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Americans Are Not Confident in Current Leaders Managing the Economy
According to a new Gallop poll, trust in America's economic leaders is "flagging" after the country's biggest monetary boom in its history.
The poll was conducted by phone interviews with 1,018 adult U.S. citizens from April 1 to 19, 2022. Participants in the Gallop poll came from all 50 states and the District of Columbia. Furthermore, the survey was conducted prior to the release of the US GDP data and the recent Federal Reserve rate rise. According to the authors of the Gallop survey:
Public confidence in key U.S. leaders’ management of the national economy is shaken amid the highest inflation rate in more than 40 years and Americans’ increasingly bleak assessments of the national economy and their own financial situations.
The average American is not the only one who believes the Federal Reserve and contemporary economic leaders have lost credibility. Many experts, financial authors, and economists, including Peter Schiff, Robert Kiyosaki, Gerald Celente, and others, do not believe the Fed will be able to rescue the day. According to the Gallop poll, "confidence ratings for all leaders are below historical averages for each," according to the report's authors.
Powell Says He’s Not Concerned About Credibility, Gallop Poll Shows Faith in Democratic Leaders Is Lower Than the Confidence in Republican Leaders
On May 4, when asked directly if he was "worried about Fed credibility with the American people," Fed head Jerome Powell responded he was not.
“No. "I don't," Powell told Bloomberg Television's Mike McKee. "A good illustration of why is that in the fourth quarter of last year, we began talking about tapering sooner and then rising rates this year." You saw how the financial markets reacted. Very properly, you know." The Federal Reserve chairman went on to say:
Not to bless any particular day’s measure. But the way financial markets, you know, the forward rate curve has tightened in response to our guidance and our actions really amplifies our policy. I mean, its monetary policy is working through expectations now, to a very large extent.
Furthermore, Powell told a Bloomberg reporter that the US central bank chose the June 1 date to "begin letting securities roll off" on a whim. "It was simply select a day, you know, and it happens to be the date that we picked," Powell said to McKee. "It had nothing magical about it." "You know, it's not going to have any long-term macroeconomic relevance," he continued.
According to the Gallop survey, "Americans' trust ratings for Biden's and Powell's economic management have plummeted by double digits" as the country's inflation has grown significantly. According to the survey, less than half of American people had "a great deal" or "a decent amount" of trust in Biden and Powell's economic stewardship. Powell received a 43 percent, while Joe Biden received an even lower 40 percent. Furthermore, Gallop's data show that trust in Democratic leaders (38%) is now lower than trust in Republican leaders (40%) when it comes to handling the US economy.
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