Over 60% of Americans seem to believe the U.S. economy is on the “wrong track” under the Biden administration.
Voters’ perception of the economy “remains negative,” per the January edition of the Harvard CAPS-Harris Poll, with some 63% of respondents saying the economy is on the “wrong track.”
Just 31% said they believe the economy is doing well, while 7% said they were unsure. Only 11% of Republican voters who answered the survey said they believe the economy is on the right track, along with 27% of independents. However, among Democrat voters, more than half say the economy is doing well.
Roughly three in five respondents said they think the economy is “weak.” Furthermore, 46% said their personal financial situation was “getting worse,” while less than a third said their finances were improving.
While the perception of the economy is generally poor, voters are split as to whether there will be a recession within the next year. A plurality of 36% said there will be, while 33% said the United States is currently in the midst of a recession. Some 31% said they believe a recession will be avoided.
According to the poll, only 40% of Americans approve of President Joe Biden’s handling of the economy. This aligns with a larger trend of voters disapproving of the Biden administration.
Biden’s approval rating was measured at only 42% by poll, with respondents citing the economy, inflation, and immigration as key areas where they take issue with the Biden administration, as reported by The Dallas Express.
The economy and inflation have become critical concerns in the metroplex as well. Notably, Dallas has become the 8th most expensive city in the United States for groceries.
Still, there have been signs that inflation is easing, and the U.S. economy does appear to be chugging along. As DX recently reported, the U.S. economy logged stronger-than-expected growth in the fourth quarter of 2023. According to initial estimates from the Bureau of Economic Analysis, the economy expanded by an annualized 3.3%, a slight dip from the 4.9% clocked the preceding quarter but above consensus expectations.
“Fourth-quarter growth was strong at 3.3% annualized, capping a good year. At the same time, inflation has slowed in 2023, with core PCE inflation, the Fed’s preferred inflation measure, right at their 2% objective for a second straight quarter,” wrote PNC chief economist Gus Faucher in a previous email to The Dallas Express.
“Consumer spending continues to increase at a steady pace, business investment growth is good, the housing market is no longer a drag, the trade deficit declined, and government spending is a positive,” Faucher noted.
