According to a Gallup poll published May 2, public confidence in America’s current economic leaders is deteriorating. Confidence in US President Joe Biden’s management of the US economy fell from 57% to 40%, and confidence in Federal Reserve Chairman Jerome Powell fell from 55% to 43%. An April 2022 Gallup poll, published amid the country’s highest inflationary pressure in decades, indicates that confidence in economic leaders is at its lowest level since 2008.
Americans are not confident in the current leaders who run the economy
After the largest monetary expansion the country has seen in its lifetime, faith in US economic leaders is “dwindling,” according to a recent poll published by Gallup.
The survey was conducted via telephone interviews April 1-19, 2022, with 1,018 adults residing in the United States. Gallup poll respondents resided in all 50 states and the District of Columbia. Moreover, the survey was conducted before the US GDP report, and the recent Federal Reserve rate hike. Gallup poll authors say:
Public confidence in the management of the national economy by key US leaders has been shaken amid the highest inflation in more than 40 years and Americans’ increasingly grim assessments of the national economy and their financial conditions.
Ordinary Americans are not the only ones who think the Federal Reserve and current economic leaders have lost credibility. A number of financial and economic analysts and authors such as Peter Schiff, Robert Kiyosaki, Gerald Silent and many others do not believe that the Federal Reserve can salvage the situation. As far as the Gallup poll is concerned, “the confidence ratings of all leaders are below their respective historical averages,” the report’s authors explain.
Powell Says He Doesn’t Care About Credibility, Gallup Poll Shows Faith in Democratic Leaders Less Than Trust in Republican Leaders
On May 4, when Federal Reserve Chairman Jerome Powell was asked directly if he was “concerned about the Fed’s credibility with the American people,” Powell said he was not.
“No. A good example of why is that, in the last quarter of last year, we started talking about tapering sooner and then raising rates this year,” Powell told Bloomberg Television reporter Mike McKee. I’ve seen financial markets react. You know, very appropriate.” The Federal Reserve Chairman added:
No scale blesses any particular day. But the way financial markets have tightened, you know, the forward rate curve in response to our guidance, and our actions really amplify our policy. I mean, her monetary policy is operating on expectations now, to a very large extent.
Moreover, Powell also told a Bloomberg reporter that the US central bank decided to pick the June 1 date to “begin allowing securities to trade” on a whim. “It was just picking a date, you know, and it just so happened to be the date we picked,” Powell assured Mackie. “[There] There was nothing magical about it. As you know, it will not have any macroeconomic significance over time.”
A Gallup poll shows that since US inflation has soared, “Americans’ confidence in the Biden and Powell economic administration has fallen by double digits.” The survey says that less than half of American adults said they had “a great deal” or “a good amount” of confidence” in the economic management of Biden and Powell. Powell scored 43% and Joe Biden scored 40% lower. Moreover, Gallup statistics indicate that Faith in Democratic leaders (38%) is currently lower than trust in Republican leaders (40%) when it comes to managing the US economy.
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