A notable shift is occurring in the ongoing blame game surrounding inflation, with voters increasingly pointing fingers at big corporations rather than to President Joe Biden.
Voters Pin the Blame of Inflation on Large Corporations And Not on Joe Biden
According to a recent Financial Times-Michigan Ross online poll, 63% of survey respondents attribute the price increases over the last six months to "large corporations taking advantage of inflation," up from 54% in November.
On the other hand, 38% of respondents blamed the price increases on Democratic policies, which was similar in November, according to CNBC.
However, 59% of the respondents still disapprove of Joe Biden's management of the economy, though this figure has slightly decreased from 61% in November. The poll, conducted between February 29 and March 4, surveyed 1,010 registered voters with a margin of error of +/-3.1%.
For the White House and Biden's reelection campaign, the growing frustration directed at businesses comes as somewhat of a relief amid efforts to convince Americans that soaring inflation is primarily the fault of corporations rather than the administration's economic policies.
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Joe Biden Promises to Make Big Corporations Pay More Taxes
In his recent State of the Union address, Joe Biden announced plans to increase taxes on big corporations and wealthy Americans.
The president slammed companies for "shrinkflation," criticizing the firms for charging the same prices for smaller packages of snacks. He also denounced companies for "junk fees," surprise surcharges, late fees, overdraft fees, and service charges on concert tickets.
"Too many corporations raise their prices to pad their profits, charging you more and more for less and less... That's why we're cracking down on corporations that engage in price-gouging or deceptive pricing from food to health care to housing," the president noted.
To eliminate junk fees, Biden recently launched a new strike force jointly led by the Department of Justice and the Federal Trade Commission to crack down on price-gouging, which he blames for Americans' continued high costs of living.
The latest consumer price index, released Tuesday, showed an inflation rate of 0.4% higher in February, driven primarily by housing costs and mostly matched with analysts' expectations.
Consumer confidence has experienced a significant turnaround, with consumer sentiment levels almost back to the same level as when Biden entered office.
The Financial Times poll also shows that the overall perception of the economy remains mixed, with the majority still more negative about it. However, the gap has narrowed, as 30% of respondents rated overall economic conditions as positive, a nine-point higher from November.
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