Biden’s disapproval rate is high, voters blame him on the economy: CNBC poll

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US President Joe Biden arrives at Air Force One at Joint Base Andrews in Maryland, USA on January 3, 2022.

Jonathan Ernst | Reuters

As more and more voters expressed dissatisfaction with his government’s supervision of the economy and the Covid-19 pandemic, President Joe Biden’s disapproval rate hit a new high in December.

According to a new CNBC/Change Research poll, 56% of voters now say they disapprove of the work Biden has done. This is the worst interpretation of his presidency at the end of his first year in office. The previous polls in the series showed that Biden’s opposition rate was 54% in early September and 49% in April.

Biden’s approval rate is 44%, down from 46% in September and 51% in April.

Biden’s recent signs of trouble are that his administration hopes to resolve a wide range of economic and political issues before the 2022 midterm elections, which will determine the balance of power in Congress.

As the omicron variant causes a surge in Covid cases, the White House is scrambling to quell concerns about price increases and inflation, restore the president’s “Rebuild a Better Climate and Families” legislation, and revitalize the country’s public health response.

Frustration with the economy is the main reason for Biden’s decline in popularity, because almost every demographic data lists it as the number one problem.

The economy is the top priority for men and women, all age groups, Latino and white voters, and people with and without college education. Black respondents who made racism their top priority said the economy came second.

60% of the 1,895 respondents in the survey said they did not approve of Biden’s handling of the economy, which shows that the approval rate has dropped by 6 percentage points from September.

On personal financial issues, voters are more likely to criticize the president. Approximately 72% of people disapprove of his handling of the prices of daily necessities, while 66% disapprove of his efforts to help their wallets.

Out of touch with the market and economy

Biden also scored poorly on issues that voters might think are going well.

For example, most people who said they planned to vote in the middle of 2022 said that the U.S. stock market performed “excellent” or “good”, while only 46% said it performed “not so well” or “poor.”

But when asked whether they approve or disapprove of Biden’s handling of the market, only 44% said they strongly or somewhat agreed, while 56% said they somewhat or strongly disagreed.

In fact, compared with those who believe that the U.S. stock market performs better, the percentage of respondents who believe that the U.S. stock market performs worse than in the same period last year is higher.

These opinions were collected from December 17th to 20th and run counter to one of the best years on the market in decades. In 2021, the three major US stock indexes all recorded huge double-digit gains, and their historical annual average gains were about 7% or 8%.

The Standard & Poor’s 500 Index rose 26.89% throughout the year, setting a closing record at least once a month. The broad market index set 70 such closing records in 2021, which is the second highest annual total after 77 closing highs in 1995.

In 2021, all 11 sectors closed higher, with energy and real estate having the highest rates of return. The Dow Jones Industrial Average rose 18.73%, and the Nasdaq Composite Index rose 21.4%.

Biden’s inability to gain trust in one of the best years in the stock market is a symptom of a bigger problem facing the Democratic Party in 2022: The party seems unable to convince voters that things are better than 12 months ago.

CNBC politics

Read more CNBC’s political coverage:

The unemployment rate fell from 6.3% to 4.2%, the average hourly income increased by 4.8%, 243 million people (or 73% of the U.S. population) had at least one dose of the Covid-19 vaccine, and 6 million people who received it in early January 2021 Arrived.

The failure to translate improving economic data into popular support puts pressure on any Democrats facing Republican challenges in the medium term, which will determine whether Democrats maintain a weak majority in the House of Representatives and Senate.

Although the president’s party usually loses its seat in Congress in the first election, current opinion polls on Biden and the Democratic Party indicate that they may face a rout in November.

This may be because members of both parties are increasingly frustrated with inflation.

Approximately 84% of the respondents said that they saw higher prices for daily necessities than a year ago, while only 19% said they made more income during the same period. Only 23% of people said they think inflation is beginning to fall or will soon start to fall.

Compared with global pandemics (26%) or companies (23%), respondents tend to blame Biden (38%) for price increases. Democrats said that the global pandemic has led to current inflation, and once the supply chain disruption is resolved, inflation will calm down.

Covid and healthcare

But voters’ dissatisfaction began to spread beyond the economic realm.

When asked to give letter scores on how the Biden administration handles health care costs and raises wages, the Democratic Party gave the president two Cs, but B for the overall economy.

The independents gave Biden a D on every issue, while the Republicans gave the president an overall failing score, minus the stock market, and they gave him a D.

In addition, 55% of the majority of interviewees stated that they do not approve of the president’s handling of the coronavirus pandemic, which shows that Biden is struggling in his previous areas of expertise.

Another survey conducted by CNBC in December last year showed that only 46% of people approve of his work on the virus, while 48% disapproved. The April version of the survey showed that 62% of Americans surveyed agreed with Biden’s handling of the pandemic.

Change Research pointed out that the president’s declining support for Covid may be because more and more voters believe that the White House has not done enough to authorize vaccines.

When talking about how the Biden administration responded to the virus, 50% of respondents said the White House had gone too far, 24% said it was not doing enough, and 26% thought the White House had done a good job.

Biden’s decline in Covid-related approvals comes as the number of new coronavirus cases nationwide has soared and tested the president’s commitment to better disease control during the presidential campaign.

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