Bidenomics may be heading towards an economic disaster, as a poll released by CNBC showed President Joe Biden’s economic approval rating to be barely hovering above the drain. The survey revealed that the president’s economic approval rating rose only by a meager three percentage points compared to the prior survey in April, leaving the Democratic head with the disheartening numbers of 37 percent approving and 58 percent disapproving. It is now clearer than ever that the Democrats have failed to keep the economy in check, leaving thousands of Americans to suffer at the hands of their misguided economic policies.
The economic distress caused by Biden’s flawed policies is most evident in the fact that only 20 percent of Americans have a rosy view of the economy. Considering that the majority view the economy as either poor or just fair, with 47 percent rating it as poor – the worst rating – the Biden administration’s incompetence stands exposed. Despite the number of people who view the economy as just fair or poor being down from 85 percent in the April survey to 79 percent, it is still a clear indication that the Biden administration has failed to meet even the basic requirements of the American people.
The survey further highlighted that only 24 percent of the public believe the economy will improve in the next year, up six points from the previous survey. Unfortunately, this still pales in comparison to the survey results from November and October, indicating a downward spiral towards economic despair. What’s worse, a whopping 43 percent expect the economy to deteriorate further, indicating that the current trajectory of Bidenomics is leading the country towards economic ruin.
The survey’s most alarming revelation is that 30 percent of the public is greatly concerned about inflation, more than twice as many as any other issue. It is evident that the Biden government has failed to keep the prices in check, leading to a rise in inflation, which is currently the top concern for most citizens. Additionally, thirty-nine percent of respondents said Republicans have policies that have a positive effect on their personal financial situation, with just 28 percent saying Democrats do. Moreover, forty percent said Republicans are better at dealing with the economy, 16 points higher than Democrats. Furthermore, 43 percent say they trust Republicans more on inflation, putting the GOP 18 points ahead of the Democrats.
The survey also asked the public about the most responsible factor behind high inflation rates, with 51 percent blaming government spending, thus highlighting how Democrat’s untethered spending habits are playing a role in inflation growth. The Biden government’s failure to address this issue has led to a rise in prices, only perpetuating the economic distress that the American people are already facing.
In conclusion, the survey’s results are very insightful, clearly indicating the failure of Bidenomics. The Democrat’s flawed policies have led to a rise in inflation, and the citizens’ confidence in the Biden administration’s economic abilities is fast eroding. It is high time that Biden takes immediate action to address the issue at hand, or the country may face even more significant economic dilemmas in the coming years.
