According to poll results released Monday, the US economy is gripped by severe pessimism. Americans are reporting the highest level of dissatisfaction with their financial situation in at least half a century.
According to a Wall Street Journal-NORC poll, 83 percent of Americans consider the economy to be poor or not so good. Only 1% of people say the economy is “excellent.”
The poll’s findings indicate how much inflation has harmed the US economy and Americans’ perceptions of their own financial well-being. The Consumer Price Index increased by the most in 40 years in March, and the rate of inflation in April was not far behind. On Friday, the government will release data for May’s price level.
Thirty-five percent are dissatisfied with their financial situation, the highest level of dissatisfaction since NORC began asking the question every few years beginning in 1972.
Sixty-three percent of Americans are extremely or very concerned about the rising cost of gasoline. Fifty-four percent are extremely or very concerned about the financial impact of high grocery prices on their household. Only 13% are unconcerned about gas prices, while 19% are unconcerned about grocery prices.
The proportion of Americans who believe they can improve their standard of living has decreased. Only 27% now believe they have a good chance of improving, down from 47% a year ago. 46% believe they have little chance of improving their standard of living.
Only thirty-eight percent of Americans are generally optimistic about most people’s chances of achieving the American dream. Sixty-eight percent describe themselves as generally pessimistic.
President Joe Biden is reportedly “seething” over his failing presidency, as his approval ratings have plummeted due to widespread economic pessimism. According to a separate CBS/ISPOS poll, 61% of Americans disapprove of Biden’s handling of the economy, 71% disapprove of his handling of inflation, and 72% disapprove of his handling of gas prices. Sixty-one percent oppose Biden’s tax policies as well. When it comes to the midterm elections, 21% say the single most important issue will be inflation.