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Fox News Poll: Views on the economy are going from bad to worse

Inflation continues to be the top concern for voters as large numbers rate both the nation’s economy and their individual finances negatively. That’s according to a new Fox News survey that contains little good news for an incumbent president running for re-election.

Some 83% of voters say the economy is in only fair or poor shape. 

That’s more negative by 5 points compared to last month (78%) and worse by 14 points compared to President Biden’s 100-day mark in April 2021 (69%).

Another 66% give their personal financial situation negative marks, up from 58% in December.

Almost as many, 88%, are worried about the future of the country. That includes most Republicans (96%), Democrats (83%) and independents (82%).

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Two-thirds are concerned about the U.S. banking system (65%) and being able to pay their bills (64%). Worrying about paying bills jumps to 75% among lower-income households but also stands at 56% for households earning $50,000 or more annually.

“Inflation is a stubborn economic problem and therefore a stubborn political problem,” says Democratic pollster Chris Anderson who conducts the Fox News survey with Republican Daron Shaw. “As long as inflation is squeezing paychecks, Biden is going to have a tough time making the case that his fiscal policies are helping people.” 

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Currently, 42% approve of Biden’s overall job performance, while 58% disapprove. That’s down from 44% and 55% last month and the lowest since August 2022, when it was also 42% and 58%. His worst was 40% and 59% in July 2022.

There are mixed views over the U.S. response to Russia’s invasion of Ukraine, as 47% approve and 48% disapprove. That’s a touch more positive than a year ago when it was 44% and 51%, respectively.

Despite the uptick on Ukraine, approval of Biden’s handling of foreign policy is at a low of 38%. His approval on border security is also at the bottom (33%), while he gets positive marks on the coronavirus pandemic (50%).

Democrats (68% approve) alone approve of how the U.S. has responded to the invasion, with majorities of Republicans (66%) and independents (56%) disapproving.

Fox News poll Ukraine

A Fox News poll on the Ukraine war (Fox News)

CLICK HERE FOR TOPLINE AND CROSS TABS

Conducted May 19-22, 2023, under the joint direction of Beacon Research (D) and Shaw & Company Research (R), this Fox News Poll includes interviews with 1,001 registered voters nationwide randomly selected from a voter file who spoke with live interviewers on landline phones and cellphones. The poll has a margin of sampling error of plus or minus 3 percentage points for all registered voters.

Fox News’ Victoria Balara contributed to this report.

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