Despite a robust job market and an inflation rate that has dropped from over nine percent in June 2022 to 3.7 percent last month, nearly 70% of Americans say the economy is getting worse, not better, according to a new Suffolk University poll.
Despite a robust job market and an inflation rate that dropped from over 9 percent in June 2022 to 3.7 percent last month, nearly 70% of Americans say the economy is getting worse, not better.
The poll also found that 84% of respondents say the cost of living is rising, citing the swelling price of everyday needs.
Food prices are rising the most, according to nearly half (49%) of respondents, followed by housing costs (16%), utility bills (11%), and transportation, including gas (11%).
Americans are overwhelmingly cutting back on spending. More than 71% said they are going out to eat less often. They are dialing back spending on clothing purchases (68%), groceries (53%), vacations (58%), and canceling or delaying home improvements (57%).
Nearly 60% of those polled said they disapproved of President Joe Biden’s handling of the economy, and when asked whether they had more trust in Biden or Donald Trump to improve it, the respondents favored Trump by a 47%-36% margin.
This is the latest in a series of key indicators that suggest Biden cannot win re-election, even as Democratic Party officials labor to prevent either Robert F. Kennedy, Jr. or Marianne Williamson from getting a chance to make their case to voters.
The Democratic National Committee moved Iowa and New Hampshire from the front of the presidential nominating calendar after Biden lost those states in the 2020 election cycle, refused to sponsor or sanction candidate debates, and allowed at least 10 states to miss deadlines to publicize the way for delegates to get on the ballot in advance of the primaries.
The White House wanted South Carolina to vote first in 2024 because it was the first state Biden won in 2020, but although the Democratic National Committee obliged, state lawmakers there have not acted to accommodate the party bosses.
Biden’s plan to strip Iowa’s caucus of its traditional post leading off the nominating process and replace it with South Carolina would also strip New Hampshire of its long-held position as the nation’s first primary — a change New Hampshire officials have fulminated against.
The poll also found that lower-income households are feeling the brunt of the economic downturn. A clear majority of those lower-income households said they are cutting back on everything: food, clothing, utilities, travel, healthcare, and even dialing back the home thermostat to save money.
Households earning $100,000 or more reported cutting back significantly in only two categories: restaurants and retail.
The poll results suggest that Americans are deeply concerned about the economy and the rising cost of living because, despite the Biden administration’s efforts to paint a rosy picture of the economy, many families are struggling to make ends meet and are cutting back on spending.