American voters are worried about inflation and most of them believe that the administration of Democratic President Joe Biden is making it worse, according to a new poll.
The Fox Business poll, released on Thursday, found that when it comes to rising prices, twice as many think the Biden administration’s actions are hurting rather than helping, and nearly half think Biden’s policies will push inflation even higher.
The poll found that more than two thirds of Americans have suffered financial hardship in the past six months under the Biden administration as a result of inflation, and two thirds of the registered voters said that Biden’s poor leadership is “very” or “somewhat” responsible for skyrocketing prices.
About half of the voters also believe President Biden’s proposed social spending plan would push inflation higher and it would hurt the economy.
"One thing the president has going for him is low expectations," says Democratic pollster Chris Anderson, who along with Republican counterpart Daron Shaw, conducts Fox polls. "If the spending plans start to have positive impacts in people’s lives, maybe some will reconsider their view of Biden."
The poll comes as inflation rates continue to soar. Last week, reports said that consumer prices had risen by 6.8 percent in the past year leading into November which is the highest annual inflation rate since 1982.
The grim economic situation has posed a political nightmare for the Biden administration and cemented expectations for the Federal Reserve to start raising interest rates next year.
Until recently, the Biden administration described runaway prices as “transitory,” blaming coronavirus-related supply chain disruptions for the spike. However, the Federal Reserve has spoken about the issue.
“The risk of higher inflation becoming entrenched has increased,” Fed chairman Jerome Powell told reporters on Wednesday.
Biden said last week that he believes the US was currently at "the peak" of the inflation crisis and that inflation would drop after the Senate passed the Build Back Better Act, a key part of his agenda.
"It's a real bump in the road. It does affect families when you walk into a grocery store and you're paying more for whatever you're purchasing — it matters," Biden told CNN.
"It matters to people when you're paying more for gas, although in some states we've got the price down below three bucks a gallon, but the point is it's not gone down quickly enough," he added. "But I think it will."
The high rate of inflation in the United States is devastating to everyday Americans, an expert has warned, calling for the rising prices to be curbed.
Gilbert Garcia, a managing partner at Garcia Hamilton & Associates in Houston, said the US central bank needs to immediately get the rising inflation rate under control by raising interest rates.