Gallup released its latest poll just as Biden announced that he would be running for another term, and with his job approval rating among the American public dropping to just 37 percent. (Related: The American economy cannot afford another four years of a Biden presidency.)
According to the poll, known as the Gallup Economic Confidence Index, only 19 percent of Americans believe the economy is getting better, while 75 percent think it is getting worse. Americans' perception of the state of the economy has gotten worse since March, when 23 percent and 72 percent said the economy was getting better and getting worse, respectively.
Meanwhile, just 16 percent of Americans rated the economy as excellent or good, 37 percent said it is "only fair" and 47 percent said the economy is in poor condition. The latter is up from 43 percent in March.
At around the same period in former President Donald Trump's term, more Americans had a positive outlook on the economy, with 49 percent seeing an improvement compared to 44 percent who said the economy was in decline.
Americans' perceptions of the country's economic conditions have likely affected Biden's approval rating, with only around 35 percent stating that they have a great deal or a fair amount of confidence in Biden to do or to recommend the right thing for the economy.
"We are the only country that has emerged from every crisis stronger than when we entered it," claimed Biden during this year's State of the Union address. "That is what we are doing again. Two years ago, our economy was reeling. As I stand here tonight, we have created a record 12 million new jobs, more jobs created in two years than any president has ever created in four years."
But according to the Gallup survey, 50 percent of Americans said they are worse off now than they were a year ago. Another 14 percent said their finances were about the same as last year, and only 35 percent said they are better off now than they were a year ago.
By class, 61 percent of lower-income Americans said their financial situation has deteriorated over the past year, while less than half that number – 26 percent – said things have improved, and another 11 percent said their financial situation was more or less the same.
For middle- and upper-income Americans, 49 percent and 43 percent, respectively, said their financial situation is worse off now than last year. For both classes, more people said they were worse off than better off.
Furthermore, of the survey participants, 61 percent of Republicans said they were financially worse off this year compared to just 37 percent of Democrats. Gallup noted that Democrats are more likely to self-report that their finances are better off due to their loyalty to the incumbent.
"[But] partisanship is just one reason for this much pessimism in an economy that's – and this is worth emphasizing – not in a recession," wrote markets writer Emily Peck for Axios. "High costs of living and last year's steep drop in stock prices … [left] Americans profoundly bummed about the economy."
Learn more about the state of US economy at Bubble.news.
Watch this episode of "The Duran" show as hosts Alex Christoforou and Alexander Mercouris interview Mike Adams, the Health Ranger, about the American nightmare that is the Biden White House.