President Joe Biden’s economic approval ratings have hit a record low as his administration continues to push the claim that the “Bidenomy” is working, according to a poll released by Investor’s Business Daily (IBD) on Monday.
About 56% of Americans disapprove of Biden’s economic policies, compared to 24% who approve, a rapid drop from the 50%-31% reported in September. according to IBD. The low ratings underscore the problems plaguing the U.S. economy as inflation continues to rise while overall wages fail to keep pace. (RELATED: Democrats Beg White House to Stop Using Word ‘Bidenomy’: Report)
JEAN-PIERRE: “Bidenomics has worked SO WELL, there are Republicans in their own districts… taking credit for things the president pushed for.” pic.twitter.com/laWdacF01q
– Daily Call (@DailyCaller) September 25, 2023
Inflation has resurrected from about 3.2% in July to 3.7% in August, well above the Federal Reserve’s 2% target. The Biden administration has added $5 trillion to the current $33 trillion national debt, roughly double the $2.48 trillion increase under former President Donald Trump.
The IBD survey was carried out with a survey size of 1,378 participants from September 27 to 29.
“Bidenomy is working: Unemployment is near historic lows, inflation has fallen by about two-thirds, wages are rising, and job satisfaction is at a record high,” a White House spokesperson previously said. reclaimed to the Daily Caller News Foundation. “The midterm elections and recent special elections showed that Americans favor the president’s vision of growing the economy from the middle out and the bottom up, over the trickle-down economics of Republicans in Congress.”
Only 16% of Americans say their salaries keep up with inflation, and 61% live paycheck to paycheck, according to IBD. The IBD/TIPP Financial Stress Index jumped 2.4 points to 70.5, higher than the 69.8 reported in April 2020 at the height of the COVID-19 pandemic; Any reading above 50 indicates increasing stress.
Investors have gone from generally positive to negative in their approval of Biden, going from 56% approval in September to 45% in October, according to the survey.
Approval of Biden’s overall performance as president has fallen from 41% in September to 36% in October; Biden’s approval ratings stood at 55% on January 21, 2021, his first day in office. according to IBD and Reuters.
The White House did not immediately respond to a request for comment.
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