Joe Pinion on economy: ‘All is not well on Main Street USA’
Former N.Y. state senator David Carlucci and GOP strategist Joe Pinion discuss the state of the U.S. economy and President Biden’s approval ratings among minority voters.
By a 32-point margin, more voters feel they have been hurt rather than helped by President Biden’s economic policies.
In addition, since the beginning of his term, negative views of the economy and dissatisfaction with the way things are going in the country have increased substantially, according to the latest Fox News national survey. Views among Democrats contribute to those declining sentiments.
The survey finds 68% of voters feel unhappy with how things are going in the country, up from 53% since early in Biden’s term. Much of that 15-point rise in dissatisfaction comes from a 27-point increase among Democrats – climbing to 47%, up from 20% in 2021.
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Polling shows the majority of voters are dissatisfied with how things are going in the U.S. (Fox News)
Plus, large numbers of Republicans (93%), independents (85%), and Democrats (61%) rate the economy negatively. Compared to when Biden took office, those marks have worsened by 6 points among independents, 8 among Democrats, and 11 among Republicans.
Overall, 78% of voters say the economy is in bad shape, worse by 9 points since Biden took office (69%).
The majority of Republicans, Democrats, and independent voters say the economy is in a bad state. (Fox News)
On the personal level, 64% say their financial situation is only fair or poor. That’s worse by 6 points compared to the 58% who felt that way at the end of 2022 and 2021.
Nearly half of voters (46%) say the administration’s policies have hurt them personally – that’s more than three times as many as say they were helped (14%). Another 39% think the policies haven’t made much difference either way. The number saying they’ve been hurt by Biden’s policies is up 8 points compared to 2021.
Fox News Polling reveals how registered voters feel about the economic conditions across the nation and personally. (Fox News)
To top it off, voters don’t see the economy getting better – instead, they are twice as likely to see the economy getting worse next year (44% worse vs. 22% better). Democrats are alone in thinking it will get better (by a 7-point margin), as Republicans (by 47) and independents (by 38 points) see the economy declining next year by much wider margins.
"While inflation has slowed, household budgets have not recovered from its squeeze," says Democratic pollster Chris Anderson, who conducts Fox News surveys with Republican Daron Shaw. "Economic indicators suggest more individuals should start feeling increased spending power soon so maybe the outlook will improve next year, but right now it remains grim."
Approval of Biden’s overall job performance stands at 43%, up from a low of 40% last month. He is helped by higher-than-average approval among men and voters ages 65 and over and that seems driven by his handling of national security, where approval is up by 7 points among both groups.
Most registered voters say they have been "hurt" by Biden's economic policies, Fox News Polling shows. (Fox News)
"Biden's job rating hasn't moved much since the precipitous drop associated with the Afghanistan withdrawal and skyrocketing inflation in September 2021," says Shaw. "And his numbers on key issues like the economy show no sign of recovery."
The president’s lowest job ratings continue to be on inflation, with 28% approving. That’s up from a low of 23% in June 2022. His marks are also well underwater on border security (33% approve, 63% disapprove), the Israel-Hamas war (33-60%), China (34-61%), the economy (36-62%), Ukraine (37-59%), and national security (43-54%).
The economy remains the top issue to voters, followed by immigration – and that hasn't changed since last December. What has changed over the last year is that the number of voters prioritizing the economy is down 7 points, while those putting immigration at the top is up by 6 points.
The majority of voters are unhappy with economic conditions under Biden/ (Al Drago)
Fully 86% of voters are extremely or very concerned about inflation. Roughly 8 in 10 worry about the price of health care (81%) and housing costs (76%), while 7 in 10 say the same about retirement savings and interest rates (71% each), and nearly 6 in 10 feel that way about the job market (56%).
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While it may not be surprising that Republican numbers on these issues are high, it’s true that concern is also quite high among Democrats on issues like health care costs (81%), inflation (78%), and housing costs (72%).
"There are many stories in the news media touting the strength of the U.S. economy and asking why Americans don't seem to realize how good they have it," says Shaw. "The reality is that high prices and reduced purchasing power cast a long shadow on the collective psychology of voters."
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Conducted December 10-13, 2023, under the joint direction of Beacon Research (D) and Shaw & Company Research (R), this Fox News Poll includes interviews with 1,007 registered voters nationwide who were randomly selected from a voter file and spoke with live interviewers on both landlines and cellphones. The poll has a margin of sampling error of plus or minus 3 percentage points for all registered voters.
Fox News’ Victoria Balara contributed to this report.