The importance of the economy in the upcoming election is underscored by measures showing how poorly Americans rate economic conditions today. Gallup’s Economic Confidence Index is at one of its lowest points over the past 30 years (although not as low as in 2008). About eight in 10 Americans rate the economy as “only fair” or “poor,” and over two-thirds say the economy is getting worse, not better.
Americans’ low confidence in the economy persists despite the fact that about seven in 10 U.S. adults say it is a good time to find a quality job, among the highest such readings across Gallup’s history of asking this question.
That seeming contradiction — inflation and the economy as major concerns at a time when employment is recognized as being robust — highlights one of the difficulties in assessing what the public wants to be done about the economy. I will have more on that below.
Surveys show that Americans are personally feeling the negative effects of inflation, highlighting its potency as an issue this fall. My colleague Jeff Jones recently summarized Gallup data on the personal impact of inflation, noting that “a majority of Americans now say they are experiencing financial hardship from higher prices.” Jeff goes on to review a variety of actions the public is having to take in efforts to deal with the issue, including cutting back on spending and reducing travel.
An NPR/PBS NewsHour/Marist poll conducted earlier this month similarly shows that twice as many Americans say their personal finances have gotten worse over the past year as say they have gotten better. And over seven in 10 report they “have had to cut back on, at least, one necessity or nicety in the past six months to meet their monthly expenses.”
U.S. Public Opinion and the Election: the Economy https://t.co/UBcd3WJ34U
— Carlos Obrador Garrido (@carlobrador) September 23, 2022