Understanding Public Perceptions of the Economy and Joe Biden’s Presidency
Economic Views: A Mixed Picture
Americans’ sentiments regarding the economy have undergone a transformation in recent years. While economic conditions were generally viewed positively during Donald Trump’s presidency and prior to the COVID-19 pandemic, public opinion has fluctuated since the onset of the crisis.
A recent survey conducted by Pew Research Center in January 2024 reveals a slight improvement in economic perceptions. Approximately 28% of Americans now rate economic conditions as excellent or good, representing a 9% increase compared to April 2023. This shift in sentiment is primarily driven by Democrats and Democratic-leaning independents, with 44% of them expressing positive views of the economy – the highest proportion recorded during Joe Biden’s presidency.
Challenges and Concerns: Inflation and Beyond
Despite the slight uptick in economic optimism, the public’s outlook remains less positive compared to the pre-pandemic era. In January 2020, 57% of Americans held positive views of the economy. However, this rating plummeted to 23% in April of the same year as the coronavirus outbreak swept across the nation. Economic perceptions initially improved during Biden’s early months in office but subsequently declined.
Concerns about the economy’s future persist, with 33% of Americans anticipating worse economic conditions a year from now. However, there is a notable shift toward a less pessimistic outlook, as the proportion of those expecting worsening conditions has decreased from 46% in April 2023. Nevertheless, more individuals (26%) believe the economy will deteriorate rather than improve in the coming year, while 41% anticipate no significant change.
Energy prices and stock market fluctuations, which were previously major sources of concern, have seen a decline in public anxiety. While 72% of Americans remain deeply concerned about prices for food and consumer goods, the shares expressing significant concern about gasoline and energy prices, as well as the stock market’s performance, have decreased by 9 and 8 percentage points, respectively, since January 2023.
Public Perspectives: Inflation and Unemployment as Key Factors
When asked to explain their economic sentiments, the majority of Americans who rate economic conditions poorly or fairly attribute their views to inflation or high prices. Almost half (45%) specifically mention high inflation (28%) or the high cost of living (21%), while 11% cite the high cost of food and groceries or housing.
In contrast, those who view the economy positively often point to low unemployment as a primary reason for their optimism. Approximately 43% of Americans who rate economic conditions as excellent or good indicate that low unemployment is a significant factor influencing their positive assessment. Other factors mentioned include declining inflation (18%), wage growth (10%), and a strong stock market performance (9%).
Biden’s Job Performance and Public Perception
Joe Biden’s job approval rating remains low, with only 33% of Americans approving of his performance as president. This rating has not exceeded 40% since April 2022. Young adults, in particular, hold a negative view of Biden’s job performance, with just 27% of those aged 18 to 29 approving of his handling of the presidency.
Biden’s job rating is also divided among racial groups. Black adults are almost evenly split, with 48% approving and 49% disapproving of his performance. Biden’s approval rating is lower among Asian (39%), Hispanic (32%), and White (30%) adults.
Public perceptions of Biden’s personal traits have also become less positive. He receives his highest ratings for being even-tempered (62%) and standing up for what he believes in (50%). However, fewer Americans describe him as mentally sharp (29%), inspiring (26%), or energetic (24%). The perceptions of Biden’s personal traits have largely followed the same downward trend as his job ratings.
Assessing Biden’s Legacy and Partisan Dynamics
An increasing number of Americans believe that Biden will be an unsuccessful president in the long run. Currently, 55% hold this view, while only 23% anticipate a successful presidency. The remaining 20% are undecided. These opinions are deeply partisan, with Republicans overwhelmingly predicting Biden’s failure (87%). Among Democrats, 45% believe he will be successful, while 26% predict an unsuccessful presidency, and 28% remain uncertain.
In terms of partisan compromise, a majority of Democrats (59%) believe Biden should strive to work with GOP leaders to achieve common goals, even if it disappoints some of his voters. However, only 32% of Republicans share this view regarding their own party leaders’ willingness to compromise with Biden. These opinions have remained relatively stable throughout Biden’s presidency.
Regarding the impeachment inquiry launched by House Republicans against Biden, public opinion is sharply divided along partisan lines. Approximately 52% of Americans approve of the inquiry, while 45% disapprove. Republicans overwhelmingly support the inquiry (85%), while Democrats overwhelmingly oppose it (77%). Relatively few Americans (16%) say they are following news about the impeachment inquiry closely.
The American public’s perceptions of the economy and Joe Biden’s presidency are complex and ever-evolving. As the nation continues to grapple with economic challenges and political divisions, it remains to be seen how these perceptions will shape the future of American politics and society.