Democrat President Joe Biden’s approval rating plummeted to below 50% in a new Monmouth University poll this week, the first time Biden has ever fallen below 50% in the poll since taking office in January.
“Biden currently holds a job rating of 48% approve and 43% disapprove,” Monmouth University said in a poll released on Wednesday. “This is down from his 54% approve and 41% disapprove rating in April.”
The poll found that barely one-third of Independents approve of Biden’s job performance while less than one-fifth of Republicans approve of Biden’s job performance.
In April, 83% of Democrats “said they thought the country was moving in the right direction,” The New York Times reported. “But in Wednesday’s poll, just 59 percent of Democrats said that. The share of Democrats saying the country was on the wrong track rose by 20 percentage points, to 32 percent.”
The Times said that one of the top takeaways from the poll was that “Democrats are the ones growing most disillusioned, and fast.”
Two key data points that Monmouth University pointed to was the increasing fear that Americans have about inflation, which has been rising in response to Biden’s massive government spending, and conditions regarding the middle class:
- A central economic criticism of Biden’s plans is that the spending will lead to spiraling inflation. Most Americans express some level of concern that these plans could lead to inflation, including nearly half (47%) who are very concerned about this possibility and 24% who are somewhat concerned. Those who are at least somewhat concerned about prices rising due to the proposed spending include majorities of Republicans (93%), independents (70%), and Democrats (55%).
- About 1 in 5 (19%) Americans say middle-class families have benefited from Biden’s policies a lot and another 32% say they have benefited a little, while 36% say the middle class have not benefited at all. These results are less positive than when Biden first took office. In January, 30% of the public expected the middle class would benefit a lot from his policies, 39% said a little, and 27% said not at all.
On Wednesday, The Federal Reserve “considerably raised its expectations for inflation this year and brought forward the time frame on when it will next raise interest rates,” CNBC reported. “However, the central bank gave no indication as to when it will begin cutting back on its aggressive bond-buying program, though Fed Chairman Jerome Powell acknowledged that officials discussed the issue at the meeting.”
CNBC reported earlier this week that Americans’ fear of inflation hit an all-time record high as “the expectation is that the inflation rate will be up to 4% one year from now.”
Larry Summers, who held top economic positions in the Clinton and Obama administrations, told PBS’s “Firing Line with Margaret Hoover” last week that the enormous amount of spending that Biden has done risks melting down the economy if it overheats.
“If you looked at how the economy was coming into this year, we had total wages and salaries coming to people were 20 or 30 billion dollars a month lower because many of them had to be home because of COVID and the economy was slowed,” Summers said. “But we put in a stimulus that was putting into the economy more than 200 billion dollars a month. And so when you take a hole and you overfill it, you’re likely to have problems.”
“And I think we know that inflation’s like a lot of other things, it’s a lot easier to prevent than it is to cure,” he continued. “And I think the credibility of policymakers, including those at the Fed, is much easier to preserve than it is to restore.”
“The main risk is that our economy’s going to overheat,” he later added. “And then once it overheats, it’s going to be hard to put out the fire without doing a lot of damage and causing a lot of problems. And so I’d like to see us shift towards a policy concern. I mean, let me give you another example.”