A survey released from Monmouth University on Wednesday found that around 70 percent of people are concerned that President BidenJoe BidenJill Biden campaigns for McAuliffe in Virginia Fill the Eastern District of Virginia Biden: Those who defy Jan. 6 subpoenas should be prosecuted MORE's spending plans could lead to inflation.
In the survey, Monmouth asked participants how concerned they were that Biden's spending plans could lead to inflation.
Of those polled, 71 percent said they were concerned, with 47 percent saying they were "very concerned" and 24 percent saying they were "somewhat concerned."
Concerns were shared across political affiliations, according to Monmouth.
"A central economic criticism of Biden’s plans is that the spending will lead to spiraling inflation," Monmouth noted in its report. "Those who are at least somewhat concerned about prices rising due to the proposed spending include majorities of Republicans (93%), independents (70%), and Democrats (55%)."
The Biden administration has come under fire from both sides of the aisle by critics who argue that Biden's ambitious spending plans will drive up inflation in the U.S.
Larry Summers, a former top economic adviser in the Obama administration, has spoken out against Biden's spending plans as the "least responsible” economic policy seen in 40 years.
“All the signs are for inflation starting to break out,” Summers said at a Council on Foreign Relations forum earlier this year.
Summers pointed to the recent rise in the cost of housing, used cars and commodities as well as labor shortages as reason for his assessment.
Top Biden administration economic adviser Jared BernsteinJared Bernstein'Only the Rich Can Play' documents how Republican program to help the poor didn't More than 7 million Americans to lose jobless benefits on Labor Day Job openings hit 10.1 million in third straight record-breaking month MORE shot back at Summers's criticisms in February, saying he was “flat-out wrong” in suggesting the administration was not considering inflation risks.
“I think that the idea now is that we have to hit back hard, we have to hit back strong if we’re going to finally put this dual crisis of the pandemic and the economic … pain that it has engendered behind us,” Bernstein told reporters.
“We’ve constantly argued that the risks of doing too little are far greater than the risks of going big, providing families and businesses with the relief they need to finally put this virus behind us," he added.
The same survey from Monmouth found that Biden's approval ratings had dipped below 50 percent in June to 48 percent.
“Biden’s rating is still in net positive territory, but it seems to have taken a dip with the growing uncertainty that his signature spending plans will be enacted,” Monmouth University Polling Institute Patrick Murray said.