President Joe Biden's approval numbers continue to dwindle amid surging inflation. | whitehouse.gov
President Joe Biden's approval numbers continue to dwindle amid surging inflation. | whitehouse.gov
As inflation continues to surge, many households across the country are having trouble paying bills, and critics say those struggles are reflected in President Joe Biden’s approval numbers.
A recent U.S. Census Bureau report found that 40% of adults surveyed stated they were having problems paying for typical daily expenses, Yahoo Finance reported this week. Since the survey began asking Americans the question in 2020, that figure started going up once pandemic relief ended and inflation began. The figure also means that over 90 million families are currently struggling financially, up from approximately 60 million just one year ago.
The notion was not lost on Sen. Ted Cruz (R-TX), who took to Twitter this week to say, “February, CNN reports: ‘Biden to announce plan to lower costs for American families...’ July, Bloomberg reports: ‘The share of Americans who report having difficulties paying their bills has surpassed its 2020 pandemic peak’ Joe Biden is failing.”
Survey results show a sharp increase in financial stress in all of the country’s large metropolitan areas. In Michigan's major cities of Detroit, Warren and Dearborn, the share of respondents having difficulty paying bills jumped to approximately 41% from 23% a year prior.
Reuters recently reported Biden's approval rating to have fallen yet again. The president's lack of popularity is thought to be due to a surge in inflation, which at 9.1% rose to a new 40-year high in June. The most recent Reuters/Ipsos poll showed the president's public approval rating fell to 36% last week, tying the lowest rating during his 19 months in the White House. Among Democrats, approval fell to 69% from 74% a week earlier.
Mounting energy prices have become a financial burden for many American households. The latest Census survey revealed that across the country, one-third of homes had limited or forgone buying common household goods such as medicine or food in order to pay an energy bill.
On Thursday, CNBC reported that the Federal Reserve had again increased the interest rate by 0.75 percentage points in order to try to curb a pending recession. The move is the fourth hike this year.
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