American adults trust former President Donald Trump over President Joe Biden on the issue of inflation by a double-digit margin, according to a new ABC News/Ipsos poll this month, which found that Price increases remain a major concern for voters, with less than six months until Election Day.
A total of 85% of survey participants said inflation was an important problem, making it the second priority among adults surveyed. The top priority, the economy, is also linked to people’s perceptions of rising prices.
On each of those issues, the economy and inflation, adults surveyed by ABC News/Ipsos said they trusted Trump over Biden by a margin of 14 percentage points.
Price increases have slowed significantly from a recent peak of around 9%, but inflation remains more than a percentage point above the Federal Reserve’s 2% target rate.
Rising gasoline and housing costs accounted for 70% of last month’s price increases, according to data released this week by the U.S. Bureau of Labor Statistics.
“Inflation is something that affects absolutely everyone,” Elaine Kamarck, a senior fellow in the governance studies program at the Brookings Institution, told ABC News. “People notice it, whether they are rich or poor.”
In response to ABC News’ request for comment, the Biden campaign provided a statement touting the president’s economic accomplishments.
“President Biden succeeded where Trump failed for the American people: 15 million new jobs and record unemployment, cutting costs and investing billions in communities that have been left behind for too long,” it said. the press release.
“All of this is at stake in November: If Trump sets foot in the Oval Office, he will make it his mission to reverse that progress, send jobs to China and send costs through the roof. Voters want a candidate who improve their lives, and Joe Biden is the only candidate who will do it,” the statement added.
The Trump campaign did not respond to ABC News’ request for comment.
Todd Fisher, 60, a retired automotive engineer who lives in Miami, Fla., said he has noticed rapid price increases for everything from haircuts to groceries.
“Everything keeps going up and up,” Fisher, who lives off a boarding house, told ABC News. “I’m not broke or anything, but I’d rather it be the other way around. It’s more money for the bank.”
Trump is better equipped to fight inflation, Fisher said, noting that the start of high inflation in 2021 took place under Biden.
“This wasn’t happening when Trump was president,” said Fisher, who identifies as an independent. “I think he’s more aware of what’s going on.”
Asked about the slowdown in price increases that began in 2022, Fisher said they were still price increases, given previous hikes.
“When inflation falls, it doesn’t necessarily mean the store is going to put everything back to the way it was,” he added.
Analysts who spoke to ABC News said any president retains limited control over the trajectory of prices, but that inflation poses a significant policy challenge because progress on the issue is often less appreciated by voters than the initial problem.
In this undated photo, a supermarket shopper looks at the prices of groceries on his receipt.
STOCK PHOTO/Getty Images
“For voters, they think rising inflation is extremely important,” Francesco D’Acunto, a finance professor at Georgetown University who studies how people understand economic news, told ABC News . “They feel it’s very problematic and negative for their own finances.”
“But there is no symmetrical reaction in the event of a fall in inflation,” added Mr. D’Acunto. “Prices continue to grow, but at a slower pace.”
Aside from high inflation, the economy is performing well according to other key indicators. Unemployment is near its lowest level in 65 years, while economic growth remains solid and the main stock indexes have just broken records.
The strong performance defied expectations amid a prolonged environment of high interest rates, which have sent borrowing rates soaring for everything from mortgages to credit cards. Earlier this month, the Fed decided for the sixth consecutive time to keep interest rates stable, keeping them at a level last seen in 2001.
Yet 43% of people surveyed by ABC News/Ipsos said their financial situation had worsened under Biden’s presidency. Among those who say they have remained financially stable, Biden leads by a wide margin of 66% to 21% percentage points, according to the poll results.
Kenneth Vickers, 34, an elevator builder who lives in Boston, Mass., said his finances improved about a year ago when he joined a union. But, he added, inflation remains a major concern.
“I make a lot of money, but a lot of other people don’t,” Vickers said. “It’s hard to deal with the daily, weekly and monthly issues that can arise when you have to pay your bills.”
Vickers, who identifies as an independent, said he trusts Trump to handle the issue better than Biden.
“Trump is a businessman,” Vickers added. “He’s been through a lot when it comes to running a business and maintaining his wealth.”
Despite this, Vickers said he remains undecided about who he will vote for in November, pointing to other issues close to his heart, such as immigration and foreign policy.
ABC News
