It doesn’t take a rocket scientist to realize Biden’s economy is failing. Prices are soaring and inflation is at all time highs. While the White House claims were doing better than ever, a new survey shows the opposite. Wait until you see these abysmal numbers.
More bad news for Biden.
As Reported by Just The News. The U.S. economy under President Joe Biden is rated “excellent” by just 1% of Americans, a recent poll found.
According to the Quinnipiac survey, Americans are generally unimpressed with Biden’s handling of the economy. A strong majority of 79% of registered voters said it was either “not so good” or “poor.” The “excellent” category dropped below 1% when the survey expanded to include all Americans.
Overall, Americans gave Biden 37% support on the economy compared to 58% who disapproved. Furthermore, he was underwater on climate change, 44-49 approval/disapproval; foreign policy, 38-54; and the southern border, 27-60.
The top issue for respondents was inflation, with 27% identifying it as such. In July, consumer prices rose by 8.5% on an annualized basis. It represents a modest decline from June’s peak of 9.1%, but remains significantly higher than previous norms, which had hovered around 2%.
According to registered voters, Biden had a 41% approval rating, with 53% disapproving. This is a significant improvement over his July approval rating of 33% approve to 59% disapprove, but still considerably below average.
These economic approval ratings come shortly after Biden’s plan to cancel millions of Americans student loan debts. The plan, hailed by Democrats as a major win, has also received criticism for what economists say it will do to the economy.
As reported by The New York Times. The plan, announced two weeks ago, includes forgiveness of up to $10,000 in student loan debt for individuals earning $125,000 or less and an additional $10,000 for low-income borrowers who received Pell Grants. Biden also proposed changes to loan repayment plans going forward that could reduce monthly costs and eliminate interest accumulation for millions of lower-income borrowers.
White House officials have offered partial estimates of who will benefit most from those moves, and how much revenue might be lost. Officials have argued that the package won’t increase inflation although none getting into specifics. According to them, it will be paid for, but not in a way budget experts agree is appropriate.
Several conservative economists have criticized the plan, claiming it would lead to higher inflation and burden taxpayers with more debt. It has been defended by liberal economists as a lifeline for graduates whose education costs have skyrocketed.
Last week Biden’s bumbling Press Secretary was forced to admit tuition costs are about to skyrocket following Biden’s announcement of the reckless plan.
Administration officials also claim the plan is “paid for” because the deficit will shrink by at least $1.7 trillion this year compared to last. Officials say Mr. Biden is confident of the affordability of debt forgiveness because of the nation’s improving fiscal situation. That’s great that Biden thinks so because the economic confidence among voters says otherwise according to the Quinnipiac survey.
Bharat Ramamurti, a deputy director of the National Economic Council, told reporters on Friday, “It is paid for and far more by the amount of deficit reduction that we’re already on track for this year,”
Biden officials are either too blind to see the obvious economic ramifications this plan will have, or they’re just gaslighting the American people. Either way, it’s not a good look but it’s pretty obvious to figure out – by reducing or eliminating future loan payments, consumers will have more money to spend. The government won’t be sending checks to borrowers, but they will no longer have to make monthly payments thus adding to inflation.
The Biden administration has to do better to convince Americans that this plan won’t tank an already declining economy. Or change course all together. Whatever the case, the writing is on the wall and Americans are NOT satisfied with the commander and chief.