Biden’s economic approval rating falls to new low on fear about inflation, CNBC survey finds


US President Joe Biden departs Holy Trinity Catholic Church in Washington, DC, on July 17, 2022.

Saul Loeb | AFP | Getty Images

President Joe Biden‘s overall and economic approval numbers have reached the lowest levels of his presidency and fallen further than that of either of his two predecessors, according to the latest CNBC All-America Economic Survey.

With Americans feeling crushed beneath the weight of rising prices, Biden’s economic approval dropped 5 points from the prior 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 very low number for his own party.

In comparison, President Donald Trump’s economic approval bottomed out at 41%, and President Barack Obama’s at 37%.

Biden’s approval on his overall handling of the presidency came in at 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 nation found that 51% believe the president’s efforts to combat inflation are making no difference, and 30% think they are actually hurting. Just 12% say they are helping. The poll, which took place from July 7 to July 10, has a margin of error of plus or minus 3.5%.

A rocky economic outlook

The president’s dismal numbers come amid the worst economic outlook measures CNBC has recorded in the 15-year history of the survey.

Of the participants, 52% believe the economy will get worse over the next year, and just 22% believe it will improve. Both are survey records, and they are worse than those found during the great financial crisis. More than 6 out of 10 of those polled expect a recession in the next 12 months. Another 6% believe the country is already in one. Such levels have only been found during actual recessions.

CNBC All-America Economic Survey

Taking steps to stretch a dollar

Americans are employing a variety of means to make ends meet amid high inflation.

Some 65% of those polled say they are cutting back on entertainment, such as eating out or going to movies and concerts. Among participants, 61% report driving less and 54% say they are reducing travel. More than 4 out of 10 are spending less on groceries. A third are using credit cards more often, which could mean higher interest payments if they don’t pay off balances. The survey found 47% of the participants say they are taking at least four of these measures.

CNBC All-America Economic Survey

With gas prices high, 50% of the public say they support relaxing environmental rules to ease prices at the pump with 42% opposing, and 58% favor a tax on oil company profits rebated back to consumers.

Upcoming congressional elections loom


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