Public confidence in America’s current business leaders has deteriorated, according to a Gallop poll released May 2. Confidence in US President Joe Biden, who manages the US economy, has fallen from 57% to 40%, and confidence in Federal Reserve Chair Jerome Powell has fallen from 55% to 43%. The April 2022 Gallop poll, released amid the highest inflationary pressures the country has seen in decades, shows confidence in business leaders at its lowest level since 2008.
Americans have no faith in the current leaders running the economy
After the biggest monetary expansion the country has seen in its entire life, confidence in America’s business leaders is “waning,” according to a recently released Gallop poll.
The survey was conducted via telephone interviews April 1-19, 2022 with 1,018 U.S. adults. Gallop poll respondents lived in all 50 states and the District of Columbia. Additionally, the survey was conducted ahead of the US Gross Domestic Product report and the Federal Reserve’s recent rate hike. The authors of the Gallop survey explain:
With inflation at its highest rate in more than 40 years and Americans’ increasingly gloomy assessment of the national economy and their own financial health, public confidence in the management of the national economy by top US leaders is being shaken.
The average American is not alone in believing that the Fed and current business leaders have lost credibility. A number of analysts, financial writers and economists such as Peter Schiff, Robert Kiyosaki, Gerald Celente and many others do not believe that the Fed can save the day. As for the Gallop survey, “all executives’ confidence scores are below historical averages,” the report’s authors explain.
Powell says he’s not worried about credibility, a Gallop poll shows trust in Democratic leaders is lower than trust in Republican leaders
When Fed Chair Jerome Powell was asked directly on May 4 if he was “concerned about the Fed’s credibility with the American people,” Powell said he wasn’t.
“No. I’m not,” Powell told Bloomberg Television reporter Mike McKee. “A good example of that would be in the fourth quarter of last year when we started talking about tapering earlier and then this year rates went up increase. You saw how the financial markets reacted. You know, very appropriate.”
Not to bless the measure of a particular day. But the way the forward curve in financial markets has tightened in response to our guidance and our actions really reinforces our policies. I mean, his monetary policy now works largely by expectations.
Additionally, Powell told the Bloomberg reporter that, on a whim, the US Federal Reserve decided to pick June 1 to “start rolling stock.” “There was only one date to pick, you know, and that happened to be the date we picked,” Powell told McKee. “[There] there was nothing magical about it. You know that over time it will have no macroeconomic significance,” he added.
The Gallop poll shows that since U.S. inflation has surged, “American confidence in Biden and Powell’s economic management has fallen by double digits.” The poll says less than half of American adults said they had “very much” or “fairly much confidence” in Biden and Powell’s economic management. Powell scored 43% and Joe Biden even lower 40%. In addition, Gallop’s statistics show that trust in Democratic leaders (38%) is currently lower than trust in Republican leaders (40%) when it comes to managing the US economy.
What do you think of the Gallop poll showing lagging confidence in America’s current business leaders? Let us know what you think about this topic in the comment section below.
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