Americans' Concerns Mount as Inflation Cools Economy

Despite signs of easing inflation, the latest Fox News survey reveals growing economic worries among American voters, with three-quarters forced to reduce spending to afford necessities.

The relentless tide of inflation may be showing signs of receding, but its lingering effects continue to cast a shadow over the U.S. economy, emerging as a paramount concern among American voters. A recent Fox News survey paints a grim picture, with 76% of voters reporting that they have had to cut back on spending to make ends meet, a 5% surge since October 2022 and a 9% jump since March 2022 when the question was first posed.

The need to alter spending habits is not confined to a particular demographic, but certain groups stand out as more likely to have tightened their belts. Republicans (86%), households with annual incomes of $50,000 or less (83%), nonwhite voters (80%), women (79%), and voters under age 30 (78%) are among those most heavily impacted.

Americans' Concerns Mount as Inflation Cools Economy

The worsening economic outlook is reflected in the survey's findings, with only 27% of voters holding a positive view of the economy compared to 73% with a negative outlook, resulting in a net negative rating of 46. This represents a significant decline from last month's net negative rating of 36, which was the most favorable economic assessment during President Biden's tenure.

The shift in economic sentiment is largely attributed to a decline in optimism among Black voters (-22) and voters under 30 (-11) compared to June. These groups have grown more pessimistic about economic conditions.

The economy ranks as the top concern for 88% of voters, who are extremely or very concerned about its trajectory. This level of concern is nearly identical to the 89% who express similar worry about threats to personal rights and freedoms. Healthcare follows closely behind at 85%, while threats to free and fair elections garner 83% concern.

Other issues measured in the survey, including tax rates, crime rates, illegal immigration, the Supreme Court, abortion, the Israel-Hamas war, Russia's invasion of Ukraine, and climate change, all fall below 80% concern levels.

Notable partisan differences emerge when it comes to issue priorities. While Republicans prioritize the economy as their primary concern (96%), it ranks seventh for Democrats and ties for third among independents.

Among the four job handling dimensions tested, the economy remains Biden's strongest issue, with a 38% approval rating versus a 61% disapproval rating. However, his ratings are significantly lower on immigration (33% approval, 65% disapproval), inflation (33-66%), and the Israel-Hamas war (30-67%).

When asked to compare candidates on the economy, voters give a slight edge to former President Donald Trump, who holds a 10-point advantage over Biden (54% Trump, 44% Biden).

This Fox News survey, conducted July 7-10, 2024, under the joint direction of Beacon Research (D) and Shaw & Company Research (R), included interviews with 1,210 registered voters randomly selected from a national voter file. Results based on the full sample have a margin of sampling error of ±3 percentage points.