President Joe Biden’s economic approval rating has plummeted to a new low, according to a recent CNBC All-America Economic survey.
Biden’s economic approval rating has dropped five points from April to 30 percent — lower than the lowest points of both Donald Trump’s (41 percent) and Barack Obama’s (37 percent) presidencies. Broken down by political affiliation, Biden’s economic actions are supported by 6 percent of Republicans, 25 percent of independents, and 58 percent of Democrats, “a very low number for his own party,” the outlet noted.
Out of 800 people polled nationally between July 7-10, 51 percent say Biden’s “efforts to combat inflation are making no difference.” Thirty percent contend his policies hurt more than help and just 12 percent believe Biden is improving the economy. The margin of error for the survey is ±3.5 percent.
Respondents reported the worst economic outlook CNBC has tallied in the 15 years since the survey began. The dismal ratings were collected just a few days before the Department of Labor reported that inflation rose to an annual rate of 9.1 percent in June — the highest rate since 1981.
Fifty-two percent think the economy will continue to deteriorate over the next year, and 22 percent think it could improve. Roughly 60 percent say a recession is coming in the next year, and six percent believe the United States is already in the midst of a recession. Only 38 percent believe their home prices will appreciate over the next 12 months, which is the lowest percentage captured since the coronavirus pandemic.
The CNBC survey found that inflation had double the votes of any other concern when respondents were asked about the nation’s top issues. This is reflected in Americans’ shifting spending habits, as everyday items become increasingly expensive.
Sixty-five percent of Americans report spending less on entertainment, 61 percent say they are driving less, and 54 percent are cutting back on travel. More than 40 percent of Americans are spending less on groceries, and a third report using credit cards more. Forty-seven percent of those polled say they are cutting back in at least four of the above-mentioned ways.
The poll found that Americans who are concerned about the cost of living, jobs, border security, and immigration are more likely to vote for a Republican candidate in the November elections. Overall, Republicans candidates are favored more than Democrats 44 percent to 42 percent, which is narrowed from prior polling. Pollsters for the CNBC survey contend the narrowing could be because of the Supreme Court’s decision to overturn Roe v. Wade; however, they “were skeptical it could have a significant impact on the outcome.”