A record number of Americans say they have gotten worse off financially since President Joe Biden took office, a new survey shows.
The poll conducted by Washington Post-ABC News suggests that four in ten Americans — 41 percent — are not as well off financially as they were when Biden took office two years ago.
By contrast, nearly two years into Donald Trump’s presidency, 13 percent of Americans said they had gotten worse off; more, 25 percent, were in better shape financially.
The Democratic president has just 37 percent approval for handling the economy, 38 percent on the war in Ukraine and 28 percent on the immigration situation at the Mexican border.
His approval rating is well below average compared with the previous 13 presidents of the United States.
The Federal Reserve extended its fight against high inflation Wednesday by raising its key interest rate by a quarter-point, its eighth hike since March. It said even though inflation is easing, it remains high enough to require further rate hikes.
That marks the smallest increase since last March, after a series of aggressive rate hikes last year.
US Treasury Secretary Janet Yellen warned last week that the United States is facing a catastrophic debt crisis if Congress fails to raise the statutory debt ceiling to fend off a default.
Given disaffection with both Biden and his predecessor, a rerun of the 2020 presidential election is hardly tempting, according to the poll.
Nearly six in 10 Democratic-aligned adults don’t want to see Biden nominated again for the job, and half on the Republican side would rather not see Trump as their party’s nominee.
The poll found that if the two were the choices and the election were today, it would be a close race, with 48 percent of all adults supporting Trump and 44 percent supporting Biden. It would be a similar 48-45 percent match-up among registered voters.
The results indicate that the public by a broad 62-36 percent would be disappointed or even angry if Biden were re-elected.
Responses to a hypothetical Trump victory also are negative overall, but less so, 56-43%, the poll says.
Another poll suggested that a majority of Democrats believe one term is plenty for Biden, despite his insistence that he plans to seek reelection in 2024.
The Associated Press-NORC Center for Public Affairs Research published a survey that shows only 37% of Democrats say they want Biden to seek a second term, down from 52% in the weeks before last year’s midterm elections.
The poll suggested that many believe the 80-year-old’s age is a liability, with people focused on his coughing, his gait, his gaffes and the possibility that the world’s most stressful job would be better suited for someone younger.
Already the oldest president in US history, Biden would be 86 if he serves two full terms as president.