People disapprove of America’s economic leaders, says study

Americans are losing faith in the Federal Reserve (Fed), the institution that serves as the central bank of the United States, as well as in its president, Jerome Powell, and other economic leaders. This is confirmed by a study by the Gallup polling company, which consulted public opinion on the economic decisions made for the country.

Gallup specifically asked the people of the United States How much trust do you have in Jerome Powell, the current chairman of the Fed? And if you have made good decisions for the US economy?

And the result was that those surveyed stated that they had little or no trust in relation to economic decision makers in your country. “Nearly half of Americans say they do not trust President Joe Biden, and 41% say the same of congressional leaders,” says the Gallup study.

The survey also found that people are less optimistic about the US economy. Even there is more pessimism now than in covid timestaking into account that, at that time, the level of confidence in the Fed and its leaders rose to 58%, while currently it dropped to 36%.

According to the data, all four Fed leaders had confidence ratings below 40% in the same year (April 2023). And this is “the first time it has happened in the Gallup poll since 2001,” adds the pollster in her report.

It means that in 22 years no Fed chair got a 36% rating in his public opinion confidence index, like the one Jerome Powell did get on this occasion.

What Americans Disapprove of the Fed

In its Gallup report, it indicates the points that Americans disapprove of. On this, he puts the fight against inflation in the first place.

the federal reserve has tried to curb inflation by drastically raising interest ratesbut the consumer price index continues to rise, as recently reported by CriptoNoticias.

On the other hand, in early May, the United States raised interest rates to the highest level in 16 years, despite the fact that the banking crisis is putting the country on the brink of an economic recession.

Historically, Americans’ trust in their leaders on economic matters has waxed and waned based on the health of the economy, Gallup notes.

However, the country is days away from economic collapse, due to the lack of agreements in Congress to increase the debt limit and avoid a payment default that could have devastating consequences for the nation.