Fewer than half of US adults have “a great deal” or “a fair amount” of confidence in the abilities of Federal Reserve chairman Jerome Powell, US President Joe Biden, or either party’s congressional leaders to do “the right thing” for the economy, according to a poll conducted by Gallup during the first three weeks of April and published on Monday.
Equally troublingly, nearly half have “almost no” confidence in these leaders, who have repeatedly dangled rosy predictions of economic recovery in the face of a gross domestic product that actually declined for the first quarter of 2022.
Powell leads the pack, with 43% of respondents expressing confidence in his abilities, while Biden trails at 40%, tied with Republican leaders in Congress and two points ahead of their Democratic counterparts (38%). Those numbers have fallen precipitously over the past year as the inflation rate has more than doubled to its highest rate in over four decades. Despite reassuring words from their leaders, Americans are struggling to make ends meet, with many concerned there is no end in sight to the nation’s fiscal predicament.
As the US leaders’ favorable ratings have shrunk, negative public opinion has surged, with fully 43% of respondents – irrespective of party lines – claiming they had almost no confidence in Biden to do the right thing for the economy. Powell fared slightly better due to lack of name recognition, with 10% of respondents expressing no opinion about him, although 22% said they had no faith in his abilities either. Democrats in Congress inspired similar revulsion from 42% of respondents, while Republicans got away with 30% expressing almost no confidence in their abilities.