Poll: Majority Say the Ukraine-Russia Conflict Will Hurt the U.S. Economy

A burning building is pictured after shelling by Russian forces in Ukraine's second-bigges
SERGEY BOBOK/AFP via Getty Images
Hannah Knudsen

Most Americans fear the Ukraine-Russia conflict will hurt the U.S. economy, a Rasmussen Reports survey released Friday found.

Overall, the survey showed nearly three-fourths of Americans, 74 percent, expressing the belief that the conflict will negatively affect the U.S. economy. Of those, 40 percent said it is “very” likely.

A majority across the board share the sentiment that it will hurt the economy, including 79 percent of Republicans, 72 percent of Democrats, and 73 percent of independents. 

When asked how long the economic impact of the Russian invasion of Ukraine will affect the U.S., 34 percent said “six months to a year,” followed by 28 percent who said “more than a year” and 20 percent who said “less than six months”:

There is less disagreement along partisan lines about how long the Russian invasion of Ukraine could impact the U.S. economy, although fewer Democrats (22%) than Republicans (29%) or unaffiliateds (32%) think the impact could last more than a year.

More whites (77%) than Blacks (69%) or other minorities (73%) believe the Russian invasion of Ukraine is at least somewhat likely to hurt the American economy.

Older Americans are significantly more likely than those under 40 to think it’s likely the U.S. economy will be hurt by the Russia-Ukraine conflict. While 51% of those 65 and older think it’s Very Likely the invasion will hurt the American economy, only 30% of those under 40 share that view.

The survey, taken March 1-2, 2022, among 1,000 U.S. adults, has a margin of error of +/- 3 percent.

Many remain skeptical of President Biden’s handling of the situation, as most tend to believe his response — namely, sanctions — has been ineffective. During the State of the Union speech, where Biden mistakenly referred to Ukrainians as “Iranians,” the president continued to tout “powerful economic sanctions” against Russia. 

Florida Gov. Ron DeSantis (R) is among those who have criticized Biden’s handling of the situation, noting that the president has failed to hit Vladimir Putin where it really counts.

“Their whole society is hollowed out except for that energy,” DeSantis said of Russia. “And so if you want to hit them, hit them at the gas pump. Hit them with energy.”

“[Biden] has stepped on the neck of our domestic energy here in the United States. We should have Keystone reactivated in the United States. He should get rid of the ban on producing in federal lands, and he should welcome more domestic energy production. We were before Biden took office, for the first time in any of our lifetimes, actually energy independent. Putin didn’t matter,” DeSantis added.

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