Most voters say their financial situation is actively “getting worse” under President Biden, according to a recent Harvard and Harris poll.
More than half, according to the survey, Say Their financial situation is “getting worse” under Biden – 56 percent. For comparison, a year earlier in July 2021, 33 percent said their financial situation was “getting worse”. And in January 2020, former President Trump’s last month in office, 20 percent said their financial situation was worsening, reflecting a steady increase throughout Biden’s presidency.
This coincides with a hadith University of Suffolk/USA TODAY survey, which found that 4 in 10 Americans are forced to cut back on staples like groceries due to inflation.
The findings come as Americans grapple with 41-year high inflation in a Biden slump, as the country has experienced two consecutive quarters of negative economic growth. In the second quarter of the year, GDP shrank by 0.9 percent:
The economy shrank 1.6 percent in the first quarter. Many Americans consider two consecutive quarters of recession to be a sign of recession. However, economists rely on the design of the National Bureau of Economic Research (NBER) to say when a recession begins. The NBER has a more complex and subjective definition of recessions, and usually does not announce a recession until several months after it began.
This presents a problem for Democrats as the midterm elections approach, with 34% identifying price hikes and inflation as the top issues facing the country today, followed by 29% who agree as the economy and jobs. In addition, IAccording to the survey, inflation stands as the biggest concern of Americans.
A Rasmussen Reports poll released on Wednesday revealed more trouble for Democrats, as most believe the country is in a recession and that Democrats be blaming.
The Harvard Harris Poll was conducted July 27-28, 2022, among 1,885 registered voters.