President Joe Biden’s economic approval ratings have hit an all time low as his administration continues to push the claim that “Bidenomics” is working, according to a poll released by Investor’s Business Daily (IBD) on Monday.
Approximately 56% of Americans disapprove of Biden’s economic policies as opposed to 24% who approve, a swift drop from the reported 50%-31% in September, according to IBD. The low ratings underscore the problems straining the U.S. economy as inflation continues to rise while wages are by and large failing to keep pace.
Inflation has risen from approximately 3.2% in July to 3.7% in August, well above the Federal Reserve’s target of 2%. The Biden administration has added $5 trillion to the current national debt of $33 trillion, roughly double of the $2.48 trillion increase during former President Donald Trump’s tenure.
The IBD poll was conducted with a survey size of 1,378 participants from Sept. 27-29.
“Bidenomics is working: Unemployment is near historic lows, inflation has fallen about two-thirds, wages are rising and job satisfaction is at a record high,” a White House spokesperson previously claimed to the Daily Caller News Foundation. “The midterms and recent special elections showed Americans favor the president’s vision for growing the economy from the middle out and the bottom up over congressional Republicans’ trickle-down economics.”
Only 16% of Americans say their wages are keeping pace with inflation, and 61% living paycheck-to-paycheck, according to IBD. The IBD/TIPP financial stress index jumped 2.4 points to 70.5, higher than the 69.8 reported in April 2020 at the height of the COVID-19 pandemic; any reading above 50 indicates rising stress.
Investors have turned from generally positive to negative on their approval of Biden, going from 56% approval in September to 45% in October, according to the survey.
Approval of Biden’s overall performance as president has dropped from 41% in September to 36% in October; Biden’s approval ratings sat at 55% on Jan. 21, 2021, his first day in office, according to IBD and Reuters.
The White House did not immediately respond to a request for comment.
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