After two years of persistent inflation and the escalating possibility of a recession, the public’s trust in the White House, Federal Reserve, and Treasury Department has reportedly significantly declined.
Since George W. Bush inhabited the Oval Office in 2008, at the height of the global financial crisis, that is the lowest confidence rating for a U.S. president.
About 48% of those surveyed indicated they have little to no faith in Biden to handle the economy.
As Jerome Powell heads the American central bank in its battle against out-of-control inflation with the most aggressive interest-rate raise campaign since the 1980s, his approval ratings have also fallen.
The lowest level of popular trust in a Fed chair on record is shared by just 36% of American adults who indicated they have a great deal or fair amount of confidence in Powell’s handling of the economy.
Nearly 28% of those surveyed stated they have little faith in Powell.
Following the COVID-19 lockdowns in April 2020, Powell’s approval rating was 58%.
Since last year, the central bank has substantially increased interest rates, pushing them up to the highest level since 2007.
About 38% of Americans have trust in congressional Republicans on the economy, compared to 34% for congressional Democrats, as the country veers toward a probable default on the national debt.
Similarly, only 37% of those surveyed said they have a lot or some faith in Janet Yellen, the secretary of the Treasury.