Poll: Most Americans Say Economy Is Getting Worse and Inflation Is a ‘Very Serious’ Problem

The majority of Americans say the U.S. is getting worse, a poll released Friday showed.

The Economist/YouGov poll taken prior to last week’s release of the Consumer Price Index showed that 53 percent of Americans say the economy is getting worse. Just 15 percent say the economy is getting better.

Inflation is a the heart of economic concerns. Fifty-six percent of Americans say inflation is a very serious problem. Another 27 percent say it is somewhat serious, while nine percent say it is only a mild problem and two percent say it is not a problem at all.

Income doesn’t change the perception of inflation. Americans earning less than $50,000 were just as likely to say inflation is a very serious problem as those earning between $50,000 and $100,000 or those earning more than $100,000.

There is, however, a partisan divide. Just 39 percent of Democrats say inflation is a very serious problem, while 76 percent of Republicans do. Sixty percent of independents say inflation is a serious problem.

Suburban and rural Americans are more likely to see inflation as a very serious problem, at 58 percent and 59 percent respectively. Fifty percent of city-dwellers say inflation is a very serious problem.

Inflation is closely linked to the health of the economy in the minds of Americans. Fifty-four percent ranked the prices of goods and services they buy as the best economic indicator, with jobs reports and the unemployment rate a distant second at 18 percent. The stock market was ranked number one by 5 percent and personal finances by 10 percent. Prices were the top ranked indicator by every income bracket, every age group, throughout the political spectrum, and across races. Urban, rural, and suburban voters also agreed.

This may explain why the White House attempts to change the subject from inflation to jobs and the decline in unemployment have been ineffective.

Forty-two percent of Americans say inflation is more important than unemployment right now. Forty-one percent say inflation and unemployment are equally important. Just nine percent say unemployment is more important.