By contrast, a total of 77 percent believe Biden’s economy is poor, the highest mark in a decade. Forty-seven percent say the economy remains “somewhat” poor, while another 30 percent said it was “very poor.”
The poll also revealed the economy is the number one issue for Americans by 36 points (50 percent). Subsequent issues followed: Ukrainian war (14 percent), immigration (10 percent), global warming (nine percent), racial unrest (five percent), coronavirus (five percent), and education (four percent).
The amount of people who praised Biden’s economy as “very good” is at an all-time low for the president. In August, the number of respondents who said Biden’s economy was “very good” was three percent, dropping one percentage point in May. The two percent mark in May is the lowest mark since Barack Obama’s 2014 economy.
Biden’s rating on the economy, the most important issue, seems to impact how Americans view the nation. Only two percent say the nation is doing “very well.” In contrast, 20 percent said the nation is doing “very badly,” an 18-point difference.
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During Biden’s presidency, only five percent of respondents have marked Biden’s America as doing “very well.” Biden’s mark is well below Donald Trump’s. Before the coronavirus, 21 percent of Americans said the nation was doing “very well,” up from five percent in Obama’s last month as president.
Not many trust Biden’s economic agenda of spending vast amounts of money is helping the economy. Seventy-three percent say Biden is doing too little to address the current economic conditions. Less than a quarter of respondents said Biden was doing just the “right amount.”
In 2021, Biden passed the costly $1 trillion infrastructure package and $1.9 trillion coronavirus package, which some economists say fueled inflation. Economists have predicted a 50/50 chance of a recession in the coming months and into 2023.
The Federal Reserve on Wednesday announced it was raising interest rates a half a percentage point to fight inflation. The fed has not raised interest rates to such a degree in more than two decades.