A record 69% of Americans have a negative view of the economy, according to one poll.
On Tuesday, CNBC released its All-America Economic Survey, revealing that nearly seven out of 10 Americans have a dour view of the economy. Two-thirds also believe that the U.S. is heading for a recession, and a similar amount of respondents said that their wages were not keeping up with inflation.
The poll comes as recent Heritage Foundation studies show that the average American has lost $7,400 in income since President Joe Biden entered office, as of January 2023 due to high inflation.
“Prices have risen so much faster than wages that the average family has lost $6,000 in purchasing power,” Heritage’s E.J. Antoni said at the time. “As the Federal Reserve belatedly raises interest rates to fight the very inflation it helped cause, interest rates are rising fast, increasing borrowing costs by $1,400. Combined with falling real wages, the average family has effectively lost $7,400 in annual income since Biden took office.”
That inflation was caused in part due to massive government spending under the Biden administration, as well as actions taken by the Trump administration to combat COVID in 2020.
The president has previously denied that government spending contributes to inflation at all.
“So, I’m sick of this stuff!” he said last spring. “We have to talk about it because the American people think the reason for inflation is government spending more money. It’s simply not true.”
Biden: "I'm sick of this stuff … the American people think the reason for inflation is government spending more money. Simply not true!"
— RNC Research (@RNCResearch) March 11, 2022
On Wednesday, Biden continued to blame “MAGA Republicans” for the state of the economy and claimed that the solution was higher taxes on the wealthy and corporations.
The views expressed in this piece are the author’s own and do not necessarily represent those of The Daily Wire.