President Biden’s efforts to boost public perception of his economic management, a campaign he has termed “Bidenomics,” seems to be struggling to gain traction among Americans.
According to the latest Gallup poll, the approval rating for Biden’s handling of the economy has dipped to 32 percent, hovering close to last year’s low of 31 percent.
Biden’s economic approval dips despite stable inflation rates
This is a notable decline from an August poll where Biden’s economic approval had risen to 38 percent.
The poll, conducted between November 1 and November 21, coincided with government data indicating a stabilization in inflation rates.
The consumer price index in October showed no month-to-month rise and an annual increase of just 3.2 percent, closely mirroring June’s 3.1 percent—the lowest inflation rate since April 2021.
Despite these figures, public perception suggests a continued lack of confidence in Biden’s economic policies.
Gender, age variations in Biden’s economic approval ratings
An interesting demographic breakdown shows a slight gender difference in financial approval ratings for Biden, with women slightly more approving at 33 percent, compared to 31 percent among men.
The age gap in approval is more pronounced: only 28 percent of voters aged 18 to 34 and 26 percent of those aged 35 to 54 approve of Biden’s economic management, while the approval rating among older Americans stands at 38 percent.
Partisan divide in approval of Biden’s economic policies
Party lines show a stark contrast in approval ratings. While 72 percent of Democrats approve of Biden’s financial management, only 24 percent of independents and 3 percent of Republicans share this view.
This split indicates a deep partisan divide in perceptions of Biden’s economic policies.
The income-based approval ratings further challenge Biden’s claim of fostering an economy that grows “from the bottom up.”
Biden’s economic approval varied across income levels
Biden receives a 38 percent approval rating from Americans earning over $100,000 annually.
Still, this approval drops to 30 percent among those earning between $50,000 and $100,000 and plummets to 26 percent among the lower income bracket.
This data underscores a significant challenge for the Biden administration as it seeks to shift public opinion on its economic management.
Challenges for ‘Bidenomics’ amidst widespread skepticism
Despite efforts to promote a narrative of economic recovery and stability under “Bidenomics,” the administration faces skepticism across various demographics.
The lower approval ratings among younger and lower-income voters, in particular, highlight the uphill battle in convincing these groups of the effectiveness of Biden’s economic policies.
The Gallup poll reveals a persistent skepticism among the American public regarding President Biden’s handling of the economy.
Bidenomics: Navigating low approval, economic divides
Despite stabilizing inflation and efforts to promote “Bidenomics,” the administration continues to grapple with low approval ratings, reflecting broader challenges in addressing economic concerns and bridging the divides across party lines, age groups, and income levels.
This situation presents a complex scenario for the administration as it navigates the economic landscape and seeks to build broader support for its policies.