Confidence in the U.S. economy keeps weakening despite the Biden White House’s promises that the economy is doing great.
The amount of Americans reporting the economy is getting worse went from 63 percent in Sept. to 68 percent in Oct., Gallup reported this Wednesday.
This was not about partisan politics. Democrats and GOP views about the economy were essentially not changed in Oct., according to Gallup. What changed was the amount of independents who report that economic conditions are now worse went up nine points from 63 percent up to 72 percent.
The Economic Confidence Index went down to negative 25 in Oct., the lowest number since negative 33 back in April 2020 and negative 28 the month after. Gallup’s numbers have a theoretical high of +100, if all responders say the economy is great and getting better, and a low possible score of -100, if Americans say the economy is terrible and collapsing.
Before the pandemic, confidence was high. Gallup registered +41 in Feb. 2020, the best number since 2000. It fell in March and reached -33 in April. Since this, confidence has moved back and forth but has never gone higher than +2 which was recorded in April of this year. The Oct. decline is the fourth retreat in row.
Americans are increasingly talking about economic problems as one of the most crucial challenges facing the country.
“The increase in mentions of inflation are largely behind the increase in discussion of economic concerns — from 16 percent in Sept. to 24 percent in Oct. The percentage of United States adults talking any economic issue as the top issue has not been this high since 2017, but the 23 percent number from last June is close to where the reading now is,” Gallup said.
“The government or bad leadership is most usually mentioned as the top issue facing the United States, cited by 21 percent of Americans. With coronavirus vaccinations up and cases coming under the summer surge, mentions of the virus have went down six points, to reach 15 percent.”
Deportation of illegals (11%), the federal deficit (6%), the economy overall (6%), inflation (5%), racial issues (5%), unemployment (4%) and America’s moral decline (4%) are the next most mentioned topics.
Author: Scott Dowdy