According to a new survey, Americans are dissatisfied with the economic situation as well as President Joe Biden.
According to the University of Michigan’s consumer sentiment index, consumer confidence is at its lowest point in more than a decade, due to the greatest annual inflation in four decades, while a totally separate poll found that one-third of Americans are dissatisfied with Biden’s progress in office.
In February, consumer confidence fell to 61.7, dropping 8.2 percent from January and 19.7 percent from February of last year. It was the lowest level since October 2011, when it was 60.9.
Future Expectations Index Decreased
Consumers were found pessimistic, as the future expectations index decreased to 57.4 from 70.7 last year, a drop of 18.8%.
“The recent declines have been driven by weakening personal financial prospects, largely due to rising inflation, less confidence in the government’s economic policies, and the least favorable long-term economic outlook in a decade,” said the survey’s directors, Richard Curtin, in a statement.
“The impact of higher inflation on personal finances was spontaneously cited by one-third of all consumers, with nearly half of all consumers expecting declines in their inflation-adjusted incomes during the year ahead,” he added.
The Labor Department confirmed a day before the survey’s release that the Consumer Price Index increased 7.5 percent in January over the previous year, the largest yearly gain since February 1982.
A CNN poll found that 58 percent disapproved of Biden’s performance, while only 41 percent approved.
Furthermore, when pollsters asked people to think of one thing Biden did that they appreciated, 56 percent of those who disapprove of Biden, or 33 percent of all respondents, couldn’t think of anything.
“He is not Donald Trump. According to CNN, that is pretty much it,” one respondent wrote of Biden in the survey.
Biden’s approval rating is at 40.6 percent, according to the RealClearPolitics polling average, which is lower than former President Donald Trump’s average approval rating of 41.8 percent at this time in his term and 41.1 percent at the end of his four years in office.