President Joe Biden is seeing a positive shift in his approval ratings as voters increasingly hold corporations responsible for inflation, according to a recent poll. This could be a significant development in the lead-up to the November general election.
What Happened: A Financial Times-Michigan Ross online poll revealed that 63% of respondents attribute recent price hikes to “large corporations taking advantage of inflation,” up from 54% in November. Only 38% of respondents blame Democratic policies for the inflation, a figure that has remained unchanged since November. The poll, conducted between Feb. 29 and Mar. 4, surveyed 1,010 registered voters with a margin of error of +/-3.1%, reported CNBC.
“Too many corporations raise their prices to pad their profits, charging you more and more for less and less,” Biden said Thursday in his State of the Union address.
Despite this, Biden’s handling of the economy still faces a 59% disapproval rate, only slightly down from 61% in November. However, the growing frustration with corporations is seen as a positive sign for the White House and Biden’s reelection campaign.
Consumer price index data released on Tuesday showed a 0.4% increase in inflation in February, largely due to housing costs, a key focus of Biden’s 2025 budget proposal. The president has been vocal about his efforts to curb corporate price gouging and deceptive pricing.
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Consumer confidence has also seen a significant turnaround, with the University of Michigan’s consumer sentiment index reaching 76.9 in February, a level not seen since Biden took office.
Why It Matters: The shift in voter sentiment could be a game-changer for Biden’s administration, which has been grappling with the challenge of convincing Americans that corporate practices are to blame for inflation, not Bidenomics. This change comes at a crucial time, with the November general election looming.
Despite the disapproval of Biden’s economic policies, voters’ growing frustration with corporations could work in his favor. This shift in sentiment comes after a series of economic policies and budget proposals by the Biden administration, including a plan to slash the U.S. deficit by $3 trillion through higher taxes on wealthy individuals and major corporations.
This change in voter sentiment also follows a significant improvement in Americans’ assessment of the economy and their financial situation, as indicated by the results of a new poll published on Sunday. Despite this improvement, it hasn’t translated into a boost in approval ratings for President Biden.
Biden has remained confident in the U.S. economy, as highlighted in his State of the Union address, where he praised the economy’s resilience.
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