More than 65% of U.S. voters say the economy and the country are headed in the wrong direction, according to a poll released Friday by the Wall Street Journal.
Additionally, 67% rate the strength of the U.S. economy as “total negative” and 52% think it will get worse.
“Our economic diagnostics have become partisan,” said Democratic pollster John Anzalone, who conducted the survey with Republican pollster Tony Fabrizio. “If there was a Republican president, we might see the reverse.”
The poll also found:
- 35% say the cost of living is rising and creating major financial strains; 28% say it’s rising and creating minor financial strains; 28% say it’s not a problem now, but will become one if costs keep going up
- 40% view the Federal Reserve negatively; 36% view it positively A slim majority of Democrats hold a favorable view, while 57% of Republicans view it unfavorably.
- Roughly 60% of voters ages 18-34 are pessimistic about the economy’s prospects next year; 42% of those 65 and older feel the same way.
Kendra Lewis, a Democratic poll participant and business consultant who lives in Georgia, told the Journal she is seeing some of the small-business people she works with act as if they are in a recession.
“I’ve seen a drastic contraction in what people are willing to spend,” Lewis said. “When entrepreneurs are scared to invest and expand, that trickles down to a lot of other things in the economy.”
Inflation slowed last month but is still high at 7.1%. The Federal Reserve raised interest rates by half a percentage point Wednesday and projected at least an additional 75 basis points of increases in borrowing costs by the end of 2023 as well as a rise in unemployment and a near stalling of economic growth.
The Journal surveyed 1,500 registered voters for its poll, which has a margin of error of plus/minus 2.5 percentage points.
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