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Biden's Economic Narrative Is a Disaster, Polls Keep Showing

Rebecca Downs
Rebecca Downs  |  September 07, 2023 9:30 PM

No matter how many times President Joe Biden and his administration try to sell Bidenomics, the American people just aren't buying it. We've written up plenty about this in recent months, as the trends keep showing that to be the case. Yet when they're confronted with it, members of the administration tend to fumble their way through non-answers that often involve gaslighting the American people about how good the economy supposedly is, or try to argue that they just don't know enough. Each poll that comes out brings bad news for Bidenomics, making the administration's narrative less and less convincing.

The latest poll from The Economist/YouGov is no different. Among voters, President Joe Biden has a 45 percent approval rating, which is actually something of a boost for him. Still, 53 percent of voters disapprove. His approval rating among overall respondents is at 41 percent, though that 52 percent number remains the same. His RealClearPolitics (RCP) average approval rating, which uses that 45 percent number, is still not great at 42.1 percent, while 54 percent disapprove. 

While a plurality or majority of voters disapprove of Biden's job approval on a whole host of issues, that he's not doing too hot on the economy is worth highlighting. A majority of voters, at 52 percent, disapprove of his handling of jobs and the economy, which are grouped together in this poll. Forty-four percent of voters approve. The numbers among overall respondents is similar, in that 41 percent approve, while 52 percent still disapprove.

The worst issue for Biden is on inflation/prices, as he has the lowest approval rating on this issue among voters, at 34 percent, and the highest disapproval rating, at 61 percent. Among overall respondents, those numbers are at 33 percent and 60 percent. The poll's summary highlighted that 60 percent figure. "More Americans strongly or somewhat disapprove of Joe Biden's handling of inflation/prices (60%) than disapprove of his handling of any other of nine issues included in this week's poll," noted the summary.

These numbers are similar to the RCP averages as well, which factor in this poll and use the numbers for registered voters. Biden's approval rating on the economy is at 38.1 percent, while 58.1 percent disapprove. He's at a 33.2 percent approval rating on inflation, while 62.5 percent disapprove.

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It wasn't just his approval ratings on these issued that spelled trouble for Biden, though. The poll asked numerous questions on economics, none which fared well for the president. As the poll also found:

  • A plurality of voters (46 percent) and overall respondents (48 percent) say the economy is "poor." Just 25 pecercent of voters and 23 percent of overall respondents say it's excellent or good.
  • Even worse is that a majority of both voters (53 percent) and overall respondents (54 percent) say the economy is on a trend to get worse. When it comes to Biden voters, only a plurality (39 percent) say it's getting better.
  • A plurality of voters (45 percent) and overall respondents (46 percent) say they are worse off financially than they were a year ago. Close to a majority of Biden votes (49 percent) say they're doing about the same, but it is noteworthy that they're more likely to say they're doing worse (27 percent) than they're doing better (22 percent).
  • A majority of voters (58 percent) and overall respondents (53 percent) said inflation is the more important issue, as opposed to unemployment, both of them being equal, or not sure. A majority or plurality of every demographic answered as much.
  • Similarly, a majority of voters (59 percent) and overall respondents (58 percent) believe that the indicator most related to inflation, "[t]he prices of goods and services you buy," is the best indicator of how the national economy is doing. Respondents had also been offered the chance to choose unemployment rate/jobs report, stock market index, and their own personal finances as indicators. A poll summary noted that this has been the case for the past two years.
  • A plurality of voters (45 percent) and overall respondents (47 percent) think that we will have a higher rate of inflation in six months.
  • A majority of voters (58 percent) and overall respondents (57 percent) say that they have felt the impact of inflation in their own lives "a lot."
  • A plurality of voters and overally respondents (41 percent for each) say that they think the economy is shrinking. When it comes to Biden voters, only a plurality think it's growing (40 percent).
  • A plurality of voters (47 percent) and overall respondents (45 percent) think we're in a recession.

When it comes to how the Biden administration has been trying to sell Bidenomics, there was a finding that directly touched upon this too. They are truly not hearing the message. 

A plurality of voters (45 percent) and overall respondents (46 percent) said what they've heard about the economy has been "mostly negative." Respondents are actually more likely to say they've not heard much news on the economy (18 percent for total respondents, 15 percent for voters), than they are to say they've heard mostly positive news (11 percent for total respondents, 13 percent among registered voters).

Gas prices were also lumped in with this group of questions. A majority of voters (58 percent) and overall respondents (57 percent) believe that gas prices will be higher in six months. This even includes a plurality of Biden voters (38 percent). 

It looks like Biden is taking actions to drive gas prices even higher, though. On Wednesday, right after the poll was conducted, he announced that he was ending gas and oil leases in the Artic. 

The poll was conducted September 2-5 with 1,500 Americans, including 1,329 registered voters. The margins of error were at plus or minus 3.3 percentage points and plus or minus 3.1 percentage points, respectively.

This poll was not the only one recently released to show bad news for the president. A CNN poll came out on Thursday which showed the president at a 39 percent approval rating, while 61 percent disapproved.

Respondents were asked if they think Biden's policies have improved or worsened economic conditions in the country, with a majority (58 percent) saying they've worsened conditions. Only a plurality of Democrats (48 percent) think his policies have actually improved such conditions. 

A CNN write-up noted such a figure in highlighting how "[v]iews of Biden’s performance in office and on where the country stands are deeply negative in the new poll." The write-up also notes that this 58 percent is up 8 points since last fall's poll.

"Most Democratic-aligned voters younger than 45 say they approve of Biden’s job performance overall. But in a break from older partisans, substantial majorities also say that Biden does not inspire confidence (63%), does not have the stamina and sharpness to serve effectively (64%), and that his policies have failed to improve the economy (64%)," the write-up also highlighted.

The poll was conducted August 25-31 with 1,503 respondents and a margin of error of plus or minus 3.5 percentage points.

Cedric Richmond, who serves as a co-chair of Biden's reelection campaign, was asked about Biden's poll numbers during his Wednesday appearance on "The Lead with Jake Tapper." His response was the same as we've heard all along, that "we believe that when you tell people about those accomplishments, those numbers change tremendously."

As Tapper pointed out, though, the president has been talking about this for two years now. Richmond responded with a vague answer about Russia and the president "doing all of the things that he should do as president," and that the accomplishments will all be discussed on the campaign trail.