President Joe Biden‘s approval rating dropped in the CNBC All-America Economic Survey as Americans grew unsatisfied with his economic leadership, lost faith in his handling of the coronavirus, and became increasingly concerned about inflation and supply shortages.
Merely 41% of the general public approve of Biden’s handling of the presidency, while 52% disapprove. The margin of error for the poll of 800 Americans, conducted Oct. 14-17, is 3.5%.
Biden’s net rating was negative 11 points, compared to a positive 3 points in the July survey when 48% approved and 45% disapproved.
Behind the decline is a 7-point increase in disapproval of his handling of the economy, with only 40% approving and 54% disapproving, a 7-point increase from July.
A narrow majority of Americans still approve of his handling of the pandemic, but the gap has decreased considerably. 50% now approve, up from 53% in July, and 45% disapprove, compared with 35%.
Concerns about the economy, inflation, and supply shortages are heading down the president’s approval numbers.
Inflation is now tied with the coronavirus as the top concern of Americans, up 16 points from the previous survey. A plurality of 47 % of the public expects a recession in the coming year, a 13-point increase from when the question was last asked in 2019.
“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.
Recession fears are reinforced by increasingly negative views of the economy’s current and future state: 46% believe the economy will worsen in the coming year, the worst in the poll’s 13-year history, and 79% evaluate the economy as fair or poor, the highest since 2014.
Only 31% believe today is a good time to invest in stocks, the lowest since 2016.
According to Jay Campbell, a partner at Hart Research Associates, the Democratic pollster for the survey, Biden’s statistics on the coronavirus is particularly concerning because he feels Biden’s perceived ability to deal with the pandemic was a major reason for his election.
“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,” he said.
The survey clearly reveals that Americans are conscious of the supply and labor shortages that are affecting businesses. Food and groceries, paper products, and cleaning supplies are among the items that 60% of the population says are in limited supply.
Furthermore, 66% appear to have noticed labor shortages, with stores closing on odd days or at odd hours when they would normally be open.
The poll’s one piece of good news for the president is that a majority of Americans support a plan before Congress that would increase spending on child care, clean energy, community colleges, and long-term care for the elderly.
According to the survey, 41 % of respondents support the measure, 30 % oppose it, and a significant 29 % say they don’t know enough to respond. When told that the plan will cost between $1.5 and $2.2 trillion, a majority of 51% supports it. And when told that the law will be paid for by raising taxes on corporations and those earning more than $400,000 per year, 57% support it.
