According to a Gallop poll released on May 2, public confidence in the current U.S. economic leaders has been deteriorating. Confidence in U.S. President Joe Biden in managing the U.S. economy has dropped from 57% to 40%, and confidence in Federal Reserve Chairman Jerome Powell has dropped from 55% to 43%. The April 2022 Gallop poll, released amid the highest inflationary pressure the country has experienced in decades, indicates that confidence in economic leaders is at its lowest point since 2008.
Americans do not trust the current leaders who run the economy
After the largest monetary expansion the country has experienced in its entire life, faith in U.S. economic leaders is “heavy,” according to a recent Gallop poll.
The survey was conducted through telephone interviews between April 1 and 19, 2022, with 1,018 adult residents of the United States. Gallop survey participants resided in the 50 states and the District of Columbia. In addition, the survey was conducted prior to the U.S. Gross Domestic Product Report and the recent rise in Federal Reserve rates. The authors of the Gallop survey state:
Public confidence in the management of the national economy by top U.S. leaders is shaken amid the highest inflation rate in more than 40 years and the increasingly bleak assessments of Americans about the national economy and their own financial situations.
The average American is not the only one who believes that the Fed and current economic leaders have lost credibility. Many analysts, financial authors and economists such as Peter Schiff, Robert Kiyosaki, Gerald Celente and many others do not believe that the Fed can save the day. As for the Gallop poll, “the confidence rates of all leaders are below each other’s historical averages,” the report’s authors explain.
Powell says he doesn’t care about credibility, poll shows that faith in Democratic leaders is less than confidence in Republican leaders
On May 4, when asked directly by Fed Chairman Jerome Powell if he was “concerned about the Fed’s credibility with the American people,” Powell said no.
“It simply came to our notice then. I didn’t, “Powell told Bloomberg Television reporter Mike McKee. reacting to the financial markets. You know, very appropriately. ” The head of the Federal Reserve added:
Do not bless the measure of any particular day. But the way financial markets, you know, have tightened the interest rate curve in the future in response to our guidance and our actions are really broadening our policy. I mean, your monetary policy is running through expectations now, to a large extent.
In addition, Powell also told the Bloomberg reporter that the U.S. central bank has decided to choose the June 1 date to “start letting the bonds out” on a mere whim. “It was choosing a date, you know, and that was the date we chose,” Powell told McKee. “[There] it had nothing magical about it. You know, it’s not going to have any macroeconomic significance over time, “he added.
Gallop’s survey shows that since US inflation has risen sharply, “Americans’ confidence in Biden and Powell’s economic management has waned in double digits.” The survey says less than half of American adults said they have “‘a lot’ or ‘an amount’ of ‘confidence’ in Biden and Powell’s financial management. Powell scored 43% and Joe Biden scored 40% even lower. In addition, Gallop statistics indicate that faith in Democratic leaders (38%) is currently less than confidence in Republican leaders (40%) when it comes to managing the U.S. economy.
What do you think of the Gallop poll showing that confidence in the current U.S. economic leaders is lagging behind? Let us know what you think about this topic in the comments section below.
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