According to a new poll by The Financial Times, former President Trump holds a commanding lead over President Biden when it comes to handling the economy. Despite presiding over historically low unemployment and a booming stock market, Biden has failed to convince voters of his economic stewardship. While there was some evidence of rising sentiment on the economy in the poll, with 27 percent of respondents saying the U.S. economy is “excellent” or “good” (up from 21 percent in a previous poll), and 47 percent saying they can “comfortably” pay their expenses (up three percent from November), Biden’s approval rating on the economy remained at 36 percent, the same as in the previous survey.
The Trump campaign has targeted Biden over inflation, which reached its lowest levels since 2022, with consumer prices rising 3.4 percent between January 2022 and 2023, and 0.3 percent between December and January, resulting in a significant decrease from previous months. The Federal Reserve is expected to keep interest rates high due to the continued decrease in inflation.
On the other hand, the Biden administration has been working 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. Despite these efforts, it seems that many voters are still not convinced of Biden’s economic stewardship.