Americans Increasingly Pessimistic About Economic Future

Most voters express dissatisfaction with the U.S. economy and disapprove of how President Biden is managing it, as indicated by a recent poll from the Wall Street Journal. This poll signals significant concern for President Biden as he approaches the 2024 elections.

Of the registered American voters surveyed, 63 percent believe the economic situation is either “not so good” or “poor.” A smaller portion, 32 percent, view the economy as “good,” with a mere 5 percent rating it as “excellent.”

In efforts to sway public opinion, President Biden emphasizes the positive impacts of his economic policies, dubbing them “Bidenomics.” Notably, there has been a slight positive shift in public sentiment towards the economy. In December, 67 percent had a pessimistic view; in October, it peaked at 72 percent. The current perception mirrors that of a year ago.

Surveyed about the economy’s trajectory over the previous two years, 58 percent believe it has deteriorated, while 28 percent think it has improved. A minority, 12 percent, feel it has remained consistent.

Despite a decrease in inflation this year, the concern over increasing prices remains. A significant 74 percent feel inflation is headed in an unfavorable direction, contrasting with the 20 percent who view it positively.

Regarding individual financial situations, 54 percent of those polled believe theirs has worsened over the past year, while 38 percent report improvement. Additionally, 53 percent feel there has been a decline in the availability of products and goods.

The Census Bureau has actively sought insights into the socioeconomic repercussions of the pandemic on Americans through its Household Pulse Survey since April 2020. This comprehensive data, gathered monthly and shared promptly, has been scrutinized by The Lever, which points to a persistent humanitarian challenge.

The survey consistently probes two main areas: financial distress — with individuals indicating whether they faced challenges covering basic household expenses in the past week — and food scarcity, which monitors those who occasionally or frequently lacked sufficient food in the previous week. The latest data from this survey was made available in late July.