In a recent poll by The Financial Times, it was revealed that former President Trump has a commanding lead over current President Biden in terms of voter confidence in their ability to handle the economy. Despite presiding over historically low unemployment and a booming stock market, Biden appears to have failed to convince voters of his economic stewardship. While there was some improvement in sentiment on the economy in the poll, with 27% of respondents saying the U.S. economy is “excellent” or “good” (up from 21% in a previous poll), and 47% saying they can “comfortably” pay their expenses (up three percent from November), Biden’s approval rating on the economy remained at 36%, unchanged from the previous survey.
The Trump campaign has been quick to capitalize on this perceived weakness, targeting Biden over inflation, which reached its lowest levels since 2022. Consumer prices rose by only 3.4% between January 2022 and January 2023, despite significant improvements in other areas such as job growth and stock market performance. This relatively low rate of inflation is expected to keep interest rates high, according to the Federal Reserve.
Meanwhile, the Biden administration has been working tirelessly to promote its handling of the U.S. economy under its leadership. Treasury Secretary Janet Yellen highlighted the “historic recovery” of the U.S. economy since COVID under the Biden administration, emphasizing strong GDP growth and a significant decline in inflation in remarks to the House Financial Services Committee. However, these efforts may not be enough to counteract any lingering doubts or concerns about Biden’s economic management among voters.