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Thursday 13 OcTOber 2022

Biden hit on economy as more say finances poor: AP-NORC poll

Continued from Front proved a challenge — with
gasoline costs becoming a
Overall, views of Biden and renewed source of finan-
of the direction of the coun- cial pressure. The average
try held steady in October, price at the pump was
after improving somewhat $3.92 a gallon on Wednes-
in September. Forty-three day, up roughly 5.5% from
percent say they approve a month ago, according
of how Biden is handling his to AAA. Support for Biden
job as president, while 25% had picked up after a 99-
say the country is headed day drop in gas prices from
in the right direction. Bi- a June high that ended in
den’s approval rating had September.
dropped as low as 36% in Views of Biden’s handling
a July AP-NORC poll, and of the economy remain
the percentage saying the underwater. Only 36% say
country is headed in the they approve and 63% dis-
right direction dropped as approve. But Americans
low as 14% in June. aren’t heaping all the
The president has been blame for inflation at Bi-
steadfast in saying he be- den’s feet: 55% say higher
lieves the economy can es- than usual prices are most-
cape a recession, and he A customer looks at refrigerated items at a Grocery Outlet store in Pleasanton, Calif., Sept. 15, ly because of factors out-
2022.
said in an interview broad- Associated Press side Biden’s control, while
cast Tuesday by CNN that 44% say that’s happening
any potential downturn on Thursday, and econo- ing between $50,000 and omy compared with earlier mostly because of Biden’s
would be modest. mists expect it to show that $100,000 call their personal in the summer. policies. The president has
“I don’t think there will be prices rose 8.1% in Septem- finances good, as do 75% Sandra Baker, 56, said she blamed rising energy and
a recession,” Biden told ber from a year ago. of those making more than voted for Biden and intends food prices on Russia’s Feb-
CNN’s Jake Tapper. “If it “I see him throwing money that — both down only to support Democrats in ruary invasion of Ukraine.
is, it’ll be a very slight re- at things we don’t need,” slightly since earlier in the this year’s elections. The He’s also blasted oil com-
cession. That is, we’ll move Saunders said of Biden. “It year. In the latest poll, 23% Lincoln, Nebraska resident panies and refineries for
down slightly.” makes me think of the Op- call the national economy said the president is trying raking in profits off the high-
Saunders doesn’t think Bi- rah episode that became good. That’s similar to the his best to fix the economy er prices, instead of doing
den is entirely to blame for famous. ‘You get a car, you percentage in June but and address political di- more to increase produc-
her higher bills, but she said get a car, you get a car.’” down slightly from 29% in vides. tion. Saudi Arabia and oth-
h is $1.9 trillion coronavirus The drop in financial well- September, when views of “He’s doing all he can do, er countries tied to OPEC
relief package from last being was especially the national economy had but everything else is so dealt the U.S. a further blow
year with its direct pay- acute among Americans shown signs of improve- screwed up it doesn’t really last week by announcing
ments to Americans was in households making less ment. The drop since Sep- matter,” Baker said. “The plans to cut oil production
excessive. Some leading than $50,000 a year, just tember came primarily general vibe — everything by 2 million barrels a day
economists say the money 33% of whom now call their among Democrats, from the Democrats do — seems in response to the slowing
helped ignite inflation that personal finances good 46% then to 35% now. In to be toward helping the economy, a move that the
reached a 40-year peak in compared with 50% in September, Democrats little man and it’s always administration said would
June. The government will March. Sixty-one percent had appeared increasingly been like that.” support oil exporters such
release an inflation report of those in household mak- optimistic about the econ- But the economy has as Russia.q

Fed voiced determination at last meeting to curb inflation

AP Economics Writer pressures. They noted that ing high inflation out of the
WASHINGTON (AP) — Fed- hiring remained "robust," economy will "bring some
eral Reserve officials at which itself fuels high infla- pain," with higher unem-
their last meeting stressed tion as wages rise sharply. ployment and, many fear,
their commitment to tam- Beginning in March this a recession by next year.
ing "unacceptably high'' in- year, the Fed has raised Even as the Fed's cred-
flation before announcing rates five times in an aggres- it tightening has sharply
that they were raising their sive pace that has boosted raised borrowing costs
benchmark interest rate by its key short-term rate to a across the economy, hir-
a substantial three-quarters range of 3% to 3.25%, the ing has remained surpris-
of a point for a third straight highest level since 2008. The ingly resilient. Unemploy-
time and signaling more Fed's benchmark rate, in ment dropped last month
large rate hikes ahead. turn, influences many con- to 3.5%, matching a half-
In minutes from their Sept. sumer and business loan century low. And employ-
20-21 meeting released rates. The central bank is ers added 263,000 jobs in
Wednesday, the Fed poli- set to raise rates again at its September, down from
Federal Reserve Board Chairman Jerome Powell speaks during cymakers judged that a meetings in November and 315,000 in August but still
a conversation with leaders from organizations that include "softening of the labor mar- December, beginning with reflective of a job market
nonprofits, small businesses, manufacturing, supply chain ket'' — likely including high- another large three-quar- that is hot enough to keep
management, the hospitality industry, and the housing and er unemployment — would ter-point hike early next putting upward pressure on
education sectors at the Federal Reserve building, Friday, Sept. be needed to curb the na- month. Chair Jerome Pow- wages and feed into high-
23, 2022, in Washington.
Associated Press tion's intense inflationary ell has warned that wring- er prices.q