According to a Gallop poll published on May 2, the public’s confidence in America’s current economic leaders has been deteriorating. American president Joe Biden’s confidence has plummeted from 57%, to 40%. Federal Reserve chair Jerome Powell’s faith has also fallen from 55% and 43%. Gallop’s April 2022 poll shows that trust in economic leadership is at its lowest since 2008 when the country faces the most severe inflationary pressure in decades.
Americans Don’t Trust Current Leaders to Manage the Economy
After the largest monetary expansion the country has seen in its entire lifetime, faith in America’s economic leaders is “flagging,” according to a recently published Gallop poll.
Telephone interviews were conducted between April 1-19, 2022 with 1,018 adults in the U.S. Gallop poll respondents were located in every state and District of Columbia. The survey was conducted before the U.S. Gross Domestic Product report and the Federal Reserve rate increase. According to the Gallop survey,
Public confidence in key U.S. leaders’ management of the national economy is shaken amid the highest inflation rate in more than 40 years and Americans’ increasingly bleak assessments of the national economy and their own financial situations.
The Fed and its current leaders aren’t the only people who think the average American is wrong. A number of analysts, financial authors and economists like Peter Schiff, Robert Kiyosaki, Gerald Celente and many others don’t believe the Fed can save the day. As far as the Gallop poll is concerned, “confidence ratings for all leaders are below historical averages for each,” the report’s authors explain.
Powell Says He’s Not Concerned About Credibility, Gallop Poll Shows Faith in Democratic Leaders Is Lower Than the Confidence in Republican Leaders
On May 4, when Fed chair Jerome Powell was asked directly if he was “concerned about Fed credibility with the American people,” Powell said that he was not.
“No. I don’t,” Powell told the Bloomberg Television reporter Mike McKee. “A good example of why would be that, so in the fourth quarter of last year, as we started talking about tapering sooner and then raising rates this year. The financial markets reacted. You know, very appropriately.” The Federal Reserve chief added:
Not to bless any particular day’s measure. The way the financial markets have responded to our direction and our actions has really amplified our policy. You mean that its monetary policies are meeting all expectations.
Moreover, Powell also told the Bloomberg reporter that the U.S. central bank decided to choose the June 1 date to “begin letting securities roll off” on a mere whim. “It was just pick a date, you know, and that happens to be that happened to be the date that we picked,” Powell stressed to McKee. “[There]It was not magical. You know, it’s not going to have any macroeconomic significance over time,” he added.
The Gallop poll shows that since U.S. inflation has risen a great deal, “Americans’ confidence ratings for Biden’s and Powell’s economic management declined by double digits.” The poll says less than half of American adults said they have “‘a great deal’ or ‘a fair amount’ of confidence” in Biden’s and Powell’s economic management. Powell received a score of 43%, while Joe Biden got a lower score of 40%. Moreover, Gallop’s stats indicate faith in Democratic leaders (38%) is currently lower than the trust in Republican leaders (40%) when it comes to managing the U.S. economy.
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