New York, SAEDNEWS: The ABC News-Ipsos poll released on Sunday found that 69 percent of people in the United States disapprove of how the Democratic president has handled inflation, while only 28 percent said they approve.
Some 94 percent of Republicans said they disapprove, while 54 percent of Democrats said the same about the issue. Seventy-one percent of independent voters said they disapprove of Biden’s performance.
Fifty-seven percent of voters said they disapprove of Biden's performance on economic recovery.
Only 36 and 32 percent of those surveyed approved of Biden’s handling of crime and gun violence.
The poll comes as inflation rates continue to soar. Last week, reports said that consumer prices had risen by 6.8 percent in the past year leading into November which is the highest annual inflation rate since 1982.
The grim economic situation has posed a political nightmare for the Biden administration and cemented expectations for the Federal Reserve to start raising interest rates next year.
Biden said last week that he believes the US was currently at "the peak" of the inflation crisis and that inflation would drop after the Senate passed the Build Back Better Act, a key part of his agenda.
"It's a real bump in the road. It does affect families when you walk into a grocery store and you're paying more for whatever you're purchasing — it matters," Biden told CNN.
"It matters to people when you're paying more for gas, although in some states we've got the price down below three bucks a gallon, but the point is it's not gone down quickly enough," he added. "But I think it will."
The high rate of inflation in the United States is devastating to everyday Americans, an expert has warned, calling for the rising prices to be curbed.
Gilbert Garcia, a managing partner at Garcia Hamilton & Associates in Houston, said the US central bank needs to immediately get the rising inflation rate under control by raising interest rates.
“I wished we’d retire the word ‘transitory,’” Garcia told the CNBC Financial Advisor Summit on Wednesday, speaking of predictions that the recent increases in prices are temporary.
“Inflation is running at 6%, probably well over 6%, no matter how you look at it,” he added. “It’s pretty clear that it’s longer than transitory and it’s much hotter than their inflationary target.”
He went on to say that the Federal Reserve should lift rates, noting that the government is currently keeping them “artificially low.”
Last week, US Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen admitted that high inflation increased higher and lingered much longer than they had expected.
“Inflation has been more persistent and higher than we’ve expected,” Powell told a hearing before the House Financial Services Committee on December 1 (Source: PRESSTV).
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