Pessimism on the Economy Hits All-Time Worst Level, Dragging Down Biden’s Approval Rating

The share of the American public holding negative views about the U.S. economy both now and in the future reached a record high 69 percent, a CNBC poll showed Tuesday.

This is the highest proportion of negative views about the economy in the 17-year history of CNBC’s All-America Economic Survey, which is based on a poll of 1,000 people nationwide.

The grim view of the economy is weighing on President Joe Biden’s popularity. His overall approval rating fell two points to 39 percent in the most recent survey compared with the November survey. Fifty-five percent say they disapprove of Biden, up a point from the November survey.

On the economy specifically, American’s disapprove of Biden’s handling of the issue by 62 percent to 34 percent. In the November survey, this was 57 percent to 38 percent, which means Biden has lost ground on this metric.

Biden’s approval among independents crashed nine points to just 27 percent. He even lost two points among Democrats, with 77 percent saying they approve.

Among women aged 18 to 49, a key constituency for Democrats, Biden’s approval fell 13 points to just 34 percent.

Just five percent of Americans say their income is rising faster than inflation. Twenty-six percent say their household income is keeping pace with rising prices. Sixty-seven percent said they are falling behind.

Just 24 percent say now is a good time to invest in stocks, the lowest reading in the survey’s history. The prior record was last quarter at 26 percent.