Mandel Ngan | AFP | Getty Images President Joe Biden’s overall and economic approval numbers have hit the lowest levels of his presidency and fallen more than those of his two predecessors, according to the latest CNBC All-America Economic Survey. With Americans feeling crushed under the weight of rising prices, Biden’s economic approval fell 5 points from the previous survey in April to just 30%. The president’s economic record is supported by just 6% of Republicans, 25% of independents and 58% of Democrats, a number far too low for his own party. By comparison, President Donald Trump’s economic approval rating reached 41% and President Barack Obama’s 37%. Biden’s overall handling of the presidency has reached 36%, 1 point lower than Trump’s worst rating. Among survey participants, 57% disapprove of Biden’s handling of the presidency. The poll of 800 people across the country found that 51 percent think the president’s efforts to fight inflation are not making a difference, and 30 percent think they are actually hurting. Only 12% say it helps. The poll, conducted July 7-10, has a margin of error of plus or minus 3.5 percent.
A difficult economic outlook
The president’s dismal numbers come amid the worst readings on the economic outlook recorded by CNBC in the survey’s 15-year history. Of the participants, 52% believe the economy will get worse over the next year and just 22% believe it will improve. Both are investigative records and are worse than those found during the Great Depression. More than 6 in 10 respondents expect a recession in the next 12 months. Another 6% believe the country is already in one. Such levels have only been found during real recessions. Zoom Icon Arrows pointing out CNBC All-America Economic Survey Just 38% of the public believe their house prices will rise in the next year, the lowest since the Covid pandemic. The poll found that inflation is by far the top concern in the country, garnering twice as many votes as the next answer: abortion, which was featured as a survey option for the first time. Crime, immigration and border security, jobs and climate change followed. The coronavirus, which led the list for most of the past few years, took last place.
Taking measures to stretch a dollar
Americans are using various means to get by amid high inflation. About 65% of respondents say they are cutting back on entertainment, such as eating out or going to the movies and concerts. Among participants, 61% report driving less and 54% say they are cutting back on trips. More than 4 in 10 are spending less on groceries. A third use credit cards more often, which could mean higher interest rates if they don’t pay off balances. The survey found that 47% of participants say they take at least four of these measures. Zoom Icon Arrows pointing out CNBC All-America Economic Survey With gas prices high, 50% of the public say they support relaxing environmental rules to lower prices at the pump, while 42% oppose and 58% favor returning tax on oil company profits to consumers.
The upcoming congressional elections are approaching
When it comes to pocket money issues, the survey found that Republicans have a decisive advantage in the upcoming congressional elections. But the question is whether other issues, such as climate change and abortion, could give Democrats a boost. Respondents who say immigration and border security, jobs and, most importantly, the cost of living are their top concerns, overwhelmingly favor Republican control of Congress. For example, those most concerned about jobs favor GOP control by a margin of 54% to 31%. Those most concerned about the cost of living favor GOP control of Congress by 47% to 38%. However, abortion ranks as the second biggest concern, and these respondents favor Democratic control of Congress 67% to 24%. Overall, Americans favor Republican control of Congress by a 44 percent to 42 percent margin, but that’s actually down from a 10-point gap in the previous poll. Both Republican and Democratic pollsters on the survey say that could be attributed in part to the emergence of abortion as a major issue, though both were skeptical that it could have had a significant impact on the result. It remains to be seen whether tensions over abortion or other social issues will hold through November, and whether inflation remains the main concern.
