President Joe Biden has seen his approval rating react in 2022 and 2023 to how the economy is doing. The latest rating might show that support for a potential reelection campaign in 2024 faces an uphill battle.
What Happened: Joe Biden’s approval rating dropped during March 2023, which could be a result of the collapse of several banks and the concerns over the banking sector and its impact on the economy.
Biden’s approval rating for the month of March is 38% in a new Associated Press-NORC Center for Public Affairs Research poll.
The approval rating for the president was 45% in February and 41% in January.
This marks the lowest approval rating in the poll since July 2022 (36%), according to the New York Post.
The poll shows that 96% of Republicans disapprove of Biden. On the Democrat side, 76% approve of Biden’s job performance.
When asked if they believed the country was heading in the right direction, only 21% agreed, down from 28% in February.
Biden’s handling of the economy received a 31% approval rating compared to a 61% disapproval rating for the month of March. Broken down by party, 96% of Republicans disapprove, while 68% of Democrats approve of Biden’s handling, a lower figure than his overall job performance review.
One poll respondent blamed Biden for causing inflation due to increased spending by the government during the COVID-19 pandemic.
“We poured so much money into the system — that’s a little frustrating that we were shocked that we got hit by inflation when a lot of our policies were inflationary,” Michael McComas, who voted Republican in the 2020 election, said.
Related Link: 5 Things You Might Not Know About Joe Biden
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Why It’s Important: While inflation has improved from last year’s peak, there are still major concerns from Americans.
Biden’s lowest approval rating in the poll set in last July came at a time when gas and groceries had hit levels not seen in decades.
The drop in approval rating from March to February for the president could show what Americans think of the handling of collapsed banks and the federal government stepping in to backstop deposits.
Biden was recently highlighted as the betting favorite for the 2024 presidential election, but it comes with a catch. Biden is seen as the frontrunner for the Democratic nomination, but the overall betting markets see the Republican party winning the 2024 presidential election.
Betting markets are split between whether it will be Donald Trump or Ron DeSantis securing the Republican nomination. Whoever wins the Republican nomination could end up being the betting favorite.
Trump has announced his candidacy to run for re-election in 2024 and could see support increase if he is arrested this week, according to the report.
Biden has not officially announced plans to run for president in 2024 but has been hinting that an announcement is close.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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