According to a recent ABC News/Ipsos poll this month, U.S. adults express greater trust in former President Donald Trump than in President Joe Biden when it comes to the issue of inflation. The poll highlights that price increases continue to be a significant concern for voters, particularly with less than six months remaining until Election Day.
According to the poll, a significant 85% of participants consider inflation to be an important issue, making it the second-highest priority among the surveyed adults. The top priority, however, remains the economy, which is closely linked to people’s perceptions of rising prices.
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According to a survey conducted by ABC News/Ipsos, adults expressed their trust in Trump over Biden by a significant margin of 14 percentage points on both the economy and inflation.
Inflation has experienced a notable deceleration from its recent peak of approximately 9%. However, it still remains more than one percentage point above the Federal Reserve’s desired rate of 2%.
According to recent data from the U.S. Bureau of Labor Statistics, the majority of price increases last month can be attributed to rising gasoline and housing costs. In fact, these two factors accounted for 70% of the overall price increases.
“Inflation impacts everyone, regardless of their wealth or socio-economic status,” explained Elaine Kamarck, a senior fellow in the Governance Studies program at the Brookings Institution, in an interview with ABC News. “It is something that people are aware of and feel the effects of.”
The Biden campaign responded to ABC News’ request for comment by providing a statement that highlighted the president’s economic accomplishments.
According to a statement, President Biden has achieved what Trump couldn’t for the American people. He has successfully created 15 million new jobs and achieved record-low unemployment rates. Additionally, President Biden has managed to lower costs and invested billions of dollars in communities that have been neglected for an extended period of time.
The upcoming November election holds immense significance as it will determine the future of the progress made so far. If Donald Trump is re-elected and assumes the presidency, he will actively work towards reversing the achievements and exacerbating the situation by relocating jobs to China and causing a surge in costs. The voters are in dire need of a candidate who can genuinely improve their lives, and Joe Biden stands out as the only contender who possesses the capability to do so.
According to Fisher, Trump would be more capable of tackling inflation, highlighting that the rise in inflation in 2021 occurred during Biden’s administration.
According to him, a decrease in inflation does not guarantee that the store will revert everything back to its original state.
According to experts interviewed by ABC News, presidents have only limited control over the direction of prices, including inflation. However, tackling inflation presents a significant political obstacle as the impact of progress made on the issue is often less noticeable to voters compared to the initial problem.
According to Francesco D’Acunto, a finance professor at Georgetown University who specializes in studying how people perceive economic news, voters find rising inflation to be highly noticeable. They perceive it as a significant issue that has negative implications for their personal finances.
According to D’Acunto, inflation is not experiencing a symmetric reaction on the decreasing end. He explains that although prices are still increasing, the rate at which they are growing has slowed down.
The economy is excelling in various important aspects, despite the concern of rising inflation. Unemployment rates are currently at their lowest in 65 years, indicating a strong job market. Additionally, economic growth continues to remain robust, and the major stock indexes have recently reached all-time highs.
According to a recent survey conducted by ABC News/Ipsos, 43% of respondents reported experiencing a decline in their financial situation under the Biden presidency. On the other hand, among those who claimed to have maintained their financial stability, Biden enjoys a significant lead with 66% support, compared to just 21% for his opponents. These poll findings shed light on the diverse economic experiences of Americans under the current administration.
Kenneth Vickers, a 34-year-old elevator constructor residing in Boston, Massachusetts, expressed that his financial situation took a turn for the better approximately a year ago when he became a union member. However, he highlighted that inflation continues to be a significant concern for him.
“It’s challenging to manage day-to-day, week-to-week, and month-to-month expenses when you have bills to pay,” Vickers expressed. “While I earn a decent income, I understand that many others struggle financially.”
Vickers, an independent, expressed his confidence in Trump’s ability to address the issue more effectively than Biden.
Vickers emphasized that Trump possesses a wealth of experience in the business realm, having successfully navigated the challenges of running a business and preserving his wealth.
Vickers, however, admitted that he is still unsure about his choice for the upcoming November elections. He emphasized that there are other significant matters that he considers, including immigration and foreign policy.
