President Biden’s economic approval rating has dropped to a fresh low as Americans contend with surging inflation and mounting fears of a recession, according to the results of a recent survey.
Just 30% of Americans approved of Biden’s handling of the economy as inflation surged by 9.1% in June, according to CNBC’s All-America Economic Survey. Biden’s economic approval rating 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 dismal view of Biden’s economic chops than they did for either of his most recent predecessors. Former President Donald Trump’s economic approval ratings never fell below 41%, while ex-President Barack Obama’s reached a low point of 37%.
The Federal Reserve is expected to enact another major interest rate hike later this month in its bid to tame prices. The Fed’s aggressive approach has increased investor anxiety about the potential onset of a recession.
A whopping 52% of Americans say they expect the economy to get worse over the next six months. That number marked the highest on record for CNBC’s survey and an even larger portion than what was 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 out of 10 say America is already in a 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-high inflation has forced many Americans to change their daily habits.
65% of respondents say they were cutting back on forms of 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.
Biden sought to downplay the June inflation report, arguing the latest Consumer Price Index did not account for recent improvement in gas prices.
“Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices, that have reduced the price at the pump by about 40 cents since mid-June,” Biden said in a statement. “Those savings are providing important breathing room for American families. And, other commodities like wheat have fallen sharply since this report.”