A super-majority of voters have negative views of the U.S. economy and disapprove of President Biden’s handling of the issue, according to a Wall Street Journal poll that the paper describes as “a stark warning to the 80-year-old incumbent ahead of the 2024 contest.”
Sixty-three percent of American registered voters say the economy’s strength is “not so good” or “poor.” Just 32 percent say the economy is “good” and only five percent say the economy is “excellent.”
President Biden has been attempting to win over Americans to a more favorable view of his performance on the economy, claiming that positive developments are the result of what he calls “Bidenomics.” There has been some improvement in the public’s view of the economy this year. In December, 67 percent had negative views of the economy and in October this was as high as 72 percent. A year ago, the public’s view of the economy was close to what it is now.
When asked how the economy has fared over the past two years, 58 percent say the economy has gotten worse. Just 28 percent say the economy has gotten better. Twelve percent say the economy is about the same as it was two years ago.
Although the rate of inflation has declined this year, Americans are unhappy with rising prices. Seventy-four percent say inflation has moved in the wrong direction, with just 20 percent saying it has moved in the right direction.
Fifty-four percent say their personal financial situation has moved in the wrong direction over the past year. Thirty-eight percent say their situation has moved in the right direction. Fifty-three percent say the availability of products and goods has moved in the wrong direction.
Fifty-nine percent say they disapprove of Biden’s handling of the economy, basically unchanged since the Wall Street Journal polled the question in March and April. Forty-eight percent say they “strongly” disapprove of Biden’s handling of the economy.
Sixty percent say they disapprove of Biden’s handling of inflation and rising costs, including a majority—51 percent— who say they strongly disapprove.
Although Biden claims his programs are growing the economy “from the bottom up and the middle out,” most Americans do not agree. Fifty-eight percent say they disapprove of Biden’s handling of the issue of growing the middle class, including 47 percent who wrongly disapprove. Just 36 percent say they approve of Biden’s handling of the issue.
Biden is also underwater on the issue of Social Security and Medicare. Forty-seven percent say they disapprove of his handling of these entitlement programs, versus 39 percent who say they approve.
On the issue of China, 55 percent disapprove and just 36 percent approve.
There are some economic issues where the public’s rating is less negative. On the issue of creating jobs, the public is evenly split. Forty-seven percent say they approve of Biden on jobs and 47 percent say they disapprove. On improving infrastructure, forty-seven percent disapprove and 45 percent approve. On bringing manufacturing jobs back to America, 47 percent disapprove and 42 percent approve.
Forty-five percent say the job market has moved in the right direction over the past year, with 44 percent saying it has moved in the wrong direction. The unemployment rate in August moved up to 3.8 percent from 3.5 percent, largely reflecting an increase in the number of people who are looking for work. Forty-eight percent say the stock market has moved in the wrong direction and 27 percent say it has moved in the right direction.
The housing market elicits an overwhelmingly negative response. Eighty-six percent say the cost of housing has moved in the wrong direction, versus just eight percent who say it has moved in the right direction.
The economy is weighing heavily on the minds of many Americans. Thirty-eight percent of Americans say the economy is the most important issue in the 2024 Presidential election, up from 35 percent in April. Another 10 percent said inflation is the most important issue, up from seven percent in April. After the economy, the top issue is “immigration, at 23 percent. No other issue scores in the double-digits.
These negative views of the economy are likely weighing down Biden’s overall popularity. Just 39 percent say they have a favorable view of Biden, versus 58 percent who say they have an unfavorable view. Forty-nine percent say they have a very unfavorable view.
Republicans can only so much comfort from Biden’s unpopularity. The poll shows that Donald Trump is not any more popular than Biden. Thirty-nine percent say the approve of Trump and 58 percent say they disapprove. Fifty-two percent say they have a very unfavorable view of Trump.
In terms of next year’s presidential election, Biden is tied with Trump in the poll. Forty percent said that if the election were held today, they would vote for Trump. Thirty-nine percent say they would vote for Biden. Seventeen percent say the are undecided. When asked who they would vote for if the Democrat nominee were Biden and the Republican nominee were Trump, 46 percent say Biden and 46 percent say Trump.
