(NewsNation) — It’s been a year since inflation skyrocketed to 9.1% but most Americans say rising prices are still the biggest problem facing the United States today, according to a NewsNation/Decision Desk HQ poll released Tuesday.
Of the 1,000 registered voters surveyed, 55% ranked inflation as the top issue, ahead of crime (19%), immigration (18%) and unemployment (8%).
Scott Tranter, Decision Desk HQ’s director of data science, says the results show just how important pocketbook issues tend to be.
“We’ve had a debt ceiling fight, we’ve had a lot of political happenings and the number one thing is still the economy,” Tranter said.
More than 90% of respondents said they’re concerned about inflation and Democrats (55%) were slightly more likely than Republicans (52%) to say it’s the biggest problem.
The ongoing concern around rising prices comes even as the rate of consumer inflation slowed for a tenth consecutive month in April to 4.9%. Despite that deceleration, the number remains well above the Federal Reserve’s 2% target rate.
Although it’s still the main issue, Americans are slightly less worried about inflation today than at this time last year when over 70% of people said it was the biggest problem facing the country.
In the latest poll, a plurality of those surveyed, about 45%, said they are worse off financially today than they were a year ago. Only 23% said they’re better off while the remaining third said they’re about the same.
Many have been forced to borrow to stay afloat and today, Americans owe nearly $1 trillion in credit card debt.
Most economists expect a recession later this year but the U.S. labor market continues to defy expectations, even as other economic activity has slowed down.
What happens next — and when it happens — will have significant implications for the 2024 election, Tranter pointed out.
“If President Trump wins the Republican primary, he’s made it pretty clear his message is going to be: ‘Hey, when it was under me, the economy was great,'” Tranter said.
About 70% of those surveyed say the country is on the “wrong track,” though it’s less clear who Americans blame.
When asked who registered voters would support if the election for U.S. Congress were held today, respondents were split — 43% said the Republican candidate while 42% said the Democratic candidate.