Only 42% of Americans approve of Biden’s actions as president.
The U.S. President Joe Biden told Americans that he considers the fight against inflation to be his domestic political priority and takes this problem very seriously.
Inflation has caused consumer prices in the United States to rise by more than 8% compared to last year’s levels. According to the latest Reuters/Ipsos poll, only 42% of U.S. adults approve of Biden’s actions as president and call the state of the economy the most important U.S. problem.
Biden explained that the cause of inflation was the COVID-19 pandemic, supply problems and Russia’s invasion of Ukraine. Biden’s political opponents – Republicans – believe that the reason for inflation should be considered the growth of government spending during Biden’s presidency.
A study by the Federal Reserve Bank of San Francisco, published in March, showed that the injection of money into the US economy undertaken by the Biden administration led to an increase in inflation by three percentage points; however, as indicated in the study, without this, the U.S. would have faced deflation, which is much more difficult to fight.
Biden said that the U.S. Federal Reserve is taking and will take the necessary steps to combat inflation: last week the Fed raised the discount rate and plans to do so again in the foreseeable future.