President Biden’s economic approval rating has plummeted to a new low as Americans struggle with rising inflation and rising fears of a recession, according to the results of a recent poll.
According to CNBC’s All-America Economic Survey, just 30% of Americans approve of Biden’s handling of the economy as inflation rose to 9.1% in June. Biden’s economic approval rating has dropped by 5 points compared to April.
While Biden has called the fight against inflation his top priority, Americans are skeptical that his response is making progress – with 51% of respondents saying his policies have made no difference. Meanwhile, 30% of Americans believe Biden’s response to inflation was making the situation worse.
Americans have taken a more depressing view of Biden’s economic chops than they did to any of his most recent predecessors. Former President Donald Trump’s economic approval rating never fell below 41%, while former President Barack Obama hit a low of 37%.
The Federal Reserve is expected to make another major hike in interest rates later this month to control prices. The Fed’s aggressive outlook has raised investor concerns about the possible onset of a recession.
52% of Americans say they expect the economy to worsen in the next six months. That number marked the highest on record for CNBC’s survey and a larger share than had been reported at any point in the 2008 economic crisis.
Just 22% believe the US economy will improve by the end of the year and more than six in 10 say the US is already in recession.
CNBC polled 800 American adults from July 7 to July 10. The survey had a margin of error of plus or minus 3.5%.
Decades of high inflation have forced many Americans to change their daily habits.
65% of respondents said they were putting off entertainment such as going to restaurants or the movies, while 61% said they were driving less often and 41% said they were spending less at grocery stores. Were were
Biden sought to downplay June’s inflation report, arguing that the latest consumer price index does not account for the recent correction in gas prices.
“Today’s data does not reflect the full impact of the nearly 30-day reduction in gas prices, which has reduced the price at the pump by about 40 cents since mid-June,” Biden said in a statement. “Those savings are providing significant breathing room for American households. And, other commodities like wheat have declined sharply since this report.”