Biden's support is fading as concerns over the economy and Covid grow, CNBC survey finds

CNBC All-America Economic Survey revealed that President Joe Biden's approval rating fell deep underwater. This was due to Americans becoming less trustful in his economic leadership, losing some confidence in his handling the coronavirus and growing concerns about inflation and shortages. Only 41% approve of Biden’s presidency handling, while 52% disapprove. The margin of error for the 800 Americans polled Oct. 14-17 has been 3.5%. Biden's net rating of negative 11 points is a stark contrast to the positive 3 points in July's survey when 48% approved and only 45% disapproved. The decline in approval is due to a rise in disapproval of Biden's handling of the economy. Only 40% approved and 54% disapproved, an increase of 7 points from July. The margin of approval for his handling of the virus has decreased to a mere majority. Now, 53% of Americans approve, while 53% approved in July. 45% disagree, as opposed to 38%.
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As concerns over the economy, inflation, and supply shortages increase sharply, President Trump's numbers are falling. Up 16 points, inflation now ranks alongside the coronavirus as America's greatest concern. The public believes there will be a recession within the next year in a plurality of 47%, an increase of 13 points since the last time the question was asked in 2019. According to Micah Roberts (partner at Public Opinion Strategies), the Republican pollster, 47% of the public believes there will be a recession in the next year. This is an increase of 13 points from the previous question. The recession worries are accompanied by increasingly negative views about the future and current state of the economy. 46% believe the economy will get worse over the next year, which is the highest in 13 years of the poll. 79% of respondents judge the economy to be fair or poor, the highest since 2014.

U.S. President Joe Biden meets with CEOs and business leaders about the debt limit at White House, Washington, U.S.A, October 6, 2021. Kevin Lamarque | Reuters

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