Only seven percent of voters believe President Joe Biden’s economy is “very good,” while 34 percent say it is “very bad,” a 27-point differential, a CBS News poll found.
The poll suggests warning signs for Biden’s reelection chances. The economy is the number one issue for voters.Overall, Biden’s economy is in bad shape, the poll found:
- Only 32 percent of voters think the economy is in very or fairly good shape
- 63 percent say the economy is in very or fairly bad shape
- Five percent are unsure
Inflation (75 percent) and the economy (81 percent) remain the top two issues for voters, the poll found. Global warming and abortion remain of relatively low importance, at 35 percent and 50 percent, respectively.
The poll sampled 1,615 registered voters from June 5-7, 2024, with a ± 3.8 percent margin of error.
Higher interest rates might be around for longer and may be higher forever, Breitbart News’s John Carney wrote Wednesday, after the Fed kept rates the same upon a positive inflation report:
Wall Street was expecting the Federal Reserve’s Summary of Economic Projections to indicate officials now expect two cuts instead of the three they’ve been forecasting since the end of last year. Fed officials went further by bringing the median expected benchmark rate up to 5.1 for year-end, implying just one cut this year.
More importantly, Fed officials significantly raised their expectations for interest rates over the longer run. The median expected federal funds was on a downward trend until it hit 2.5 percent in the summer of 2019. For years after that, it seemed locked in place despite serious gyrations in the economy. It dipped once to 2.4 percent in the summer of 2022 but never climbed.
That changed in March, when the projections showed the median longer run expectation rose to 2.6 percent. In the latest set of projections, this jumped all the way up to 2.8 percent.
Inflation, however, is still hurting American taxpayers. Overall, prices are up more than 20 percent since Biden assumed office.
“Average inflation under Biden is more than double the level seen under any of the last 4 presidents,” Republican National Committee (RNC) researcher Jacki Kotkiewicz posted on X. “Y/Y inflation has been above 3% for 38 straight months, the longest period of high inflation since late 1980s.”
➡️Overall prices are up 20.1% since Biden took office.
— Jacki Kotkiewicz (@jackikotkiewicz) June 12, 2024
➡️Average inflation under Biden is more than double the level seen under any of the last 4 presidents.
➡️Y/Y inflation has been above 3% for 38 straight months, the longest period of high inflation since late 1980s.
Wendell Husebo is a political reporter with Breitbart News and a former GOP War Room Analyst. He is the author of Politics of Slave Morality. Follow Wendell on “X” @WendellHusebø or on Truth Social @WendellHusebo.
