Wall Street took a plunge on Wednesday, with the Dow Jones Industrial Average dropping more than 1100 points.
Inflation data released this week indicated that the cost of essential products had reached new highs, with no indications of receding.
The Federal Reserve recently boosted interest rates in an attempt to calm the inflation situation, but it is anticipated to be compelled to take even more drastic steps in the near future.Gasoline prices have also reached new highs, with national averages of about $5 per gallon.
The vast majority of Americans (85%) believe an economic downturn is very likely (45%) or fairly probable (40%) in the coming year, while only 12% believe it is not so likely (8%) or not at all (4 percent).
Approximately 1 in 5 Americans (19%) believe the health of the nation’s economy is either great (2%) or good (17%), while 4 in 5 Americans (80%) say it is either not so good (34%) or terrible (17%). (46 percent).
In a Quinnipiac University survey conducted since President Biden entered office, this is the most dismal assessment of the nation’s economy.
When asked how much power a president has on inflation, 29% answer a lot, 38% say some, 23% say only a little, and 10% say none at all.
Nevertheless, Biden administration officials are unable to communicate on the economy and continue to be out of touch with the problems that ordinary Americans face.