Recent polling data reveals a decline in President Biden’s economic approval rating, with a Gallup poll indicating it has dropped to 32 percent, approaching last year’s low of 31 percent. This downturn contrasts with an increase observed in August, where his rating had risen to 38 percent.
Despite the administration’s efforts to promote “Bidenomics,” a term Biden uses to highlight his administration’s economic achievements, it appears to be struggling to resonate with the American populace.
The survey, conducted from November 1 to November 21, coincided with government reports showing a stabilization in the consumer price index in October. The year-over-year increase was just 3.2 percent, closely aligning with June’s 3.1 percent—the lowest inflation rate since April 2021. However, these figures suggest that even with decreasing inflation, public perception of Biden’s economic management remains critical.
The poll also highlighted demographic differences in economic approval ratings for Biden. Women showed slightly higher approval than men, with 33 percent compared to 31 percent. Younger voters (aged 18 to 34) are notably less supportive, with an approval rating of only 28 percent, and those between 35 to 54 years old are even less approving at 26 percent. In contrast, older Americans (55 and over) gave a 38 percent approval rating.
Party affiliation plays a significant role in these ratings. While Democrats show substantial support for Biden’s economic policies at 72 percent, only 24 percent of independents and a mere three percent of Republicans express approval.
Interestingly, there appears to be a correlation between income levels and approval ratings. Among those earning above $100,000 annually, Biden’s economic approval stands at 38 percent. This figure drops to 30 percent for individuals earning between $50,000 and $100,000 and further declines to 26 percent among those with lower incomes. This trend challenges Biden’s assertion that his economic strategy is geared towards fostering growth “from the bottom up.”