President Joe Biden’s economic approval rating has dropped to a new low, according to the recent CNBC All-American Economic Review.
Biden’s economic approval rating has dropped five points to 30 percent since April, below the lowest scores during the presidency of Donald Trump (41 percent) and Barack Obama (37 percent). The newspaper states that Biden’s economic actions, divided by political affiliation, are supported by 6 percent of Republicans, 25 percent of independents and 58 percent of Democrats, which is “too low for his own party”.
“Biden’s anti-inflation efforts have changed nothing,” said 51% of 800 people surveyed nationwide from July 7-10. 30% say his policies are doing more harm than helping, and only 12% think Biden has improved the economy. Polling error is ±3.5 percent.
Survey respondents reported CNBC’s worst economic outlook in 15 years since the survey began. The pessimistic notes were compiled days before the Labor Department announced that inflation rose to 9.1 percent year-on-year in June, the highest level since 1981.
52% believe the economic situation will continue to worsen next year, and 22% believe the situation can improve. About 60 percent say there will be a recession next year, and 6 percent believe the US is already in the middle of a recession. Only 38% believe house prices will rise in the next 12 months, the lowest level since the coronavirus pandemic.
A CNBC poll showed that inflation got twice as many votes as any other question when asked about the nation’s most important issues. This can be seen in the changing shopping habits of Americans as everyday items become more expensive.
65% of Americans report spending less on entertainment, 61% driving less, and 54% reporting cuts in travel. More than 40 percent of Americans spend less at the grocery store, and a third report using more credit cards. Forty-seven percent of those surveyed say they cut costs in at least four of the ways listed above.
The survey found that Americans who are concerned about the cost of living, jobs, border security and immigration are more likely to vote for the Republican candidate in the November election. Overall, Republican candidates are preferred 44 percent to 42 percent more than Democratic candidates and narrower than previous polls. CNBC pollsters say shrinkage could be due to Supreme Court decision to overturn decision Rowe vs. Wade; however, they “are skeptical that this could have a material impact on the outcome.”
Source: Breitbart
