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55% of Americans believe President Joe Biden's actions have worsened the economy, according to CNN.

Chairman of the Federal Reserve Jerome Powell stated Wednesday that he believes "we have a good chance to have a soft or softish landing."

Read more: Fed hikes interest rate to highest since 2000
 

Fearing another economic slump, many Americans are reorganizing their budgets to accommodate the growing cost of basics such as housing.

According to Freddie Mac's Thursday release, the average rate on a 30-year fixed-rate mortgage has reached 5.27 percent. This is an increase of more than two points over the previous year.

A 15-year fixed-rate mortgage averaged 4.52 percent, roughly two points more than the previous year's average.

The rising rates come as a new Gallup survey indicates that just 30% of respondents believe this is a good time to purchase a house, the lowest level since Gallup began asking about the topic in 1978.

Despite the fact that corporate and consumer spending increased during the first quarter of the year, according to Commerce Department data, Americans' confidence in the economy is dwindling as they lose purchasing power due to 40-year-high inflation.

According to a CNN poll done by SSRS, 77 percent of respondents evaluated the country's economic situation as "somewhat poor" or "very poor," which is 14 points more than when the question was asked in mid-December.

According to the research, 63% are modifying how they grocery shop to stay within their budget, and 54% are drastically reducing how much they drive.

To reduce inflation, one of the Biden administration's key priorities has been to reduce interruptions in the nation's supply chains through moves such as lowering transportation rules. According to the president, there is now 35,000 more transportation employment than there were before the outbreak.

Despite these efforts, the poll finds that 73 percent of Americans believe the government is doing too little, 24 percent believe it is doing enough, and 3 percent believe it is doing too much.

Powell is urging Americans to consider the larger picture of what it will take to stabilize the economy.

According to him, "It's not going to be easy and it may well depend of course on events that are not under our control."