For starters, it's worth reminding that the mood about the economy is not so great, no matter how much President Joe Biden and his administration try to sell "Bidenomics" to convince voters that the economy is doing well. Biden's numbers are and have been terrible on the economy. While voters may presently be more concerned about immigration, according to some polls at least, the economy and inflation are still top concerns.
Civiqs shows voters' thoughts on the economy, as well as the direction they think it's going in, their family finances going back to January 2015, and included over 949,000 responses. Over 38,000 respondents also chimed in about whether or not they approve of how Biden is handling the economy. The poll findings are current as of February 5 or February 6.
The results are not great. A plurality, at 37 percent, say the economy is "very bad," while just 9 percent say it's "very good." A majority, at 51 percent, also believe the economy is "getting worse," while 30 percent say it's "getting better," and 16 percent say it's "staying about the same."
CIVIQS: Do you think the nation's economy is getting better or worse? (net BETTER)
— InteractivePolls (@IAPolls2022) February 6, 2024
• June 6, 2022: -60%
• Oct. 12, 2022: -47%
• Sep. 18, 2023: -35%
• Feb. 5, 2024: -21%
The state of the economy is currently at its highest point since August 11, 2021. pic.twitter.com/sOgNa6HCxM
As pessimistic as voters may be about the economy, believe it or not, it's still "at its highest point since August 11, 2021," as Interactive Polls highlighted when sharing a post about the trend.
The Civiqs poll also noted key dates around the various moods about the direction of the economy, such as when the woefully misnamed "Inflation Reduction Act" was signed on August 16, 2022. The following day, 61 percent of voters still said that the economy was "getting worse," while just 20 percent said it was "getting better." That number fluctuated in the low 60s until late November 2022, with a majority of voters still saying it's been getting worse since then, as the numbers dipped slightly into the 50s. The amount of voters who have said the economy is "getting better" has remained in the 20s or even teens for years.
A plurality, at 47 percent, also believe that their family's finances have "gotten worse," while just 17 percent say they've "gotten better."
It's thus not surprising, then, that just 38 percent would approve of how Biden is handling the economy, while 55 percent say they disapprove.
This is hardly the only poll to touch about the economy, though, which again, is a top issue for 2024. RNC Research took the chance to highlight how a CNBC/Generation Lab poll shows young Americans ages 18-34, who are already critical of Biden, are feeling particularly down about the economy.
On Tuesday, the "Youth & Money in the USA" poll was released, which shows a plurality of these Americans believe the economy is "poor," at 41 percent. Not far behind is the 38 percent who believe it's "fair."
A plurality, at 45 percent, believe that the economy over the course of 2024 will "stay about the same," while 39 percent believe it will "get worse" and just 16 percent say they believe it will "get better."
CNBC poll among Americans ages 18 to 34:
— RNC Research (@RNCResearch) February 6, 2024
— The vast majority expect Biden's economy to "stay about the same" or "get worse" this year.
— 61% are not currently saving for retirement.
— 71% could last less than six months on their savings.
— "Cost of living" is the top issue. pic.twitter.com/zlAN1N7j9h
There's also potentially grim long-term consequences as well, in that 41 percent say the economy is affecting major life decisions about marriage and family "quite a bit." Not only are 61 percent not saving for retirement, but when asked "how long would you current savings cover your cost of living if you had no other income?," the most common responses were "none" and "about one month or less," at 24 percent each. One of the poll's takeaways also noted that "34% have a side hustle outside of a traditional job to earn more money."
When it comes to what issues matter for these young Americans, 28 percent say "cost of living" when having to choose one top issue, followed by the 14 percent who said "jobs and the economy."
The results weren't too great for either Biden or the likely Republican nominee, Donald Trump. Biden only leads Trump by 3 percent, 31-28 percent, within the margin of error. Forty-six percent said they'd vote for another candidate.
The poll was conducted January 21-31 with 1,013 people aged 18-34. There was a margin of error of plus or minus 3.1 percentage points.
CNBC also highlighted the results on air, focusing on how 41 percent said "poor," which "gets to this sort of quandary for the Biden administration."
CNBC: Just one-fifth of Americans between the ages of 18 and 34 give Biden's economy a favorable rating — with a plurality rating it "poor" pic.twitter.com/jBBJW1Qbu1
— RNC Research (@RNCResearch) February 6, 2024
The most recent poll from YouGov/The Economist also shows that a plurality, 39 percent of voters, regard the economy as "poor," while 45 percent of voters, also a plurality, say it's "getting worse." Still another plurality of voters, at 42 percent, say they are "worse off financially than you were a year ago." A majority of voters, at 52 percent, disapprove of how Biden is handling the economy.
That poll was conducted February 4-6 with 1,591 adults, which included 1,399 registered voters and had a margin of plus or minus 3 percent for those respondents.
Such results come just days after an NBC News poll was released, which Guy noted was particularly bad for the president when it comes to the economy. NBC's own headline noted that "Poll: 20-point deficit on handling economy highlights Biden’s struggles against Trump."
InteractivePolls has also highlighted how among the key findings, Trump has "the largest advantage of any candidate in the NBC poll's history back to 1992," with 55 percent of voters who say they believe he'll be better in dealing with the economy, compared to just 33 percent who say so about Biden.
That poll showed Biden with just a 37 percent approval rating on the economy, while 60 percent disapprove. Overall, RealClearPolling has Biden at a 38.4 percent approval rating on the economy, while 58.2 percent disapprove.
📊 NBC News National Poll Highlights
— InteractivePolls (@IAPolls2022) February 5, 2024
▪ 55% - Proportion of voters who believe that Trump is better dealing with the economy than Biden (33%) — the largest advantage of any candidate in the NBC poll's history back to 1992.
—
▪ 48% - Share of voters who say that Trump will do a… pic.twitter.com/r18J9unWby
