Despite months of increasingly positive economic indicators, a majority of Americans still believe the economy is worsening, according to a new CNN poll.
CNN Poll Reveals Majority See Worsening Economy
The survey of 1,279 adults found that 51% think the U.S. economy remains in a downturn that is getting worse, even as indicators like job growth, GDP, and inflation suggest stabilization or improvement. The persistent pessimism comes as U.S. president Joe Biden nears the launch of his 2024 reelection campaign against Republican contenders.
CNN conducted the poll from July 1 to July 31 using a combination of online surveys and live telephone interviews. The results have a margin of error of plus or minus 3.7 percentage points.
Economic concerns dominated when respondents were asked to name the most important issue facing America today. Nearly half pointed to issues like inflation, poverty, and the overall economy. Dissatisfaction with personal finances also remains high, with 55% saying they are dissatisfied.
The partisan divide on economic perceptions remains significant. While 39% of Democrats now say the economy is recovering, just 26% of independents and 23% of Republicans share that view. Feelings that the economy is worsening remain widespread among independents (51%) and Republicans (74%).
Still, Biden’s approval rating has inched up since last summer’s lows. The new poll puts his overall approval at 41%, largely unchanged since spring. Approval of his handling of the economy (37%) and inflation (30%) remains low.
Most Americans report making changes to afford necessities, like altering grocery purchases (71%), cutting entertainment spending (70%), and reducing driving (48%). Half say they changed summer travel plans due to costs. But some impacts bifurcate along partisan lines, with Republicans more likely to report reductions in driving.
Congress fares poorly in the survey, with 68% saying lawmakers have not effectively addressed major issues. Most now express more trust in Republicans in Congress (54%) than Biden (45%) on these problems. Biden’s “Bidenomics” has struggled to gain support and lift the president’s rankings.
The CNN poll suggests economic messages may challenge both parties as the 2024 presidential race takes shape. Persistent pessimism among key voter blocs could complicate Democrats’ arguments about recovery.
While the U.S. has seen encouraging economic indicators, three of the largest bank failures in U.S. history culminated this past spring. U.S. regulators just shut down Heartland Tri-State Bank and Fitch Ratings downgraded the United States’ debt rating this week.
What do you think of the latest CNN poll about what Americans think regarding the U.S. economy? Share your thoughts and opinions about this subject in the comments section below.
