CNN Poll: As Biden Brags About Economy, Half of Americans Say It's Getting Worse

August 3, 2023

As President Joe Biden continues to brag about the economy, half of all voters told CNN they believe the economy is going to get worse.

Fifty-one percent of voters believe the economy is in a downturn and will get worse, according to CNN's poll. Just 20 percent say the economy is improving, and 28 percent say it has stabilized.

Biden's approval rating sits at 41 percent, according to the poll, but drops to 37 percent when Americans are asked to consider his handling of the economy—and to 30 percent when asked about inflation. Only 26 percent of independents say they approve of his handling of inflation.

Voters also said they trust congressional Republicans more than Biden to handle the important issues of the day, 54 percent to 45 percent. When asked which issue is the most important, voters overwhelmingly chose inflation, the economy, poverty, and other economic issues.

The poll numbers come as Biden offers positive messaging on the state of the economy.

"Today, the U.S. has had the highest economic growth among the world's leading economies since the pandemic," Biden said during a June speech on his economic policies. "We've added over 13 million jobs, more jobs in two years than any president has added in a four-year term.​ And, folks, that's no accident. That's Bidenomics in action."

Biden said that "Bidenomics," which he hopes will resonate with voters ahead of his reelection bid next year, is about building "the economy from the middle out and the bottom up."

The White House released a fact sheet after that speech that said "Bidenomics" is "already delivering for the American people."

The number of Americans who think they'll have a comfortable retirement, however, in May hit its lowest point since 2012. Meanwhile, Gallup reported that fewer Americans think now is a good time to buy a house than at any time since 1978.

Most Americans began the year by predicting that 2023 would bring more economic difficulties. Eight in 10 respondents predicted in January that taxes would increase along with the federal deficit.

Published under: Economy , Joe Biden , Polls