President Biden arrived in the White House in January, 2021 with the belief that he would be the most transformational U.S. president since FDR. What this really meant was to transition the U.S. to a “cradle to grave” welfare state made possible by massive increases in federal spending. Biden and Congressional Democrats thought they had a mandate to spend our way out into prosperity. Reality suggests otherwise. Inflation has soared to the highest levels in nearly four decades partly as a result of reckless spending packages, yet Democrats still want to spend more.
Inflation has hit Americans in the pocketbook, and it is no wonder that a majority of Americans now believe that cutting spending is the key to a healthy economy–a view which economic conservatives have long held. It should also come as no surprise that a minority of Americans are confident that they will have enough money to last throughout their retirement years. After all, Americans living on savings and fixed incomes will continue to be hit the hardest so long as inflation lingers.
Does this polling suggest that we could be on the verge of another watershed moment in favor of fiscal responsibility? One should hope so, for the sake of American families trying to make ends meet and the health of the American economy, overall.
Key insights from the polling are as follows:
- On the question of “Does cutting government spending help the economy, hurt the economy, or have no impact on the economy?”, 51 percent of voters believe that cutting government spending helps the economy, while only 25 percent believe that it hurts.
- When the question is posed the other way around, 48 percent believe increased government spending hurts the economy, while still only 29 percent believe it helps the economy.
- Regarding spending and inflation, 52 percent of voters believe that cutting government spending leads to less inflation. This viewpoint is supported by a plurality of voters of all races. Majorities of voters at all income levels also believe that it is possible to cut government spending without harming essential government programs.
- When asked whether they are confident that they will have enough money to last throughout their retirement years, 45 percent of Americans were confident, while 48 percent said they were not.