New CNBC survey reveals Biden's approval rating drops to new low as economic pessimism and inflation concerns rise.

• According to CNBC's All-America Survey, President Joe Biden's approval rating reached a new low of 38%.
• His approval rating on the economy dropped for a fourth consecutive survey.
• Since 2012, the highest percentage of participants who say the economy is "poor" has been recorded during times of inflation, with 47% reporting this viewpoint.

Since the recovery from the Great Recession, Americans have some of the most pessimistic views on the economy, which aligns with attitudes seen during recessions, according to the latest CNBC All-America Economic Survey.

Since 2012, the highest percentage of the public has reported that the economy is "poor" at 47%, while the lowest percentage since 2014 has ranked the economy as "excellent" or "good" at 17%.

In eight years, the weakest showing among Americans is that only one in five describe their personal financial situation as "getting ahead." Most say they are "remaining in place," while one in 10 say they are "falling backward." Additionally, 56% of Americans expect a recession in the next year, a level only achieved in the survey during an actual recession.

Micah Roberts, a partner at Public Opinion Strategies and the Republican pollster for the survey, stated that the angst was previously centered on the future of the economy, but has now shifted to a more pessimistic outlook on the current situation. According to Roberts, the pessimism in this survey is evident on every page and cannot be ignored.

A nationwide survey of 800 Americans was conducted from April 7 to April 10, with a margin of error of plus or minus 3.5%.

Prevailing negativity

From the public's perspective, it seems that nothing is working in President Joe Biden's presidency, and his pessimism is contributing to this perception.

The president's approval rating has fallen to a new low of 38%, with 53% disapproving. Biden's net approval rating is significantly worse than his approval rating in the CNBC December survey, with a -15% rating. Additionally, his approval rating on the economy has dropped for a fourth straight survey to just 35%, with 60% disapproving, leaving the president 25 points underwater.

Economic approval among key constituencies who helped put the president in office, including women aged 18-49, people of color, and young Americans aged 18-35, also saw double-digit declines on a year-over-year basis.

The president's handling of the war in Ukraine is not well-received, with only 40% approving and 49% disapproving. His new proposal to tax unrealized gains is met with equal opposition, with 43% in favor and the same number opposed.

Inflation as a bipartisan focal point

The inflation issue is a problem for Biden, according to Jay Campbell, partner at Hart Research and the Democratic pollster for the survey.

The cost of living has surpassed everything else, including Covid, due to partisan attitudes about the economy. However, inflation is currently the top concern for Democrats, independents, and Republicans.

The war in Ukraine was the second most pressing issue for 31% of participants, followed by immigration and border security, jobs, crime, and climate change. Inflation was the top issue for 48%, up 9 points from October, while the coronavirus came in last place with just 14%.

No one seems to be immune to blame for inflation except for maybe former President Donald Trump.

While 69% of the public attribute supply chain disruption to corporations taking advantage of the situation, 66% also blame it on the corporations. Additionally, 55% point to Russian President Vladimir Putin, and 49% blame Biden's policies. Approximately three in 10 participants say it's the Federal Reserve, while 28% cite President Trump's policies.

Due to rising prices, 84% of Americans are cutting back on spending in some form to make ends meet.

A majority of people have cut back on entertainment spending, such as going to movies, concerts, and restaurants, while a significant number have also reduced their travel and driving habits. Only a small percentage have been motivated to purchase an electric car due to higher gas prices.

Homeowners have good news as 52% expect their home prices to rise in the next year, the highest level since 2017. However, this optimism could be challenged by higher mortgage rates in the coming months. On a positive note, 37% see their wages rising by an average of 5% over the next 12 months, the best number since 2019. Unfortunately, 82% see their cost of living going up.