Biden’s Approval on Economy Low Despite Economic Growth

Despite economic indicators of improvement, polls still show President Biden facing disapproval over his handling of the economy.

Most economic metrics suggest a robust U.S. economy. The unemployment rate is similar to where it was pre-pandemic, at 3.8%. Real GDP growth is around 3%, which is above pre-pandemic levels. Inflation has also fallen from its peak of 9% to around 3% as the Federal Reserve has increased interest rates over the past two years.

However, polls indicate people don’t feel positive about the economy. An Economist/YouGov poll conducted from March 30 to April 2 asked respondents if they felt the economy is getting better or worse, and only 21% said it was getting better, while 53% said it was getting worse and 21% said it was about the same.

In addition, only 44% of voters approved of Biden’s handling of the economy, while 53% disapproved. Although approval largely fell along party lines, with 78% of Democrats approving and 89% of Republicans disapproving, independents also largely disapproved of Biden’s handling of the economy, with only 30% approving and 56% disapproving.

Another poll from Fox News found that although people disapprove of his handling of the economy, views have improved from the time of peak inflation. Currently, 61% disapprove and 38% approve of Biden’s handling of the economy, with 34% approving and 65% disapproving of his handling of inflation. However, at the peak of inflation in June 2022, only 21% approved of his handling of inflation, and 29% approved of his overall handling of the economy, suggesting that sentiments have shifted in Biden’s favor over time.

Voters also appear to be more concerned about inflation than jobs. A recent Harvard-Harris poll found that while 50% of respondents approved of Biden’s efforts to stimulate job growth, only 39% approved of his handling of inflation. Voter sentiment seems to align more closely with the economic indicators in this poll, as unemployment remains low, but inflation is still above the Federal Reserve’s target rate of 2%.