President Joe Biden’s disapproval rating reached a record high in December, as more voters voiced their dissatisfaction with his administration’s economic policy and response to the Covid-19 outbreak.
- Biden’s approval rating has dropped to 44%, down from 46% in September and 51% in April. Biden gets a ‘C’ grade from voters on jobs, infrastructure, and personal economic issues.
- For men and women of all ages and Latino and white voters, the economy was the top priority.
- Joe Biden did not get credit for the US stock market has one of its finest years in living memory in 2021. In 2021, the S&P 500 posted 70 record closes, ranking second only to 1995’s 77.
- Only 23% say inflation has begun to decline or will do so soon. President Biden receives a B from voters on the economy and a C on health care prices, but a D on salaries. A majority of Americans, 55%, disapprove of how he handled the coronavirus pandemic.
Voters give Biden bad grades on the economy.
According to a poll conducted by CNBC and Change Research, voters give President Biden a ‘C’ on jobs and infrastructure.
According to a recent CNBC/Change Research poll, 56% of voters currently disapprove of Biden’s job, the lowest level of dissatisfaction in his presidency as he approaches the end of his first year. According to previous polls in the series, Biden’s disapproval rating was 54% in early September and 49% in April.
Biden’s approval rating has fallen to 44% from 46% in September and 51% in April.
Biden’s newest sign of difficulty comes as his administration works to address a wide variety of economic and political issues in the run-up to the 2022 midterm elections, which will determine Congress’s balance of power.
The White House is racing to allay fears of price acceleration and inflation, revive the president’s Build Back Better climate and family legislation, and revitalize the country’s public health response as the omicron variation causes a new increase in Covid cases.
Economic frustrations are the primary reason for Biden’s declining popularity, as nearly every group identified it as their primary concern.
The economy was the top priority for men and women of all ages, Latino and white voters, and those with and without college degrees. According to black respondents, who ranked racism as their top priority, the economy is a distant second.
60% of the 1,895 respondents to the study expressed disapproval of Biden’s handling of the economy, a six-point decline from September.
Voters are significantly more likely to blame the president on personal economic matters. 72% disapprove of his handling of everyday items prices, while 66% disapprove of his efforts to aid their wallets.
Disconnect on markets, economy
Additionally, Biden performed poorly on issues that voters are inclined to feel are going well.
For example, the majority of those who intend to vote in the 2022 midterm elections say the US stock market is performing “excellently” or “well,” while only 46% say it is performing “not so well” or “poorly.”
However, when asked if they like or disapprove of Biden’s market handling, only 44% said they strongly or somewhat approve, compared to 56% who expressed displeasure somewhat or strongly.
Indeed, a more significant majority of respondents believe the US stock market is performing worse than a year ago than think it is performing better.
These views, obtained between Dec. 17 and 20, contradict what has been one of the market’s greatest years in decades. For example, in 2021, all three major US market indices saw massive double-digit increases, compared to roughly 7% or 8% historical yearly averages.
The S&P 500 completed the year up 26.89% and set a new record close at least once a month. In 2021, the broad market index registered 70 such record closures, the second-highest annual total behind 1995’s 77.
Each of the 11 sectors ended 2021 with gains, with energy and real estate delivering the most significant gains. The Dow Jones Industrial Average gained 18.73%, while the Nasdaq Composite gained 21.43%.
Biden’s failure to claim credit for one of the best years in living memory is indicative of a broader issue facing Democrats in 2022: The party appears incapable of convincing voters that conditions are better than they were a year ago.
The unemployment rate has been reduced to 4.2 percent from 6.3 percent, average hourly earnings have increased by 4.8 percent, and 243 million people (or 73% of the US population) have received at least one dose of the Covid-19 vaccine, up from 6 million in early January 2021.
This failure to translate good economic statistics into popular support increases the pressure on any Democrat facing a Republican challenge in the next midterm elections, determining whether the Democrats retain their razor-thin House and Senate majorities.
While the president’s party typically loses seats in Congress during a first-term election, current polling on Biden and the Democrats indicate they could face an electoral rout in November.
This could be because members of both parties are increasingly agitated by inflation.
Approximately 84% of respondents reported that costs for everyday commodities are higher than they were a year ago, but just 19% reported an increase in income during the same period. And only 23% believe inflation has begun to decelerate or decelerate soon.
Respondents are more likely to blame Biden (38%) for price hikes than they are to blame a global pandemic (26%) or companies (23% ). Democrats, for their part, argue that the current inflationary wave is the result of a global pandemic and that it will subside once supply chain issues are handled.
Covid and the health care system
However, voter unhappiness is spreading beyond the economic sphere.
When asked to grade the Biden administration on its handling of health care costs and wage increases, Democrats gave the president two Cs but a B for the economy.
Independents awarded Biden a failing score on every topic, while Republicans gave the president a failing grade on everything except the financial market, which they gave him a D on.
Additionally, 55% of survey respondents expressed dissatisfaction with the president’s handling of the coronavirus outbreak, indicating Biden is faltering in an area where he previously excelled.
Separate polling performed by CNBC in December found that only 46% approve of his job on the virus, compared to 48% who disapprove. According to the April edition of the same survey, 62% of Americans surveyed approved Biden’s handling of the pandemic.
According to Change Research, the president’s declining approval ratings on Covid are likely the result of an increase in voters who believe the White House has not gone far enough with vaccine regulations.
Regarding the Biden administration’s response to the virus, 50% of respondents believe the White House has gone too far, 24% believe it hasn’t gone far enough, and 26% believe it has done an excellent job.
Biden’s decline in Covid approval comes as the number of new coronavirus cases continues to rise across the country, making the president’s campaign vow to improve the disease situation.