Inflation trumps job creation: Why Biden can't catch a break on the economy

The number of Americans filing jobless claims this week plunged to their lowest levels in more than half a century.

The latest report from the Labor Department is the most recent indicator to spotlight the historic surge in job creation as the nation’s economy rebounds after getting flattened by the coronavirus pandemic.

FEWER AMERICANS FILING JOBLESS CLAIMS

"Americans are getting back to work at a historic pace," President Biden touted as he took credit for the latest figures. "This historic progress is no accident: it’s the result of an economic strategy to grow the economy from the bottom up and middle out."

But with inflation soaring and gas prices at historic highs, Americans don’t see it that way.

An overwhelming majority say rising gas prices are a problem for their family, over half of voters think inflation is "not at all" under control, and views on the economy remain decidedly negative, according to a new national poll from Fox News.

The survey, conducted March 18-21 and released on Thursday, also indicates that more than two-thirds have had to cut back on spending to make ends meet, as a growing number say they are falling behind financially.

And the poll spotlights that the president’s taking the blame. 

AMERICANS GIVE BIDEN A BIG THUMBS DOWN ON INFLATION: FOX NEWS POLL

While Biden’s overall approval rating in the new survey ticked up slightly to 45%-54%, the president was underwater by 21 points for his handling of the economy (38% approve, 59% disapprove) and a massive 35 points on inflation (31% approve, 66% disapprove). The two-thirds disapproving on inflation consisted of 89% of Republicans, nearly three-quarters of independents and even 39% of Democrats.

"These ratings create incredibly difficult terrain for the president to navigate," said Democratic pollster Chris Anderson, whose firm conducts the Fox News survey with Republican Daron Shaw. "Until the pinch of higher prices lessens, it’s hard to imagine what Biden can say to help people feel better about the job he’s doing on the economy."

Just over half of those questioned offered that the president and his polices have made the economy worse, with just 22% saying they’ve improved conditions and a quarter suggesting they haven’t made much of a difference.

"Perception is reality when it comes to the economy and if people don’t feel optimistic and don’t feel as though the polices are working for them, then they don’t," longtime Republican strategist Colin Reed told Fox News. 

PAIN AT THE PUMP: HOW MUCH GAS PRICES COULD COST AMERICANS THIS YEAR

Gas prices started rising during the final months of former President Trump’s administration, as the economy began to rebound from the pandemic-induced shutdowns from earlier in 2020. And they’ve surged during Biden’s tenure in the White House as the economy’s heated up. Prices at the pump have further ignited during the past couple of months amid the Russian military buildup and ensuing full-scale invasion of neighboring Ukraine.

The Fox News poll suggests that an equal number of people (68%) blame the president as they do Russian leader Vladimir Putin for skyrocketing gas prices.

"The administration’s attempt to frame price increases as ‘Putin’s inflation’ resonates with Democrats and some independents but doesn’t move the overall numbers much," Shaw highlighted. "Focusing on Putin’s role just makes people blame both Biden and Russia."

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Another metric the White House points to is the increase in salaries. Wages have surged – up 4.5% last year – the highest increase in nearly four decades. But they’re not keeping up with inflation.

"The president has good story to tell on the economy on many fronts, but seeing gas prices every day reminds people [of] inflation," Democratic strategist Chris Moyer acknowledged.

Pointing to November’s midterm elections, when the Democrats aim to defend their narrow majorities in the House of Representatives and Senate, Moyer noted "there’s still a long time until the election in which gas could decline to more normal prices and some of that pressure at the pump could be relieved, which would be helpful to Democratic candidates on the ballot this year."

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But Reed cautioned that "the challenge the Biden administration has right is they’re whistling past the graveyard politically if they go out there and tell people the economy is great and try to take a victory when public polls repeatedly show that’s not the case."

Fox News’ Dana Blanton contributed to this report.