The latest Gallup poll paints a stark picture of the financial hardship across party lines.
The Gallup Economic Confidence Index has lingered in negative territory since the onset of the pandemic, reaching historic lows in June 2022 as inflation hit its highest point in four decades. Despite Democratic optimism about the economic trajectory from President Joe Biden, the poll reveals that 51 percent of Democrats are contending with financial hardship due to inflation.
The key findings shed light on the prevailing economic sentiments and challenges as a majority express pessimism about the economy under Biden, with a significant portion anticipating a further downturn. The prevailing sentiment is one of concern regarding the future economic landscape.
The data indicates that 63 percent of respondents acknowledge experiencing financial hardship due to recent price increases. Within this group, 17 percent describe their situation as a severe hardship affecting their ability to maintain their standard of living, while 46 percent report a moderate hardship that does not jeopardize their standard of living. However, 37 percent of respondents believe inflation has not posed a hardship.
Approximately 45 percent of Americans rate the current economic conditions in the country as poor. In contrast, just over one-quarter view conditions as excellent (5 percent) or good (22 percent), while 29 percent believe they are only fair. It reflects a prevailing sentiment of dissatisfaction with the current economic landscape.
The index, a key indicator of public sentiment, continues to dwell in negative territory, underscoring the overall economic pessimism prevalent among Americans. The impact of inflation on Nevada households reveals that the average family needs to spend an additional $13,296 per year to maintain the same standard of living as in January 2021.
An ABC News/Ipsos poll conducted in early January showed record-low approval rating of 33 percent for Biden.
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