President Joe Biden’s approval rating continues to trend downward based in part on criticism of his economic policies.
According to the results of a new Rasmussen poll released this week, a clear majority of voters believe the U.S. economy has gotten worse under the current administration.
“It’s a very mixed picture”
Pollsters found that 57% of respondents feel that the economy is worse under Biden than it was under former President Donald Trump with just 21% indicating that it is better and 19% saying it is the same.
The latest COVID-19 surge contributed to worker shortages, decreased travel, and less business for restaurants and entertainment venues. Nevertheless, Biden’s policies have been blamed for making matters even worse.
Massive government spending, supply chain interruptions, and the cancellation of oil pipeline projects have led to higher prices as well as delays in the shipment of important consumer goods.
As a result, the nation’s gross domestic product grew just 0.5% in the third quarter and currently stands at an annualized 2%, according to the Commerce Department and Bureau of Economic Analysis. Robert Rosener, a senior U.S. economist at Morgan Stanley, indicated that the worst might be yet to come for many consumers.
“In some places, things may be getting worse before they get better,” he said. “In some areas, they may be stabilizing before they get better. It’s a very mixed picture, but there’s nothing that’s signaling immediate relief.”
“Confident that the fourth quarter will be much better”
The Rasmussen poll further found that 38% of those surveyed believe current economic problems are primarily Biden’s fault, compared to 31% who blame Congress. Considering the fact that the Democratic Party controls both the executive and legislative branches at the moment, its members stand to face a rough midterm election cycle next year.
Beyond 2022, Biden’s hopes at another term — or seeing a different Democrat succeed him — in 2024 could be all but lost if he does not find a way to address these problems sooner rather than later.
Some experts are expecting fourth-quarter numbers to tick upward as the COVID-19 delta variant wanes and more Americans return to the workforce.
ING chief international economist James Knightley explained: “We are confident that the fourth quarter will be much better. High-frequency consumer activity numbers such as flights, restaurant dining, and hotel stays have turned higher through mid-September into October as the Delta wave subsided.”
Many of the underlying economic issues, such as inflation and supply-chain interruptions, however, are not likely to be resolved in the next few months and could hold back growth well into next year.