A recent Media Intelligence Group (MIG) report on public sentiment regarding the US economy reveals a nation split along partisan lines. Supporters praise the administration for allegedly reducing unemployment and achieving GDP growth. But critics blame Biden for rising inflation and interest rates that threaten the middle class.
One sentiment that crosses the political divide is that many people feel their financial situations are becoming strained in the current economy. The report highlights Americans worries about the impact of continuously climbing interest rates on mortgages and car loans.
Today auto loan defaults are surging, and mortgage rates hover around 7.5%. Households are struggling with the higher threshold for borrowing. Despite the administration touting positive economic indicators like a 4.9% GDP growth in Q3 2022, many of the voting population still express fear and uncertainty. MIG data shows that Joe Biden's approval rating dropped to a concerning 35% during the second week of October.
Biden critics point to inflation reducing real incomes and an accumulating public debt burden as indicators of economic mismanagement. But Biden supporters credit policies like the Inflation Reduction Act for spurring investment and job creation. In general, sentiment appears aligned with political affiliations but the overall sentiment towards the economy in 2023 is negative.
