As President Joe Biden prepares to depart from the Oval Office in just a few days, new survey data reveals that a majority of Americans have a negative outlook on his administration’s economy, while others are anticipating President-elect Donald Trump to do a good job during his second presidency.
More than half of Americans (52%) said that the Biden-Harris administration made the economy worse, according to a Fox News survey published Thursday. The poll found that 89% of voters said they are either “extremely” or “very” concerned about inflation, up from 83% in 2021, which was early on in his presidency when inflation climbed to 7% by December.
Meanwhile, a CNN poll also released Thursday showed that 56% of Americans said they believe that economic conditions in the U.S. will be “very” or “somewhat” good a year from now, while 52% said that the country will be better off four years from now. Of those surveyed, 56% also said they believe that the president-elect will do a good job in his second term, reinforcing their optimistic views regarding the economy.
Since Biden took office in January 2021, Americans have been battling persistently high inflation. Under his administration, inflation peaked at roughly 9.1% in June 2022. Biden is now set to leave office with a rate of inflation still above the Federal Reserve’s target range of 2%, a $711 billion federal deficit for the first quarter of fiscal year 2025 and a national debt that reached $36.17 trillion as of Wednesday.
Ahead of the November 2024 presidential election, the economy repeatedly ranked as the most important issue for voters. While many businesses in the U.S. have continued to grapple with financial strain caused by increased prices under Biden’s presidency, small business optimism recently surged to a 6-year high following Trump’s sweeping election victory.
A CNN poll released Wednesday found that Biden’s approval rating was at the lowest level of his term, with only 36% of U.S. adults saying they approve of the way he handled his presidency. Trump is set to return to the White House on Jan. 20.
The White House and a Trump-Vance transition team spokesperson did not immediately respond to the Daily Caller News Foundation’s request for comment.
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