Finance

Most in new poll say federal government’s actions hurting them financially

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The majority of Americans say the actions of the federal government are hurting their family when it comes to their top financial concern, according to a new poll. 

The Monmouth University poll found that 57 percent of respondents held this view, compared to between 34 percent and 47 percent in prior polls. Only 8 percent said that politicians in Washington have helped them. 

Inflation and gas prices topped the list of Americans’ top concerns. 

In his recent remarks about inflation, President Biden said that low unemployment rates and higher savings levels on average will allow the country to fight inflation “from a position of strength.” 

However, the poll showed that few people are optimistic about the future, as just 23 percent expect government actions to help improve their top current concern, while 45 percent say that those in Washington will take action that hurts them. These results are almost a complete reversal from the responses one year ago. 

The results come as Biden’s approval rating sits at 38 percent, hovering close to the lowest levels of his entire presidency, according to a new Reuters-Ipsos poll

Although the Monmouth poll shows that more Americans are struggling financially than they were last year and are blaming the actions of the federal government for the state of the economy, there is not a clear consensus on which party Americans prefer when it comes to providing economic stability — 36 percent of respondents said that they want Republicans to control Congress compared to 38 percent who prefer Democratic control. 

Still, the poll results spell trouble for Democrats, who currently control both branches of Congress, heading into the midterms. The president’s approval rating and economic confidence are typically key indicators about the coming electoral fortunes of the party in power.

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