Joel Schulman, CEO of ERShares, discusses technology earnings and upcoming economic data reports.
President Biden is losing support in key battleground states amid growing pessimism among voters about the state of the U.S. economy, according to a new poll.
A Bloomberg News/Morning Consult poll released Wednesday shows Biden lagging behind his predecessor. President Donald Trump In six of the seven battleground states that are expected to determine the outcome of the 2024 presidential election.
Biden holds a two-point lead over the Republican nominee in just one state, Michigan, but trails in Pennsylvania, Wisconsin, Georgia, Arizona, Nevada and North Carolina.
The results came as poll respondents expressed bleak views about the economy, which has consistently ranked as a top priority for voters.
Why are groceries still so expensive?
President Biden speaks at an event at the Old Post Office in Chicago on June 28, 2023. (Taylor Glasscock/Bloomberg via Getty Images/Getty Images)
Majorities of voters in seven battleground states expect economic conditions to worsen in the coming months, with fewer than 20% expecting inflation and borrowing costs to fall by the end of the year. Only 23% of respondents expect employment rates to improve over the same period.
These numbers were even lower among undecided voters, a key voting bloc.
“People are tying Bidennomics and their perception of the economy to inflation,” said Matt Monday, senior manager at Morning Consult.
More than three-quarters of poll respondents said the president is responsible for the current performance of the U.S. economy, and nearly half said the president is “very responsible.”
of White House Although they praised the near-steady decline in inflation last year, most economists said it was due less to the president’s economic policies than to the Federal Reserve’s aggressive interest rate hike campaign and resolution of supply chain disruptions. agreed that it was.
Jamie Dimon warns that inflation, interest rates may remain high
Customers shop at a supermarket on September 13, 2023 in Foster City, California. (Li Jianguo/Xinhua News Agency via Getty Images/Getty Images)
Since then, the development of inflation has been roughly flat. Although the consumer price index has fallen significantly from its peak of 9.1%, it remains well above the Federal Reserve’s 2% target. And just before that, compared to January 2021, the inflation crisis has begunthe price increased by a whopping 18.94%.
Moreover, many families have not yet received material relief. Food prices rise 21% Since the beginning of 2021, shelter costs have increased by $20%, according to calculations by FOX Business.Meanwhile, energy prices rose by 36.8 points.%.
CLICK HERE TO GET FOX BUSINESS ON THE GO
Chronically high prices are forcing Americans to spend: Add $1,069 per month Latest estimates from Moody’s Analytics show it’s higher than it was three years ago, before the inflation crisis began.
As spending on everyday items increases, Americans are on fire Funded by savings, more and more people are turning to credit cards to cover basic expenses.
The burden falls disproportionately on low-income Americans, whose already maxed-out paychecks are heavily affected by price fluctuations.
