February Sees Surge of Democrats Saying They Like Biden’s Economy

Confidence in the economy is rising among Americans, but it’s growing much faster among Democrats.

Despite low unemployment and continued strong economic growth, most surveys indicate that Americans are dissatisfied with the economy. Many people are probably still feeling the pain of high inflation.

Inflation has fallen from a 40-year high hit a year and a half ago, but remains above the Fed’s target. And the effects of high inflation are cumulative, making prices much higher than they would have been without the inflation explosion that plagued the economy under the Biden administration.

However, recent surveys show some improvement in consumer sentiment. Rasmussen’s consumer survey released Monday showed economic confidence rose for the fourth consecutive month in February.

The Rasmussen Report’s economic index rose 8 points to 110.0, an increase of 8 points from January. Last month, it was up 4 points from December.

The index is well below its July 2022 low of 78.6. The index peaked at 147.8 in January 2020 under President Donald Trump, but has since fallen under the weight of the pandemic. By November 2020, the score had recovered to 126.4, but fell again after Biden was elected.

February’s rally was politically biased. Among Democrats, the percentage saying the economy is excellent or in good shape rose to 60%, an increase of 12 points from last month. Although the share of Republicans who have a positive view of the economy has increased, it has fallen significantly, from 21% in January to 24% in February. Among consumers who said they were not affiliated with a major political party, that share rose from 27% to 28%.

Overall, 38% of American adults say the economy is in good or excellent condition, an increase of 6 points from the previous month. The proportion of respondents who said the economy is in a bad mood decreased by 7 points to 36%.

Thirty percent of Americans now say the economy is improving, an increase of two points from last month. 48 people expected the economy to worsen further, down 2 points from January. 18% responded that the current situation will not change, a decrease of 1 point from the previous month. The economy is improving, with an increase of 2 points from last month. Forty-eight percent (48%) expected the economy to worsen, down two points from January.