As inflation is biting into the households’ budget, about two-thirds of Americans said that they disapproved of how President Biden is handling the inflation in a new poll.
Recent government data showed that U.S. annual consumer prices in October climbed 6.2% from a year ago, marking the highest inflation rate since November 1990.
Though Biden and his administration are trying to minimize inflation’s impact ahead of the 2022 midterm elections, a CBS News-YouGov poll released on Sunday, Nov. 21, found that only 33% of those surveyed approve of his handling of inflation while the remaining 67% disapprove.
According to the poll, the causes of inflation are not all political. The most significant majority of Americans (84%) cite supply and manufacturing issues after the COVID-19 pandemic as the cause of inflation. Smaller majorities blame other reasons, such as the increase in labor costs and wages (59%), high consumer demand after the pandemic (58%), and the COVID-19 economic relief package (50%).
Among those who call inflation “difficulty” or even “hardship,” 80% say they plan to delay the purchase of big items, 79% would take fewer trips, 78% would reduce gift purchases, and 71% say they would scale back holiday celebrations.
The poll found that Americans are staring at spiraling digits on gas pumps and grocery registers.
“Gas prices are a particular reason people cite for why they think the overall economy is bad. And that’s another window into how people process and measure what exactly the ‘economy’ is when asked to evaluate it, focusing at the moment on things of immediate cost and concern,'” the pollster wrote.
“About half of Americans are at least somewhat concerned about their ability to afford gas right now,” they added.
Replying to the question, “Why is the economy bad?” 84% blame inflation and rising costs, 74% blame gas prices, 71% say a shortage of products and services, and 60% say that businesses are still not back to normal.
A majority of survey participants (64%) rated the U.S. economy as either “fairly bad” or “very bad.”
The poll results did not bode well for Biden, with 56% of respondents disapproving of his job in office.
The survey was conducted from Nov. 15-19 with 2,058 U.S. adults participating.