This article was published on the domestic largest overseas investment information platform, Hankyung Global Market.
A citizen shopping in California, USA. (Photo=EPA News)
As the upcoming U.S. presidential election in November puts ‘economy’ at the forefront, recent survey results showed a decline in support for President Joe Biden’s economic policies among American voters. Unlike last year, when inflation was stable on a downward trend, prices have been rising again in recent months, leading voters burdened by high prices to turn away from President Biden and increase their support for former President Donald Trump.
According to the Financial Times-Michigan Ross survey on the 12th (local time), 80% of voters said that “high prices are one of the biggest financial difficulties.” The survey indicated that President Biden’s re-election prospects have become uncertain due to fears of inflation.
The inflation rate in the United States, which had been declining all of last year, has been rising again in recent months, causing increased concerns among voters, according to the FT analysis. The number of voters who support President Biden’s economic policies decreased compared to the previous survey. 58% of voters said they oppose President Biden’s economic handling, a 3% decrease from last month’s 55%. Only 28% of voters said that “Biden is helpful to the economy,” a 4% decrease from the previous survey.
The biggest point of contention in the upcoming November election between President Biden and former President Donald Trump is the ‘economy.’ FT interpreted the survey results as showing that voters do not recognize President Biden’s contributions to the strong U.S. economy or robust job market and criticize him for high consumer prices such as gasoline and food.
The survey conducted jointly by FT and the Ross School of Business at the University of Michigan showed that voters trust Trump more than Biden on economic matters. Trump’s support increased from 41% last month to 43% this month, while Biden’s support remained at around 35%. 16% of voters said they do not trust either candidate.
The candidates’ support also varied by occupation. Trump was seen as representing the interests of the finance industry (Wall Street) and large corporations, while Biden received a more favorable evaluation from labor unions.
40% of registered voters said that Biden better represents the interests of blue-collar workers, while the same percentage of voters who answered Trump represented 40% of the total. The responses also varied by education. 52% of college graduates said Biden better represents the interests of blue-collar workers, while only a third of voters without a college degree said Biden represents the interests of blue-collar workers.
FT emphasized that these results highlight Biden’s challenge to capture the minds of the working-class Americans and pointed out Trump’s success in the 2016 election by gaining support from white working-class voters and strengthening support from voters without college degrees.
The survey, conducted by FT and the Ross School of Business at the University of Michigan, was conducted among 1,003 voters across the United States from the 2nd to the 6th of the month. It was conducted online by the Democratic strategic group Global Strategy Group and the Republican opinion research firm North Star Opinion Research. The margin of error is ±3.1 points.
Hankyung Economy Reporter