According to a Gallop poll published May 2, public confidence in America’s current economic leaders has deteriorated. Confidence in US President Joe Biden who runs the US economy has fallen from 57% to 40%, and confidence in Federal Reserve Chairman Jerome Powell has fallen from 55% to 43%. The April 2022 Gallop poll, published amid the highest inflationary pressures the country has seen in decades, indicates that confidence in economic leaders is at its lowest point since 2008.
Americans don’t trust current leaders running the economy
After the largest monetary expansion the country has seen in its entire life, confidence in US economic leaders is “waning” according to a recently published Gallop survey.
The poll was conducted via telephone interviews on April 1-19, 2022, with 1,018 adult US residents. The Gallop poll participants lived in all 50 states and the District of Columbia. In addition, the research was done ahead of the US gross domestic product report and the Federal Reserve’s recent rate hike. The authors of the Gallop survey state:
Public confidence in the management of the national economy by top US leaders is shaken by the highest inflation in more than 40 years and Americans’ increasingly bleak assessment of the national economy and their own financial situation.
Average Americans aren’t the only ones who believe that the Fed and today’s economic leaders have lost credibility. A number of analysts, financial authors and economists such as Peter Schiff, Robert Kiyosaki, Gerald Celente and many others do not believe the Fed can save the day. As for the Gallop poll, “confidence numbers for all leaders for each are below the historical average,” the report’s authors explain.
Powell says he’s not worried about credibility, Gallop poll shows trust in Democratic leaders is lower than trust in Republican leaders
On May 4, when Fed Chair Jerome Powell was asked directly if he was “concerned about the credibility of the Fed with the American people,” Powell said he was not.
“No. I don’t,” Powell told Bloomberg Television reporter Mike McKee. “A great example of why would that be, so in the fourth quarter of last year, when we started talking about winding down early this year and then the increase rates. You saw the financial markets react. You know, very appropriate.” The head of the Federal Reserve added:
Not to bless the measure of a particular day. But the way financial markets, you know, the forward yield curve has tightened in response to our guidelines and our actions really reinforce our policies. I mean, his monetary policy is now largely working beyond expectations.
In addition, Powell also told the Bloomberg reporter that on a whim, the US central bank had decided to pick the June 1 date to “let the securities flow.” “It was just picking a date, you know, and that just happened to be the date we picked,” Powell emphasized to McKee. †[There] there was nothing magical about it. You know, it’s not going to have any macroeconomic significance over time,” he added.
The Gallop poll shows that since US inflation has surged, “American confidence in Biden and Powell’s economic management has fallen by double digits.” According to the poll, fewer than half of American adults say they have “a lot” or “a fair amount” of confidence in Biden and Powell’s economic management. Powell scored a 43% and Joe Biden scored an even lower 40%. In addition, Gallop’s statistics indicate that trust 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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2008, Biden Economy, Bloomberg reporter, Bloomberg Television, Trust, lack of trust, credibility, Decade, Democratic, economic management, Gallop Poll, Gerald Celente, inflation, jerome powell, Joe Biden, Mike McKee, Peter Schiff, Powell Economy, Republican, robert kiyosaki, US central bank, US Fed, US central bank
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Jamie Redman is the news leader at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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