Almost all Americans oppose President Joe Biden’s handling of the inflation crisis (67%), according to the results from the latest CBS-YouGov Poll.
There were 33% of Americans that did approve, however, which is just 11 points less than Biden’s Presidential support rating of 44% in the poll.
Eighty-two percent of American adults have experienced rising costs compared to just one year ago, while around 67% have seen items out of stock on store shelves.
Biden is struggling below a majority approval on several other matters, including race relations, the economy, and immigration.
CBS News reported that a 64% majority in the poll rate the U.S. economy as “fairly bad” or “very bad,” with inflation being the No. 1 reason for 84% of those respondents.
The roughly $2 trillion Build Back Better budget reconciliation package passed the House on Friday, which was the final day of the poll, so they were not asked to respond to the approval on that one, CBS reported.
The CBS News poll was carried by YouGov No. 15-19 among 2,058 U.S. adults with a margin of error of plus or minus three percentage points.
Long-term market bull Jeremy Siegel expects a serious pullback that isn’t tied to the Covid-19 surge risks.
His tipping point: a drastic change in Federal Reserve policy to deal with inflation.
“If the Fed suddenly gets tougher, I’m not sure that the market is going to be ready for a U-turn that [chair] Jerome Powell may take if we have one more bad inflation report,” the Wharton finance professor told CNBC’s “Trading Nation” on Friday. “A correction will come.”
The consumer price index grew 6.2% in October, the Labor Department reported earlier this month. It
suggested the most significant increase in more than 30 years.
Siegel slammed the Fed for being far behind the curve in terms of taking anti-inflationary action.
“Generally, since the Fed has not made any aggressive move at all, the money is still flowing into the market,” Siegel said. “The Fed is still doing quantitative easing.”
He thinks the moment of truth will occur at the Fed’s Dec. 14 to Dec. 15 policy meeting.
So the Potatus is at it again. He says wages are up(false), over the last year overall hourly wages are down 1.6%. Says we have more disposable income but any disposable income is being eaten up with 6.2% inflation so we actually have LESS buying power. https://t.co/oQ0isS9mFQ— THEREMNANT(Liz) (@1Apocalypsis777) November 22, 2021
If it indicates a more assertive approach to restrain the increasing prices, Siegel warns a correction could strike.
“I am still pretty fully invested because, you know, there is no alternative,” he said. “Bonds are getting, in my opinion, worse and worse. Cash is disappearing at the rate of inflation which is over 6%, and I think is going higher.”
Siegel expects rising prices will stretch out over several years, with cumulative inflation reaching 20% to 25%.