Is there a single American left that supports Bidenomics?
America’s opinion on President Joe Biden’s economic policies (Bidenomics) is wobbling as new data pours in, suggesting dissatisfaction across the board. According to the latest Financial Times and Michigan Ross poll, an overwhelming 80% of voters claim that rising prices are hammering their wallets hard, turning up the heat on Biden’s re-election campaign.
The fresh batch of polling data does not bode well for Biden. The numbers show a decline in his approval ratings concerning economic management. From last month’s 55% disapproval, we’re now looking at 58%. Only 28% think he’s doing any good for the economy, down four points from the previous month. It’s clear—people aren’t thrilled.
The consumer price index is another sore spot, with the latest figures showing a rise to 2.7% in March, from 2.5% the month before. This uptick surpasses the Federal Reserve’s target of 2%, signaling persistent inflation pressures despite efforts to control price hikes. Next week’s numbers are crucial as they provide more clues on which way the wind is blowing with prices.
Voter Concerns and Election Implications
With the presidential election less than six months away, economic issues are front and center for American voters. High costs for essentials like petrol and food are pinching pockets, and the public still pins this on Biden, without much credit for any economic highs or job market improvements.
Income worries are up too, with 49% of voters uneasy about their earnings, rising from 45%. Concerns about housing costs are also climbing, with 32% anxious, up from 27%. These anxieties could shape the battleground as Biden prepares to face Donald Trump again.
Trump seems to have an edge in economic trust, according to the polls. Currently, 43% favor Trump over Biden on economic issues, up from 41% last month. Only 35% back Biden, down from previous figures, and 16% don’t trust either. This growing distrust could be a critical factor in the upcoming elections.
The battle for the blue-collar vote intensifies. Both candidates are vying for this key demographic, yet the nation appears split. About 40% think Biden represents blue-collar interests well, aligning with the same percentage for Trump. However, the divide sharpens with educational background—52% of university graduates lean towards Biden, whereas only a third of non-college graduates feel the same.
Trump is perceived to be the choice for Wall Street and big corporations, suggesting his appeal among high-income voters remains strong. In contrast, Biden is favored by labor unions, spotlighting his challenge to maintain and grow this support base among working-class Americans.
Economic Outlook and Fed Moves
The economic outlook remains mixed. While the Federal Reserve aims for a 2% inflation target, recent rent and housing price increases, alongside higher petrol and vehicle costs, keep pushing inflation up. Despite this, there’s a hint that inflation might soften, which could reinforce expectations for interest rate cuts later this year.
Market traders have adjusted their forecasts dramatically. From six anticipated rate cuts at the start of the year, now only one or two seem likely. However, a softer inflation figure could bolster hopes for these cuts and possibly set the stage for a rate reduction by the Fed in September.
This comprehensive data collection by the Financial Times and Michigan Ross, conducted by Global Strategy Group and North Star Opinion Research, reflects the sentiments of 1,003 registered voters, highlighting the pressing economic concerns that could sway the upcoming presidential election. As America heads towards another political showdown, the question of support for Biden’s economic policies becomes more pertinent and polarized.
Will there be enough backing to push him through, or has the tide turned too sharply against him?
