According to the latest CNBC All-America Economic Survey, Americans harbor some of the most downbeat views on the economy since the recovery from the Greater Financial Crisis, and some of their attitudes are in line with those seen only during recessions.
The number of people who think the economy is poor has risen to its highest level in four years. The economy is rated as excellent or good by only 17%.
Only one in five Americans describe their personal financial situation as good. Most say they are in place, and 1 in 10 say they are falling backward.
We used to be more worried about what was going to happen in the economy, but now we're more pessimistic about what's happening. It is inescapable on every page.
The survey of 800 Americans nationwide was conducted from April 7 to April 10 and had a margin of error of plus or minus 3.5%.
The pessimism is dragging on the opinions of President Joe Biden. The public thinks that nothing is working in the Biden presidency.
The president's approval rating plummeted to a new low of just 38%, with 53% disapproving. Biden's - 15% net approval rating is worse than his 9% approval in the CNBC December survey. The president's approval rating on the economy dropped for a fourth straight survey to just 35%, with 60% disapproving, putting the president a deep 25 points underwater.
The president saw a decline in his economic approval among women, people of color, and young Americans who put him in office.
The president's handling of the war in Ukraine was disapproved by 42% and approved by 40%. A new proposal to tax unrealized gains splits the country in half with 42% in favor and 42% against it.
Jay Campbell, partner at Hart Research and the Democratic pollster for the survey, said the problem for Biden is that the inflation issue is bipartisan.
Everything else, including Covid, has been blown out of the water by the cost of living. He said that there are attitudes about the economy that are largely a partisan phenomenon. It's the top issue for Democrats, independents and Republicans.
Inflation was the top issue facing the country, up 9 points from October. The war in Ukraine came in second with 31%, followed by immigration and border security and jobs and crime. The coronaviruses, which was the most important issue a long time ago, was down 25 points.
There is a lot of blame to go around when it comes to inflation, but perhaps the only one spared is former President Donald Trump.
A majority of the public blames supply chain disruption on corporations taking advantage of the situation. The policies of President Biden are blamed by 49% of people. 32% of participants cite President Trump's policies, while 3 in 10 say it's the Federal Reserve.
Americans are economizing like never before because of higher prices, with 84 percent cutting back on spending to make ends meet.
It was led by people who reduce entertainment spending by going to movies, concerts and restaurants. Majorities of Americans say they are dipping into savings. Just 16% of people say they've been motivated by higher prices to buy an electric car.
Half of the public expects their home prices to rise in the next year, the highest level since the beginning of the year. In the coming months, that optimism could be challenged by higher mortgage rates. The number of people who think their wages will go up by 5% over the next year is the best since 2019. The cost of living is going up.
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