(Photo=AFP/Yonhap)
Despite indications of an improving U.S. economy, President Joe Biden’s “economic score” shows little sign of a rebound, attracting attention to the reason behind this.
According to Yonhap News, on the 10th (local time), the Financial Times (FT) reported that although American voters believe the economy is improving, they remain stingy in support of incumbent President Biden.
According to a poll conducted jointly by the FT and the Ross School of Business at the University of Michigan from the 28th of last month to the 3rd of this month, with 1,010 voters and a margin of error of ±3.1 points, 48% of the voters responded that “current life is comfortable” or “can meet living expenses and save a little”. This is 5 percentage points higher than the question asked in November last year.
Around 30% of respondents rated the overall economic situation in the U.S. as “excellent” or “good,” up 9 percentage points from November of last year.
[yarpp]
However, support for President Biden’s economic policy remained at 36%, the same as in November of last year, and his policy disapproval response was 59%, only 2 percentage points lower than the survey conducted four months ago.
These poll results come as President Biden is embarking on a re-election campaign based on the prosperity of the U.S. economy during his tenure.
The U.S. had the highest economic growth rate among major advanced countries last year, and inflation (price increase) also slowed rapidly.
Moreover, the U.S. economy is showing signs of improvement by maintaining the unemployment rate at a record low with 270,000 jobs added last month, exceeding market expectations, and setting the S&P 500 index at a record high.
In a recent State of the Union Address, President Biden boasted that “we inherited an economy on the brink, but now our economy is the envy of the world,” and that there is a surge in investment due to the Inflation Reduction Act (IRA) and other factors.
However, despite 60% of respondents saying that economic issues such as jobs and living expenses are the most important factors in the presidential election, this kind of appeal of President Biden is not resonating with voters.
Along with this, President Biden is also trailing in a hypothetical match-up against former President Trump.
While 40% of respondents said they trust former President Trump’s economic policy, support for President Biden was only 34%, and 20% said they do not trust either candidate.
In particular, only 16% of no-party preference voters supported President Biden, while support for former President Trump was higher at 29%.
Professor Erik Gordon of the Ross School of Business said, “From President Biden’s perspective, the large number of negative responses to economic performance is bad news, but what is more worrying is that it is more negative among no party preference voters, who could hold the key to the presidential election.”
Most Commented