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Bloomberg Poll: 51% Better Off Financially Under Trump

Bloomberg Poll: 51% Better Off Financially Under Trump
President Donald Trump arrives at a rally at Resch Center Complex in Green Bay, Wisconsin. An estimated 100,000 people attended a recent Trump rally on May 11, 2024 in Wildwood, New Jersey. (Andrew Harnik/AP)

By    |   Friday, 17 May 2024 11:50 AM EDT

Fifty-one percent of registered voters in seven key swing-states say they were better off financially under President Trump, but only 32% say they are faring better under President Biden, the April Bloomberg/Morning Consult poll found.

This is primarily because cumulative inflation under Biden is 19.4% but was a mere 1.4% when Trump left office.

Also, while real disposable personal income per capita — money available for spending after taxes and adjusted for inflation — has improved under Biden, it’s a mere one-quarter what it was under Trump.

This is putting disposable income in the Biden era on track to be one of the worst of any post-World War II presidency.

Asked about 15 economic issues, the 4,969 respondents to the survey cited the cost of everyday goods as their No. 1 concern.

Faced with the coronavirus pandemic that shut down the U.S. economy, Trump pumped $3.5 trillion into the economy through stimulus checks and other relief to save it.

Biden has spent $10 trillion in his three years in office, causing the national debt to balloon to $34.5 trillion and fueling inflation that peaked at 9.1% in June 2022 but is still a stubbornly high 3.4%.

Unemployment under Biden is projected to average 4.1%, the lowest for any modern president with the exception of Lyndon Johnson’s 1965-1969 term.

It would stand to reason, then, that Americans would feel good about the economy during the Biden years — but the trouble is, prices inflated nearly 20% are hurting everyone. This is why Trump is beating Biden in poll after poll.

One thing that is notable during this period of low unemployment is that groups that have historically have a hard time finding work — racial and ethnic minorities, and the disabled — are benefitting in this tight labor market. So are women with children under 18.

Trump argues that the 15 million jobs created during Biden's term are merely due to the economy bouncing back from shutdowns as the pandemic raged, with unemployment soaring to 14.8% in April 2020.

Trump spokeswoman Karoline Leavitt says that if Trump is re-elected he will “reimplement his America First, pro-growth, pro-job agenda and uplift all Americans.”

Stocks have also increased during both president’s terms — rising 40% under Biden but soaring 68% under Trump. This included the pandemic crash of 2019 and a volatile market that ended in the red in 2022.

One reason stocks flourished under Trump was he cut the federal corporate income tax rate from 35% to 21%. Pumping up corporate profits helped their stock prices.

Lower interest rates and inflation under 3% during Trump’s four years also helped lift stocks.

A big “bane of our existence” — which is how Biden trivially referred to inflation at its outset — is that it has gotten far harder to afford a new home under his administration due to the Federal Reserve’s raising interest rates to fight inflation, driving up mortgage rates to 7%.

Home shoppers today need to make more than $106,000 to comfortably afford a home, according to Zillow.

That is a whopping 80% more than in January 2020, when Trump was in office, showing how significantly the math has changed for hopeful buyers under the administration of President Biden.

The cost of essentials like food and gas will also likely play an important role in November's presidential rematch between Trump and Biden, as many Americans have seen their grocery bills double.

Mark Zandi, chief economist at Moody’s Analytics, says that the outcome of the November election could ultimately depend on the path of 30-year mortgage rates.

“Given the current housing affordability crisis, higher rates will make owning a home completely out of reach for nearly all potential first-time homebuyers,” he says. “Since homeownership is a key part of the American dream, if it appears unattainable, this will deeply impact voters’ sense of the economy.”

Methodology

The Bloomberg News/Morning Consult poll surveyed 4,969 registered voters in seven swing states: 801 registered voters in Arizona, 802 in Georgia, 708 in Michigan, 450 in Nevada, 703 in North Carolina, 803 in Pennsylvania and 702 in Wisconsin. The surveys were conducted online from April 8-15.

© 2024 Newsmax Finance. All rights reserved.


StreetTalk
Fifty-one percent of registered voters in seven key swing-states say they were better off financially under President Trump, but only 32% say they are faring better under President Biden, the April Bloomberg/Morning Consult poll found.
trump, biden, economy, stocks, income, inflation
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2024-50-17
Friday, 17 May 2024 11:50 AM
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