According to a recent ABC News/Ipsos poll this month, U.S. adults have more trust in former President Donald Trump than in President Joe Biden when it comes to the issue of inflation. The poll also revealed that price increases continue to be a major concern for voters, with less than six months remaining until Election Day.
According to the poll, an overwhelming majority of 85% of participants consider inflation to be a significant concern. This places it as the second-highest priority among the surveyed adults. Notably, the economy, which includes people’s perception of rising prices, remains the top priority.
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According to a survey conducted by ABC News/Ipsos, adults expressed greater trust in Trump over Biden by a margin of 14 percentage points on both the economy and inflation.
Inflation has seen a significant slowdown in price increases, dropping from a recent peak of approximately 9%. However, it is important to note that inflation still remains more than a percentage point above the Federal Reserve’s target rate of 2%.
According to recent data from the U.S. Bureau of Labor Statistics, the significant rise in prices last month can be attributed to the increasing costs of gasoline and housing, which accounted for 70% of the overall price increases.
Elaine Kamarck, a senior fellow in the Governance Studies program at the Brookings Institution, emphasized that inflation has an impact on every individual, regardless of their economic status. “It is something that is noticeable to people, regardless of whether they are wealthy or living in poverty,” Kamarck stated.
The Biden campaign responded to ABC News’ request for comment by providing a statement that highlights the president’s economic achievements.
According to a statement, President Biden has achieved what Trump couldn’t for the American people. He has created 15 million new jobs, resulting in record-low unemployment rates. Additionally, President Biden has successfully reduced costs and made significant investments in communities that have been neglected for far too long.
The upcoming November election holds significant consequences. If Trump becomes president, he will prioritize reversing the progress achieved thus far, outsourcing jobs to China, and causing an increase in costs. Voters are seeking a candidate who will genuinely improve their lives, and Joe Biden stands as the sole contender that fulfills this criterion.
Todd Fisher, a 60-year-old retired automotive engineer residing in Miami, Florida, has observed a significant surge in prices for everyday essentials, ranging from haircuts to groceries.
“I keep seeing prices rise and rise,” said Fisher, an individual living on a pension, in an interview with ABC News. “I’m not struggling financially, but I would definitely prefer it if things were more affordable. It would mean more savings for me.”
According to Fisher, Trump is more capable of tackling inflation, as he points out that the surge in inflation in 2021 occurred during Biden’s presidency.
Fisher, an independent, noted that the situation was not occurring during Trump’s presidency. However, Fisher believes that the current president is more attuned to the happenings.
Fisher acknowledged that although there has been a cooldown in price increases since 2022, it is important to note that prices have still risen compared to previous hikes.
According to him, when inflation decreases, it does not imply that the store will revert everything back to its original state.
According to analysts interviewed by ABC News, the trajectory of prices is not entirely under the control of any president. While inflation presents a significant political challenge, the progress made in addressing this issue often fails to resonate with voters as much as the initial problem itself.
According to Francesco D’Acunto, a finance professor at Georgetown University who researches people’s understanding of economic news, voters find rising inflation to be highly significant. They perceive it as a major concern that has negative implications for their personal finances.
According to D’Acunto, while there is a noticeable impact on the rising end of inflation, there is no equivalent response when it comes to the decreasing end. He explains that prices continue to increase, albeit at a slower rate.
The economy is excelling in various important aspects, despite the concern of high inflation. Unemployment rates are at their lowest point in 65 years, indicating a strong labor market. Furthermore, there is consistent and solid economic growth, and the major stock indexes recently reached new all-time highs.
The economy’s strong performance has surpassed expectations despite enduring an extended period of high interest rates. These rates have caused borrowing costs to skyrocket for various financial products, including mortgages and credit cards. The Federal Reserve recently made the decision to keep interest rates unchanged for the sixth time in a row, maintaining them at levels not seen since 2001.
According to a recent survey conducted by ABC News/Ipsos, 43% of respondents reported that they have experienced a decline in their financial situation since President Biden took office. On the other hand, among those who claimed to have maintained their financial stability, a significant majority of 66% support President Biden, while only 21% favor another candidate. These poll results highlight the varying impacts of the Biden presidency on individuals’ financial well-being.
Kenneth Vickers, a 34-year-old elevator constructor residing in Boston, Massachusetts, shared that his financial situation took a turn for the better approximately a year ago after he became a member of a union. However, he emphasized that inflation continues to be a major worry for him.
“I earn a decent income, but unfortunately, many others are not as fortunate,” Vickers expressed. “Managing the day-to-day, week-to-week, and month-to-month expenses can be challenging when you have bills to pay.”
According to Vickers, an independent, he has more confidence in Trump’s ability to handle the issue compared to Biden.
According to Vickers, Trump’s background as a businessman has given him valuable experience in running a business and managing wealth.
Vickers, however, expressed his indecision regarding his vote in the upcoming November election. He emphasized that there are other pressing matters, including immigration and foreign policy, that are equally important to him.
