The US economy is gripped by a severe pessimism, according to poll findings published Monday, with Americans reporting the highest amount of dissatisfaction with their current financial status in at least half of a century.
According to a Wall Street Journal-NORC Poll, 83 percent of Americans characterize the economy as bad or not so good. Only 1% consider the economy to be “very excellent.”
The results of the poll clearly demonstrate how much inflation has harmed the economy and how Americans feel about their personal financial situation. In March, the Consumer Price Index rose to its highest level in 40 years, followed by a modest rise in April. On Friday, statistics for May’s price level will be released by the government.
The percentage of Americans who are dissatisfied with their financial situation has increased to 35 percent, the highest level since NORC started asking the question in 1972.
Concern about gas prices is widespread: 63% of respondents said they were extremely or very concerned. Fifty-four percent are scared that high grocery costs will have an impact on their family’s finances. Only 13% are not worried at all about gas prices, and only 19% are not afraid of food inflation.
The proportion of people who believe that they can increase their standard of living has dropped dramatically. Just 27% now believe they have a reasonable chance to improve, down from 47% a year ago. Forty-six percent do not feel confident in improving their living standards.
Only 38 percent of Americans are optimistic that most individuals will be able to have the American Dream. About sixty-eight percent of respondents are pessimistic.
President Joe Biden is “fuming” over his failed administration, which has dropped due to the high level of despair about the economy, according to reports. According to the results of a separate ABC/Ispos poll, 61 percent of Americans disapproved of Biden’s economic performance, 71 percent disapproved of his inflation management, and 72 percent thought he was doing a bad job with gas prices. Sixty-one percent do not approve of Biden’s tax policies. When voters go to the polls in November, 21% expect inflation will be their top concern.