Despite Improved Economic Perceptions Among US Voters... 59% Dislike Biden's Economic Policies

Major Foreign Media and University of Michigan Ross School of Business Survey
48% of Voters Say "Current Life Comfortable, Expenses Manageable"
Bidenomics Support Rate Stands at 36%

Half of American voters currently view their financial situation positively, but only one-third support President Biden's economic policies. Persistently high inflation is cited as a major reason why approval ratings have not improved.

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According to a poll conducted from February 29 to March 4 by major foreign media and the University of Michigan's Ross School of Business, surveying 1,010 voters, 48% of respondents said their current living situation is "comfortable" or that they "can afford expenses and have a little left over" (margin of error ±3.1 percentage points).

In November last year, the percentage of respondents giving similar answers was 43%. This represents a 5 percentage point increase in the proportion of those who view their household financial situation relatively positively over four months.

Perceptions of the U.S. economic conditions also improved. The percentage of respondents who rated the U.S. economy as "excellent" or "good" rose to 30%, up 9 percentage points from 21% in the November 2023 survey. Those who viewed the U.S. economy negatively decreased by 9 percentage points from 76% to 67% during the same period.

Although Americans' financial situations and economic perceptions have improved, this has not translated into increased approval ratings for President Biden.

The survey showed that 36% support the Biden administration's economic policies, unchanged from November last year. Those who do not support his economic policies accounted for 59%, a slight decrease of 2 percentage points over the same period.

Given the U.S. economy's steady growth and employment, the stagnation in approval ratings poses a challenge for President Biden as he seeks re-election this November. According to the U.S. Department of Labor, nonfarm payroll employment increased by 275,000 in February, exceeding market expectations of 198,000. The personal consumption expenditures (PCE) price index, the Federal Reserve's key inflation gauge, rose 2.8% year-over-year in January, indicating a slowdown. The stock market also performed strongly, with the S&P 500 index reaching record highs this year.

Eric Gordon, a professor at the University of Michigan's Ross School of Business, said, "It is bad news for President Biden that negative evaluations of the economy outnumber positive ones." He added, "It is concerning that independent voters, who can decide the election, rate Biden's performance more negatively." He also assessed that "Biden's messaging and economic indicators promoting the achievements of 'Bidenomics' have not moved many voters in the way he wants."

One factor holding back President Biden's approval ratings despite the U.S. economic boom is still the high perceived inflation. In this survey, 80% of voters cited inflation as their biggest source of stress, only slightly down from 82% in the November survey. Respondents pointed to price increases by large corporations taking advantage of rising prices and the ongoing effects of COVID-19 as causes of inflation.

President Biden recently criticized food companies for "shrinkflation," where they reduce package sizes while effectively raising prices, targeting corporations.

Among independent voters, only 16% said they trust President Biden's economic policies. In contrast, 29% said they trust former President Donald Trump's economic policies, higher than Biden's. Since independent voters are crucial to winning the votes of swing state electorates that will decide the U.S. presidential election, experts point out that it is urgent for President Biden to overcome the harsh evaluations of his economic policies.

This content was produced with the assistance of AI translation services.