Rove: Biden 'selling phony' success on Inflation Reduction Act to America
Panel discussion with Fox News contributors Karl Rove and Joe Concha on the efficacy of the Inflation Reduction Act and its political effect on midterm elections on "The Story."
Voters rated the Biden administration as competent and effective last year. Not anymore, as a majority sees no improvement in getting inflation under control — and a growing number say rising prices have damaged their family finances.
Fully 78% of voters in a new Fox News national survey say inflation has caused them financial hardship, up three points since July and up 11 since December. Some 34% describe it as "a serious hardship," up from earlier this summer (30% in July).
Inflation financial hardship - Fox News Poll (Fox News Poll)
In addition, more than half think inflation is "not at all" under control, unchanged since March.
Inflation under control in U.S.? - Fox News Poll (Fox News Poll)
It’s important to know the survey was completed before the latest inflation numbers were released Tuesday that showed consumer prices up in August. At the same time, gas prices nationally are below $4 per gallon, down from record highs around $5 per gallon this summer.
A year ago, 51% of voters said the Biden administration was competent and effective in managing the federal government. Today, only 38% feel the same way.
Biden admin effective on inflation? - Fox News Poll (Fox News Poll)
That 13-point decline comes from fewer independents (-21 points), Democrats (-13) and Republicans (-8) rating the White House as competent.
The new survey, released Wednesday, also finds inflation is the top concern to voters as more than five times as many report they are falling behind financially as getting ahead and, for the fourth month in a row, at least eight in 10 rate economic conditions negatively.
Personal financial situation - Fox News Poll (Fox News Poll)
Yet President Biden has seen a bit of improvement in his ratings on the economy. To be sure, he’s still underwater, but it’s by 28 points vs. 38 points in June. Similar story on inflation: his ratings are net negative by 36 points, but they were -48 in June and July.
But that improvement is driven almost solely by Democrats.
"The economy is a weight around the neck of the administration right now," says Republican pollster Daron Shaw, who conducts the Fox survey with Democrat Chris Anderson. "Until voters feel prices are under control, Biden’s numbers across the board will continue to suffer."
Biden’s ratings are better on other issues, although still in negative territory: climate change (-7), energy policy (-10), foreign policy (-17) and immigration (-28 points).
President Biden job performance - Fox News Poll (Fox News Poll)
"There are some small but clear improvements in Biden’s ratings, but inflation is continuing to cause real hardship for voters," says Anderson. "If that continues, it seems unlikely voters’ feelings about his stewardship of the economy will improve significantly."
Overall, 43% of voters approve of the job Biden is doing as president, while 56% disapprove. Last month, it was 42%-58%.
President Biden performance over last 12 months - Fox News Poll (Fox News Poll)
US ECONOMIC FUTURE LOOKS ‘MESSY’ AFTER AUGUST INFLATION REPORT HOTTER THAN EXPECTED
By a 20-point margin, more voters strongly disapprove than strongly approve.
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Conducted Sept. 9-12 under the joint direction of Beacon Research (D) and Shaw & Company Research (R), this Fox News Poll includes interviews with 1,201 registered voters nationwide who were randomly selected from a national voter file and spoke with live interviewers on both landlines and cellphones. The total sample has a margin of sampling error of plus or minus 2.5 percentage points.
Fox News’ Victoria Balara contributed to this report.