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Biden’s approval falls to new low amid economic pessimism, CNBC survey finds

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On March 26, 2022, Joe Biden (US President) delivers a speech in Warsaw at the Royal Castle.

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The most negative views Americans hold on the economy are those that have emerged from the Greater Financial Crisis recovery. According to CNBC’s latest All-America Economic Survey some of those attitudes can be compared with the ones seen during recessions.

The middle soaring inflation47% say that the economy has deteriorated, which is the highest level since 2012. Just 17% rate the economy excellent or very good. This is the lowest percentage since 2014.

The lowest figure since 2014 is that only one fifth of Americans consider their personal financial status “getting ahead”. Many people say they are “remaining put” while 1 in 10 report that they are “falling backward”. However, 56% of respondents predict that there will be recession in the coming year. This is an increase from the 46% who were in a previous recession.

Micah Roberts is a partner in Public Opinion Strategies. He was also the Republican pollster. “The angst had previously been more about the future of the economy. Now, we have shifted to a new position where we are much more pessimistic about the current happenings,” he said. There is no way of overriding this pessimism. You will find it on every page.

A survey of 800 Americans was done from April 7-10, with a margin for error of 3.5%.

Prevailing negativity

President saw a double-digit drop in economic acceptance among the key constituencies that put him in power: young Americans, women 18 to 35 and people of color. This is compared with a year ago.

With 40% disapproving of his handling of the conflict in Ukraine, 49% are more supportive. The country is split in half by his proposal to tax unrealized profits. 43% are in support and just as many oppose it.

Bipartisan focus on inflation

Jay Campbell of Hart Research, a partner in the firm and Democratic pollster who conducted the survey said that Biden has a problem because the inflation issue is bipartisan.

Covid is no exception to the rule. “The cost of living just blows everything out of proportion. Part of it is because attitudes regarding the economy are mostly partisan phenomena,” he stated. Inflation is not one of those things, at least right now. This is the most important issue facing Republicans, Democrats and independents.”

Up 9 percentage points since October, 48% of the respondents ranked inflation as their top issue or concern. With 31% of the vote, war in Ukraine was second. Immigration and border security were third and fourth respectively. Coronavirus, which was once by far the largest issue, dropped 25 points to eighth place at only 14%.

Inflation is a problem that has many people to blame. Former President Donald Trump seems to be the exception.

69% blame disruptions in supply chains, and 66% blame corporations. 55% blame Russian President Vladimir Putin while 49% blame President Biden. Just 31% of 10 people say the Federal Reserve. 28% point to President Trump’s policies.

Americans are now able to save like never before due to higher prices. 84% of Americans have cut back their spending at some point in order make ends meet.

Sixty-two percent of Americans report that they have reduced entertainment spending, such as going to restaurants and concerts. A majority of Americans say that they travel less or drive less, and are saving more. Only 16% of Americans say that they have been driven by rising prices to purchase an electric vehicle.

One positive news story is the expectation of 52% that home prices will increase in 2019, the highest percentage since 2017. However, higher mortgage rates could make this optimism less likely in the coming months. The best year since 2019 is 37% of participants see their earnings rising an average of 5.5% in the next twelve months. 82% of participants see rising living costs.

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