President Joe Biden cannot help restore Americans’ confidence in the U.S. economy. Instead, a surge of the COVID-19 pandemic driven by the Delta variant sees more pessimistic views on the economy.
The latest Gallup poll released on Friday, Aug. 26, indicates that Americans are less confident in the economy because they are more likely to perceive the economy is getting worse than they were in July.
Their assessment of current economic conditions is statistically unchanged.
The Aug. 2-17 survey finds that 60% of respondents think the economy is getting worse, with only 37% saying it is getting better. In July, 54% believed the economy was worsening, and 41% thought it was better.
Gallup said that its Economic Confidence Index, which summarizes Americans’ views of the economy, dropped from -6 to -12, putting it back to the same level it was in February. The index remains better than its pandemic low point of -33 in April 2020.
In August, 28% of Americans rate current economic conditions as excellent or good, 42% think it is fair and 29% consider it as poor.
Economic confidence fell among Republicans and independents, but not among Democrats. Republicans’ ratings of both current conditions and economic outlook worsened, while independents showed a decline in their economic outlook.
Gallup explained that the decline in confidence is likely tied to the recent increase in the CCP (Chinese Communist Party) virus or COVID-19 infections.
The August survey found the number of Americans naming COVID-19 as the most important problem facing the country doubling, and it is once again the top overall problem mentioned. Meanwhile, mentions of other problems such as the economy in general, unemployment or inflation showed no meaningful change.