Inflation fears hit Biden’s economic approval rating to new low, CNBC survey finds

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

Saul Loeb | AFP | Getty Images

President Joe BidenAs of the latest, the overall and economic approval numbers have reached the lowest level of his presidency and have fallen even further than those of his two predecessors. CNBC All America Economic Survey,

With Americans feeling crushed under the weight of rising prices, Biden’s economic acceptance fell 5 points from the prior poll in April to just 30%. The president’s economic record is supported by only 6% Republicans, 25% Independents and 58% Democrats, a very small number for his own party.

In comparison, President Donald Trump’s economic approval stood at 41% and that of President Barack Obama at 37%.

Biden’s approval on his overall running of the presidency came in at 36%, which is 1 point below Trump’s worst rating. Of those polled, 57% disapprove of Biden’s handling of the presidency.

A survey of 800 people nationwide found that 51% believe the president’s efforts to tackle inflation are not making a difference, and 30% think they are actually hurting. Just 12% say they are helping. This poll, conducted 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 among the worst economic outlook measures CNBC has recorded in the survey’s 15-year history.

Of the participants, 52% believe the economy will worsen in the next year, and only 22% believe it will improve. Both surveys are on record, and they are worse than those found during the great financial crisis. More than 6 out of 10 people surveyed expect a recession in the next 12 months. The other 6% believe the country is already in one. Such levels have only been found during real recessions.

CNBC All America Economic Survey

take steps to raise the dollar

Americans are adopting a variety of methods to meet their needs in the midst of high inflation.

About 65% of those polled say they are turning away from entertainment, such as eating out or going to movies and concerts. Among participants, 61% report driving less and 54% say they are driving less travel. More than 4 out of 10 are spending less on groceries. A third are using a credit card more often, which means there could be higher interest payments if they don’t pay off the balance. The survey found that 47% of 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 easing environmental regulations to reduce prices at the pump, with 42% protesting, and 58% taxing oil company profits back to consumers. support.

Congress’s upcoming elections near