September 26, 2022

Economic confidence worst since the Great Recession

Confidence in the American economy is the lowest since the Great  Recession, according to a new Gallup poll released on Wednesday.

The Economic Confidence Index (ECI) ranked -33, outranked only by a -72 ranking in 2008. The current number ranks as low as the start of the pandemic in early 2020, a far cry from the Biden administration’s claims of an improving economy.

“With inflation in the U.S. at its highest point since 1982, Americans’ confidence in the economy has dropped to where it was in April 2020, when nationwide shutdowns brought on by the COVID-19 pandemic plunged the nation into a recession,” the poll’s report said.

“As 2021 comes to a close, morale is low in the U.S. COVID-19 continues to rage on, perceptions of the U.S. economy have worsened, Biden’s job approval rating is slumping, and Americans’ overall satisfaction with the direction of the country is low,” it added.

The contrast with the pre-pandemic record levels of economic activity under former President Donald Trump is striking.

The president will no longer be able to blame Trump or even the pandemic for economic failures going into 2022, making the midterm elections difficult for those in his own party.

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