of 2021, GDP rose 6.9%, but that has not made up for the unexpected annualized rate in the first quarter of 2022.
“I think we’re — what you’re seeing is enormous growth in the country that was affected by everything from COVID and the COVID blockages that occurred along the way. Now, you always to be, take a look, and,” Biden trailed off before finding his words again. “No one is predicting a recession now.”
Biden quickly clarified his mistake, “they’re predicting there–some are predicting there may be a recession in 2023. I’m concerned about it,” National Review reported. However, BlackRock President Rob Kapito said in March that an “entitled generation” will be shocked by the upcoming shortages in labor and raw materials and the removal of normal items from the shelves. Economists are also increasingly concerned that the United States is on the edge of a recession.
“Slow growth — potentially still coupled with high inflation — inevitably makes it harder for the president’s party to win elections,” Political Science professor from George Washington University, Sarah Binder, told Politico. “With slim majorities and Biden’s popularity sagging, there’s a strong risk that Democrats could lose control of both chambers.”