A CNBC poll released Thursday conceded that 54% disapprove of how Biden has dealt with the economy, while just 40% approve. Biden’s disapproval increased by 7 percentage points from July when the same question was asked by the same survey.
Economic anxiety is also on the rise. The poll found that nearly half of people, 47%, are worried the United States will sink into a recession sometime next year. That number is up 13 points from when it was asked in 2019.
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The United States is millions of jobs short of where it was before the COVID-19 pandemic when the unemployment rate was at an ultra-low 3.5%. While the unemployment rate has plummeted in recent months, and now rests at 4.8%, some companies have complained that they have not attracted any new workers.
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The economy is also facing the threat of high inflation lingering for months. Inflation rose 5.4% for the year ending September, the highest pace since 2008, the Department of Labor reported. Prices also spiked at the highest rate in 30 years in the gauge that the Federal Reserve favors.
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“Last quarter, the economic numbers were flashing yellow for Biden, but now that’s intensified, and the light is flashing red, and it’s accompanied by multiple blaring sirens,” said Micah Roberts, partner at Public Opinion Strategies, the Republican pollster for the survey.
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Of those surveyed, 79% see the state of the economy as in poor or fair condition, and 46% said they believe the economy will only get worse in the year ahead, the highest amount to say so in the 13 years the poll has been conducted. Only Thirty-one percent of those queried agreed it is a good time to invest in the stock market, the lowest number to say so in five years.
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Biden’s approval rating overall has also suffered harshly.
In July, the poll found that 48% approved of Biden’s job performance, compared to 45% who disapproved. The latest iteration of the survey, which was conducted in mid-October, showed that Biden’s approval rating plunged to 41% and that a majority, 52%, now disapprove of his job performance.
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The survey clearly shows Americans noticing the supply and labor shortages that are plaguing businesses. Some 60% of the public say goods that were once easy to buy are in short supply, including food and groceries, paper products, and cleaning products.
“If the economy doesn’t get back on track, and the coronavirus doesn’t reverse course at some point soon, then this is a presidency that’s going to be in real trouble,” commented Jay Campbell, the survey’s Democratic pollster, and a partner at Hart Research Associates.
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