CNN poll: Most Americans have a dismal view of the US economy

CNN poll: Most Americans have a dismal view of the US economy

This pessimism is also reflected in President Joe Biden, whose ratings for managing the economy remain strongly negative. A majority of American adults say its policies have hurt the economy, and 8 in 10 say the government is not doing enough to fight inflation.

Only 23% consider the economic conditions even rather good, against 37% in December and 54% in April. The last time public perception of the economy was this bad in CNN’s poll was in November 2011, when 18% rated economic conditions as good.

Americans also say they are more likely to hear bad news than good news about the economy, by a margin of almost 4 to 1: 89% say they have heard at least bad news, compared to 23% who have heard of it to at least one good news.

Americans remain generally gloomy about how things are going in the country as a whole, with only about a third (32%) saying things are going well in the country, around the same as at the end of the year. ‘last summer.

Although economic pessimism is most pronounced within the GOP, it crosses party lines. Nearly 94% of Republicans rate current economic conditions in the United States as poor, as do 81% of independents and 54% of Democrats. And across party lines, most Americans say they’ve heard little or no recent good news on the issue (88% among Republicans, 80% among independents, 61% among Democrats).

Biden gets low marks on the economy

The economy remains a particularly weak point for the president. Biden’s overall approval rating remains stable: 41% of Americans approve and 59% disapprove, which is effectively unchanged from CNN’s last poll, conducted in January and February. But his economic approval numbers continue to drop, with 34% approving and 66% disapproving, down from 37% approving and 62% disapproving earlier this year. Biden’s ratings also continued to fall on the issue of helping the middle class (36% approval, down from 41% in February) and immigration (34% approval, down from 40% in December). latest).

Even within the Democratic Party, only 7 in 10 approve of Biden on the economy (71%) and helping the middle class (71%), considerably lower than the 86% of Democrats who approve of his overall performance. Less than half of Democrats say Biden has improved the country’s economy (45 percent), down from 58 percent in December.

Overall, only 19% of Americans think Biden’s policies have improved economic conditions in the United States, with 26% saying they had no effect and 55% saying they made conditions worse – further decentralization since December, when 45% said the president’s policies had made matters worse.

By contrast, Biden’s ratings on handling Russia’s invasion of Ukraine while underwater — 46% approve, 54% disapprove — are better than his overall numbers. And a slim majority of 51% approve of its handling of the coronavirus pandemic, down from a low of 45% amid Omicron’s push earlier this year.

The problem for Biden is that most Americans are far more likely to be concerned about the economy than Ukraine or Covid-19. Half of Americans rate the economy as the most important national problem (50%), up from 36% last November; the Russian-Ukrainian war, the second issue, currently only gets 14%. A tenth calls immigration the main issue, while other topics including climate change, racial injustice and education were all in the single digits. Only 5% see the Covid-19 pandemic as the main problem, compared to 20% last November. The poll was completed ahead of Monday’s release of a draft Supreme Court opinion that would overturn Roe v. Wade, the landmark decision that affirmed the federal constitutional right to abortion.

Americans feel economic pressure

Americans are more positive about their own finances than the national economic situation: 53% say they are satisfied with their personal financial situation, up from 66% in 2016. Yet 41% say they are worse off than before. a year ago, with just 23% saying their finances have improved during that time. Even among those who are happy with their current financial situation, only 35% say they are better off now than they were a year ago.

With gas and food prices soaring, most Americans say economic conditions have caused them to cut back on non-essential spending (63%), change their grocery shopping habits (63%) and significantly reduce their driving (54%). A third say they have had difficulty finding affordable housing, rising to 42% among households earning less than $50,000 a year and 57% among those under 35.

Some of these difficulties have become more widespread since last year. The proportion of Americans who say they have reduced their car consumption is up 11 points from the December poll, the proportion of those who say they have changed their grocery shopping habits is up 9 points and the proportion of those who have had difficulty finding affordable housing has increased. 7 points.

These negative experiences go hand in hand with the largely pessimistic economic news that Americans say they hear. Eighty-nine percent say they’ve heard a lot (50%) or some (39%) bad economic news lately, with only 11% saying they haven’t heard a lot (10%) or not at all. all (1%). By contrast, only 23% say they’ve heard any recent good economic news, with half saying they haven’t heard much and 27% saying they haven’t heard any good news. at all.

Most Americans want to see more government action to address economic concerns. A majority say the government is doing too little to reduce inflation (81%, up 9 points since December) or fix the supply chain (73%), and around half (49%) say it actually too little to pay off student loan debt. In contrast, almost half, 47%, say the government is doing the right thing on Covid, up 6 points since December, with the rest split on whether it is doing too much or not enough.

There’s also a big age difference in whether the government is generally doing enough to pay off student debt: Of all Americans under 35, 70% say the government is doing too little, dropping 50% among those aged 35 to 49, and 35% among people aged 50 or over. On the other hand, there is little difference between university graduates and those without a diploma.

The poll, like other recent polls, shows that Biden faces challenges with young Americans, even within his own party. Among those under 45 who identify as Democrats, 80% approve of Biden’s handling of the presidency, compared to 90% among older Democrats. Eighty percent of Democrats ages 45 and older approve of Biden’s handling of the economy, while just 58% of younger Democrats say the same. Young Democrats are also about 24 points less likely to approve of Biden’s performance on the issue of helping the middle class. There is less of a pronounced age divide within the party over Biden’s handling of immigration, the situation in Ukraine or the Covid pandemic.

The CNN poll was conducted by SSRS from April 28 to May 1 among a random national sample of 1,007 adults interviewed online or by phone after being recruited using probability-based methods. The results for the full sample have a margin of sampling error of plus or minus 3.9 percentage points.

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