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American Economic Confidence Craters In Biden's First 100 Days

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Americans’ economic confidence has fallen back into negative territory just after Biden’s first 100 days arrived.

On Monday, Gallup reported that its Economic Confidence Index dropped to -7, down from +2 in April and back to the level from March.

as Breitbart News reported:

Gallup said the recent shifts in confidence “may reflect public reaction to a stronger-than-anticipated jobs report in April, followed by a weaker-than-expected report in May.” It is also likely that confidence has been shaken by rising prices and shortages of some products and materials, including the recent widespread gas shortages.

In February of 2020, prior to the pandemic hitting public perceptions, Gallup’s economic confidence index stood at 41.

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The decline in May came mostly from a sharp drop in Republican confidence in the month. Republicans in the index register at -52, down from -35 in April. Democrat confidence declined from 31 to 27. Independents went from -4 to -3, a slight improvement.

Democrats were perhaps engaging in some wishful thinking, per Gallup:

Two-thirds of Democrats say the economy is getting better, according to Gallup. Just 13 percent of Republicans agree. More than eight in 10 Republicans, 84 percent, believe the economy is getting worse. Independents are slightly more likely to say the economy is getting worse (50%) rather than getting better (44%), Gallup said.

Confidence took a severe dip in May of 2020 as the coronavirus wrecked havoc across the country. And while it climbed slightly by November, it crashed again and has had quite a bit of trouble recovering in this age of Biden.

Gallup’s bottom line:

Americans’ less-positive evaluations of the U.S. economy, and their growing concern about it, have not been enough to affect their satisfaction with the way things are going in the country in May. To some degree, this reflects satisfaction levels that were already low among Republicans and, to a lesser extent, independents. More significant declines in satisfaction may occur only if Democrats start to become pessimistic about national conditions. But Democrats appear to be happy with the current power structure in Washington, D.C., which has their party in control of the presidency and both houses of Congress for the first time since 2010.

Thanks, Joe.

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About the Author:
Warner Todd Huston has been writing editorials and news since 2001 but started his writing career penning articles about U.S. history back in the early 1990s. Huston has appeared on Fox News, Fox Business Network, CNN, and several local Chicago News programs to discuss the issues of the day. Additionally, he is a regular guest on radio programs from coast to coast. Huston has also been a Breitbart News contributor since 2009. Warner works out of the Chicago area, a place he calls a "target rich environment" for political news.