Fewer than a quarter of Democrats say they are better off financially under Biden: Poll

According to the Financial Times, American voters, including a large number of Democrats, are not happy about their financial situation under President Joe Biden after sky-high inflation pushed up prices.

Only 18 percent of Democrats said they have gotten better off financially since Biden took office in January 2021, while just 6 percent said they are much better off. seconds to a survey of registered voters by the FT and the University of Michigan’s Ross School of Business. Of all voters, only 14% believed they were better off financially than before Biden took office.

“All groups (Democrats, Republicans and independents) list rising prices as by far the biggest economic threat … and the biggest source of financial stress,” Ross Professor Erik Gordon told the FT School of Michigan. “This is bad news for Biden, and more so given how little he can do to reverse price perceptions before Election Day.”

The top financial issue for all Americans was price hikes, with 82% tying it as their top stressor and about 75% believing price hikes are the biggest threat facing the US economy in the next six months, according to the FT.

Most Americans are worse off economically under Biden

Just 14 percent of American voters said their financial situation improved after Joe Biden took office, according to a new FT-Michigan Ross poll. pic.twitter.com/CeLiKDYYk9

— Sputnik (@SputnikInt) November 13, 2023

inflation reached the top under Biden to 9.1% in June 2022 and has slowed since then, falling to 3.7% for August and September, but remains well above the 2% target of the Fed. Many economists have done this linked rising inflation on the president’s high-spending initiatives, such as the American Rescue Plan, which added $1.9 trillion in new stimulus spending, and the Inflation Reduction Act, which add $750 billion.

High inflation led to 65% of respondents saying they had to cut back on spending on non-essentials such as holidays or eating out, while 52% said they had to cut back on necessities like food, according to the FT.

Many Americans have gone into debt to pay for their daily expenses, resulting in credit card debt that reached an all-time high of $1.08 trillion in the third quarter of 2023. Borrowers are also increasingly unable to repay their debts, leading to a rapid increase in delinquencies, especially for credit cards and auto loans.

Only half of Democrats thought Biden’s policies had helped the economy to some extent, while just over a quarter of American voters thought so, according to the FT. Just under half of those surveyed said the president’s policies have hurt the economy to some extent.

Biden scores worse than former President Trump in the same poll conducted four years ago, with respondents pessimistic under the former president but less negative than under Biden, according to the FT.

The poll was conducted Nov. 2-7 among 1,004 registered voters nationwide and has a margin of error of ±3.1%.

The White House did not immediately respond to a request for comment from the Daily Caller News Foundation.

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