Americans are struggling under the weight of inflation in President Joe Biden’s economy, with economic confidence taking a hit comparable to the conditions that led to former President George H.W. Bush’s reelection loss in 1992. Gallup reports that the current economic index figure is reminiscent of the one present when Bush lost the election, despite initial successes in the Gulf War and response to Iraq’s invasion of Kuwait.
The public’s declining view of the economy is clear, with Gallup’s Economic Confidence Index dropping for two consecutive months, reaching a rating of -34 in May. This reflects a continued downturn in how Americans perceive both the current state and future trajectory of the economy. Since early 2022, a majority of Americans have consistently described the economy as “poor,” with 46% holding this view, the highest since November.
While the felony conviction of former President Donald Trump has stirred some political discussion, early indications suggest it may not be a significant factor in voters’ concerns at this time. Inflation and the state of the economy continue to weigh heavily on voters’ minds, according to Gallup. Despite initial successes in foreign policy and other areas, President Biden’s slow reaction to inflation may ultimately work against him as he seeks reelection.
