A Gallup poll released on Tuesday revealed that Americans’ confidence in President Biden, Federal Reserve Chair Jerome Powell, and Treasury Secretary Janet Yellen’s economic policies has plummeted. The United States has been facing chronic inflation for the past two years, along with the growing threat of a recession.
Lowest Confidence Rating Since 2008
The poll revealed that just 35% of Americans have confidence in President Biden to do or recommend the right thing for the economy. This is the lowest confidence rating for a U.S. president since the global financial crisis of 2008, when George W. Bush occupied the Oval Office. Nearly half of respondents, about 48%, said they have almost no confidence in Biden when it comes to the economy.
Similarly, Powell’s approval rating has dropped to 36%, which is the lowest level of public confidence for a Fed chair on record. The central bank has raised interest rates aggressively over the past year from near-zero to above 5%, which is the highest since 2007. While the rate increases are intended to cool inflation, they also risk slowing hiring and sending the economy into a recession.
Yellen’s approval rating has also taken a hit, with just 37% of those polled saying they have a great deal or fair amount of confidence in her.
Falling Confidence in Leaders
Gallup’s senior editor, Jeffrey Jones, stated that “none of these leaders engenders much confidence now, and Americans have similarly low confidence levels in each.” In fact, many are at or near low points in the two-decade history of Gallup’s trend.
As the nation approaches a potential default on the federal debt, only about 38% of Americans have confidence in congressional Republicans on the economy, compared to 34% for congressional Democrats.
April Jobs Report
The April jobs report, according to BofA Securities global research head Ethan Harris, indicates that the economy is nowhere near a recession. However, the report could impact the Fed’s inflation strategy. Harris and The Fitz-Gerald Group principal Keith Fitz-Gerald discussed this on ‘The Claman Countdown.’
Debt Ceiling Deadline
The debt ceiling deadline is closer than previously expected. The potential default on the federal debt has further impacted Americans’ confidence in the nation’s economic policies.