Christian Smith
Inflation is “by far” the biggest problem for Americans preparing for the 2024 elections, but President Biden’s economic outlook and approval rating vary by race and ethnicity, according to a study. new Harvard CAPS/Harris survey.
In facing former President Trump, the presumptive Republican nominee, Biden has struggled with negative perceptions about his handling of the economy.
When asked how strong they consider the economy to be today, 42 percent of respondents said it was strong, while 58 percent considered the economy to be weak, according to the online survey of 1,660 registered voters conducted May 15-16, 2024.
Only 34 percent of respondents said they believe the economy is on track, although that response varied significantly depending on whether the respondent was Republican or Democrat — 13 percent and 59 percent, respectively.
Biden’s overall approval rating remains around 44%. But diving deeper into the data, the poll shows that Biden’s approval is 66 percent among black voters, 53 percent among Hispanic voters, 39 percent among white voters and 37 percent among Asian voters.
Almost half of voters surveyed – 48 percent – said their personal financial situation is getting worse. According to an analysis of respondents, 52 percent of Hispanic voters, 50 percent of white voters and 42 percent of Asian voters said their personal financial situation is getting worse, while 49 percent of black voters said their personal financial situation is improving.
While national polling averages analyzed by The Hill/Decision Desk HQ shows Trump and Biden in a neck-and-neck race less than 6 months until the election, US adults surveyed by a recent ABC News/Ipsos poll said they trust Trump over Biden when it comes to inflation by a margin of 14 percentage points.
Republicans have been critical of Biden on inflation, which surpassed 9% in June 2022 as the economy struggled to recover from the pandemic.
Although inflation has since fallen to 3.4 percent year over year in April, that figure is still above the Federal Reserve’s 2% annual growth target, and many Americans are feeling the impact of high prices and interest rates, which the central bank has set at a 23-year high for try to cool the economy.
Before his State of the Union address in March, Biden announced the formation of a “strike force” that would hold companies accountable for price manipulation practices. During a recent CNN InterviewBiden called out “corporate greed” as a contributing factor to stubbornly high prices.
“If you look at what people have, they have money to spend. It angers them and it angers me that you have to spend more,” Biden said. “It’s about 20% less for the same price. This is corporate greed. This is corporate greed. And we have to deal with it. And that’s what I’m working on.”
Trump went to Truth Social on Friday night to hammer your successor about your comments.
“Unbelievably, Crooked Joe went on television last week and proclaimed in an interview that Americans can actually afford their brutal inflation tax – he declared that CITAM families ‘have money to spend,’ and then Biden blamed his economic disaster on corporations that are decreasing in size. of your Snickers bars,” Trump wrote.
