Despite numerous economic indicators pointing to an upturn over recent months, the greater part of the American population still considers the economy to be on a downturn, according to a recent poll by CNN.
The CNN Survey Exposes Predominant Perception of a Deteriorating Economy
The survey, which involved 1,279 adults, revealed that 51% of them believe the U.S. economy is continually worsening, irrespective of indicators like job growth, GDP, and inflation suggesting economic stability or enhancement. The consistent gloomy outlook prevails as President Joe Biden is approaching his 2024 reelection campaign against Republican candidates.
The poll, conducted by CNN from July 1 to July 31, utilized a blend of online questionnaires and live phone interviews. The outcome carries a margin of error of plus or minus 3.7 percentage points.
When asked to specify the most crucial issue the U.S. is currently facing, economic concerns took precedence. Approximately half of the respondents identified issues such as inflation, poverty, and the state of the economy. A significant portion, 55%, expressed dissatisfaction with their personal financial state.
A significant partisan rift continues to exist regarding perceptions of the economy. While 39% of Democrats believe the economy is rebounding, only 26% of independents and 23% of Republicans share this sentiment. A belief that the economy is deteriorating is prevalent among independents (51%) and Republicans (74%).
However, President Biden’s approval rating has slightly improved from the previous summer’s low levels, with the new poll placing his overall approval at 41%, relatively unchanged since spring. His management of the economy (37%) and inflation (30%) continues to receive low approval ratings.
Many Americans claim they’ve made lifestyle changes to accommodate basic needs, like modifying grocery shopping habits (71%), reducing spending on entertainment (70%), and lessening car usage (48%). Half admit to altering summer travel plans due to financial constraints. Yet, these impacts differ along party lines, with Republicans more likely to report cutbacks in driving.
The performance of Congress is rated poorly in the survey, with 68% stating that lawmakers have inadequately addressed significant issues. More respondents now have greater confidence in Republicans in Congress (54%) than in President Biden (45%) concerning these challenges. The President’s “Bidenomics” initiative has struggled to garner support and improve his ratings.
According to the CNN survey, economic messages might pose a challenge for both parties as the 2024 presidential campaign takes shape. The sustained economic pessimism among key voting groups could potentially hamper Democrats’ recovery narrative.
Despite some positive economic signals, the U.S. has recently experienced three of the biggest bank failures in its history, culminating this past spring. U.S. regulators have just closed Heartland Tri-State Bank, and this week, Fitch Ratings downgraded the United States’ debt rating.
What’s your take on the recent CNN poll concerning American attitudes towards the U.S. economy? Share your thoughts and opinions on this subject in the comments section below.
Frequently Asked Questions (FAQs) about US Economy Perception
What does the recent CNN poll reveal about American perceptions of the economy?
The recent CNN poll shows that 51% of Americans believe the U.S. economy is deteriorating, despite indicators suggesting stability or improvement. Economic concerns are prominent, with nearly half of respondents pointing to issues such as inflation, poverty, and the state of the overall economy.
How does the American public view President Biden’s handling of the economy?
The poll shows that approval of President Biden’s handling of the economy is low, standing at 37%. His handling of inflation is rated even lower at 30%. His overall approval rating is at 41%.
What changes are Americans making due to economic concerns?
Many Americans report making changes to afford necessities, including altering grocery purchases (71%), cutting entertainment spending (70%), and reducing driving (48%). Half of the respondents also say they changed their summer travel plans due to costs.
How is Congress viewed in relation to the economy?
The survey reveals that Congress is rated poorly, with 68% of respondents stating lawmakers have not effectively addressed major economic issues. A majority, 54%, express more trust in Republicans in Congress than in President Biden (45%) on these matters.
Are perceptions of the economy divided along partisan lines?
Yes, there is a significant partisan divide. While 39% of Democrats believe the economy is recovering, only 26% of independents and 23% of Republicans share that view. Feelings that the economy is worsening are widespread among independents (51%) and Republicans (74%).