New Poll: 70% Say Economy Is Getting Worse, Not Better

Newly released poll data shows that Americans have grown highly pessimistic about the future of the economy under the Biden administration.

Gallup released a new poll Monday showing that 70% of Americans think the economy is getting worse, not better.

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“Americans are also more negative than positive about current economic conditions — 36% rate them as “poor” while a combined 22% say they are ‘excellent’ or ‘good,'” Gallup said. “The remaining 42% describe conditions as ‘only fair.’ From April through August this year, Americans were about as likely to rate economic conditions positively as to rate them negatively.

Much of the economic pessimism comes because of unemployment and inflation, which leads the concerns of many Americans.

“The economic recovery from the brief recession last year tied to COVID-19 has been uneven. Economic growth, as measured by gross domestic product, slowed in the third quarter after posting a strong second quarter,” Gallup said.

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“The latest unemployment report showed robust job growth after a couple of sluggish months. However, sharply rising inflation and labor and supply shortages are holding back economic activity. When Americans net it all out, they evaluate the economy more negatively than positively.

Meanwhile, Americans’ overall view of the economy has declined since last month.

“Gallup’s Economic Confidence Index, which measures Americans’ assessments of current U.S. economic conditions and whether the economy is getting better or worse, is -29 in November,” Gallup said. “The current reading is similar to October’s -25 score, as well as the -33 registered in April 2020, the worst so far during the pandemic. Economic confidence has improved at various points in the pandemic, but has not been able to sustain the improvement for long.”

A similar read came recently via the University of Michigan’s consumer sentiment indicator, showing Americans were feeling the worst in ten years.

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