Vast Majority of Americans Report Being Worse Off Under the Biden Administration 

According to a Fox News national survey report, the vast majority of Americans have reported being financially worse off under the Biden administration. Only 22% of respondents said they are in a better situation than they were four years ago. One-fourth of respondents said their situation has remained largely unchanged.

Overall, 73% of the respondents have a negative view of the economy which in itself is actually an improvement since last May.

People Report Being Worse Off

It is worth noting that 72% of Republicans and 59% of independents reported being worse off than they were four years ago when Biden assumed office.

On the other hand, 37% of Democrats reported being worse off, while 35% indicated that their situation has remained largely unchanged.

Improved Since Last May

Even though 73% of the respondents have a negative view of the economy, this number actually indicates an improvement since last May.

In May 2023, 83% of respondents had reported having a negative view of the economy. Hence, the current statistics indicate a 10% improvement in people’s view of the economy under the Biden administration.

Ratings Are Almost The Same As They Were In Biden’s Early Days

Currently, 25% of respondents believe the economy is in good or excellent shape.

The current statistics, with 29% holding a positive opinion and 69% having a negative view of the economy under the Biden administration, closely resemble public opinion when Biden first assumed office.

Republicans and Independents Have a Worse Opinion of the Economy

The numbers also reveal that Independents (86%) and Republicans (93%) have a significantly worse opinion of the economy than Democrats.

Last year in May, Democrats had a much more negative view of the economy than what is the case currently. The total number of Republicans and Independents holding a negative opinion of the economy hasn’t changed much since last May.

Consumer Confidence May Be On The Rise

Republican pollster Darren Shaw has been responsible for conducting the Fox News surveys along with his Democrat colleague Chris Anderson.

Anderson said, “For several months there’s been steady chatter on the left that consumer confidence is rising and Biden will surely get credit for this great economy.”

Anderson is Still Skeptical

Despite suggesting that consumer confidence may be steadily increasing, Anderson is not entirely sure where things are headed.

Looking at the current numbers, Anderson said, “It seems what we are seeing in the data is Democrats coming home – partisanship is informing economic evaluations, not the other way around. Until we see movement among independents and Republicans, color me skeptical.”

Rate of Approval and Disapproval

In total 38% approve of the manner in which the Biden administration has been handling the U.S. economy. It is the highest approval rating in almost a year.

On the other hand, 61% disapprove the Biden administration’s handling of the economy.

The Pressing Issues of Inflation and Immigration

Inflation has been a huge issue in the last few years. While the percentage of people who believe the Biden administration is handling the issue of inflation well is currently at a record high, it is still a rather dismal number at 34%.

When it comes to the immigration, only 30% approve of how the Biden administration has been handling this issue. This number indicates a new record low.

Respondents Agree That “Corporate Greed” Is To Be Blamed

Biden has been blaming the economic inflation on corporations calling it a result of “corporate greed.” Biden’s stance resonates with people’s beliefs as 45% of respondents believe the current inflation is the result of corporate price gouging.

Nearly 44% of respondents attributed to inflation to excessive government spending.

Overall Job Ratings

Fox News reported, “The president’s overall job rating remains near his lowest: 41% approve vs. 58% disapprove.”

Offering more information regarding Biden’s job ratings, Fox News added, “Last month it was 42-58%. The low of 40-59% came in November 2023 and July 2022.”

Respondents Couldn’t Think of Any Major Achievements

When respondents were asked to list the accomplishments of the Biden administration, 38% either couldn’t think of anything or provided a negative response.

This indicates that a significant number of respondents aren’t able to identify or can’t perceive any notable accomplishments of the Biden administration.

Respondents Gave A Slightly Better Response for the Trump Administration

When respondents were asked to list the major accomplishments of the Trump administration, only 27% either couldn’t think of anything or provided a negative response.

This indicates that a smaller number of respondents can’t recall or acknowledge the positive accomplishments of the Trump administration compared to the total number of respondents who had difficulty identifying the positive accomplishments of the Biden administration.

Biden Administration’s Top Accomplishments

Voters said that the Biden administration’s most significant accomplishments include the economy/jobs (19%), infrastructure (6%), and student loan forgiveness (6%). Interestingly, 6% of respondents said that by simply not being former President Donald Trump, the Biden administration has achieved something significant.

According to the data, failures of the Biden administration include economy/inflation (17%) and immigration/border security (31%).

The Trump Administration Is Remembered More Fondly

Anderson said, “More voters fondly remember Trump’s economic successes than can recall any of Biden’s.”

Anderson added, “That underscores the challenge Biden faces. He must connect the dots between his major policy initiatives and the economic benefits to not just the overall economy, but all household finances.”