In a recent poll by YouGov, it shows American citizens are more interested in the Biden administration tackling inflation than focusing on helping Ukraine in its war against Russia.
The poll was conducted between June 23 and 29 and the first issue asked respondents about issues that should be President Biden’s top priority, and 38% voted for lowering or eliminating inflation.
The second issue was lowering the cost and improving access the health care, with 15%, followed by 12% support for solving the energy crisis, 8% for reducing divisiveness in the country, 8% for ensuring Russia’s defeat in Ukraine, and 6% for reducing the national debt.
When asked about Biden’s handling of the war in Ukraine, 44% said they have unfavorable opinion, while only 36% held a favorable view and 20% were undecided on the matter.
In regards to the issue of the U.S. military potentially becoming directly involved in the ongoing Russia-Ukraine war, 27% said they strongly oppose it, 21% neither support or oppose the action, and 19% somewhat oppose the military involvement.
The survey comes as the U.S. has spent almost $60 billion on the Ukraine conflict. the war has created uncertainty, pushing up the prices of gas, oil, food, and other commodities.
During a June 30 press conference, a reporter asked Biden how long it is fair to expect American drivers to pay higher gas prices. Biden answered, “As long as it takes so Russia cannot, in fact, defeat Ukraine and move beyond Ukraine. This is a critical position for the world.”
The 12-month Consumer Price Index (CPI), a measure of inflation, was recorded at 8.6% in May. Food prices were up by 10.1% and energy prices jumped 34.6%.
Fed Chairman Jerome Powell said at the European Central Bank’s annual policy forum in Sintra, Portugal, on June 29, “I think we now understand better how little we understand about inflation. This was unpredicted.”
The consequences of out-of-control inflation are being reflected in consumer and business data. The Personal Consumption Expenditures (PCE) index, a measure of consumer spending, rose by only 0.2% in May, down from 0.6% jump in April. Adjusted for inflation, consumer spending fell by 0.4% in May, the first decline in five months.
Though there was a $76.2 billion increase in spending on service, it was offset by a $43.5 billion decrease in spending on goods.
A recent report by small business network Alignable shows that 35% of American small business owners were not in aposition to pay their rent in full or on time in June.
The Alignable report showed, “Most small business owners attribute this worsening situation to record-breaking inflation, which includes escalating gas, labor, and supply costs. Simply put, there’s less money available to pay the rent.”