CNN Poll: Majority of Americans Remain Pessimistic About Economy, Biden’s Approval Rating Stagnant
Despite positive economic indicators, a CNN poll reveals that a majority of Americans still have a negative perception of the nation’s economy. According to the poll, 51% of respondents believe the economy is in a downturn and getting worse. This consistent pessimism, coupled with President Joe Biden’s stagnant approval rating, could pose challenges for his 2024 reelection bid and his attempt to sell voters on the success of his domestic agenda.
Biden’s overall approval rating stands at 41%, which is consistent with previous polls since the spring. When it comes to his handling of the economy, his approval drops to 37%. Additionally, only 30% of respondents approve of his handling of inflation, with a mere 26% of political independents giving their approval.
Vice President Kamala Harris’s approval ratings are similar to Biden’s, with 42% approving and 57% disapproving. However, there are demographic differences in how they are viewed. Independents have a slightly more positive view of Harris, with 42% approving of her handling of the job compared to 36% approving of Biden. Younger Democrats are equally likely to approve of both Biden and Harris, while older Democrats are more likely to approve of Biden. Harris also has a higher approval rating among Black adults at 72%, while Biden stands at 61%.
The poll indicates that the Democratic Party overcame negative numbers for both Biden and the economy in the 2022 midterm elections. However, historical data suggests that most presidents who were reelected had stronger numbers at this point in their terms. While views of Biden have improved since last summer, there has been little recent movement in perceptions of his presidency, the economy, or the state of the country.
The public’s overall view of the country remains negative, with just 29% saying things are going well in the US. Additionally, two-thirds of respondents believe that Congress has not effectively addressed the problems facing the country today.
When asked about the most important issue facing the country, 44% cited economic concerns. Only 25% of Americans say economic conditions are somewhat good, with just 3% saying they are very good. There is a significant partisan gap, with most Republicans viewing economic conditions as very poor, while only 15% of Democrats share that sentiment.
Despite more satisfaction with personal finances than the economy as a whole, more Americans remain dissatisfied with their financial situation. About 55% are dissatisfied, while 45% are satisfied.
Negative personal impacts due to the economy are widespread, with many saying it has resulted in changes to their spending patterns. The majority of respondents have changed the groceries they buy, cut back on spending, and have difficulty finding affordable housing.
Partisan sentiment plays a role in these personal impacts as well. Republicans are more likely than Democrats to report cutting back on driving. There are also divides within the Democratic Party based on age, education, and income levels, with younger, less educated, and lower-income segments of the party remaining deeply negative about the economy compared to the higher-income, college-educated core.
The CNN poll reflects the challenges facing President Biden as he tries to improve the American public’s perception of the economy and gain support for his domestic agenda leading up to the 2024 reelection bid. With a stagnant approval rating and a majority of Americans still pessimistic about the economy, Biden will need to work on addressing these concerns to secure a second term.