Poll shows discontent in US with path of nation

An overwhelming majority of Americans are dissatisfied with the direction the country is going and their biggest economic concern is rising inflation, according to a survey.

A Gallup poll released Tuesday shows 78 percent of the respondents are dissatisfied, while just 21 percent say they are satisfied.

The percentage saying national economic conditions are getting worse increased three points to 70 percent in February, and the percentage describing them as "poor" rose 5 percentage points to 42 percent. Both figures are tied for the highest they have been since the first months of the pandemic.

In addition to those saying economic conditions are poor, 37 percent consider them "only fair'', while 21 percent say they are "excellent" or "good".

As for the economy, 30 percent mentioned at least one economic problem, such as inflation or the economy in general. That was up from 22 percent of combined economic issues mentioned in January and, along with December's 29 percent reading, it is the highest percentage citing economic concerns over the past year.

Consumer prices in January rose 6.1 percent from a year earlier, according to the Federal Reserve's preferred gauge. Excluding volatile food and energy categories, core inflation rose 5.2 percent, nearly a 40-year high.

With the recent decline in coronavirus infections from the waning Omicron variant, the proportion of Americans citing COVID-19 as the top problem fell to 13 percent, after reaching 20 percent in January.

Dissatisfaction with government and leadership was listed by 20 percent of respondents. That includes contrasting partisan perspectives, including criticisms of the Biden administration among Republicans and criticisms of Republicans in Congress among Democrats.

Other issues that 5 percent or more of Americans consider important are immigration (8 percent) and lack of unity in the country (6 percent). Racial issues and the judicial system were named by 4 percent, while 3 percent each say healthcare, crime and poverty.

The latest poll was conducted Feb 1-17 amid reports that Russia was positioning its military forces along its border with Ukraine. At the time of the survey, only 2 percent of Americans cited "the situation with Russia" when asked to say what they think is the most important problem facing the country today.

Fed Chairman Jerome Powell said Thursday that the Ukraine-Russia conflict is likely to boost inflation in the short run.

"We're going to see upward pressure on inflation, at least for a while," from higher commodity prices, especially energy costs, he said during an appearance before the Senate Banking Committee. Powell said the only question was how long that pressure would last.

The conflict in Ukraine is also exacerbating global supply chain woes, he said, which will lead to more inflation. "It is not going to help at all with supply chains, because ships are not being offloaded," Powell said.

He repeated that he will support a 25-basis-point rate hike at the central bank's next policy meeting March 15-16.