A recent CNN poll conducted by SSRS indicates a slight shift in the public’s long-standing pessimism about the economy. Despite the overall sentiment remaining bleak, there is a noticeable uptick in optimism compared to last year.
According to the poll, 35% of Americans believe the country is faring well, a significant increase from the 28% who expressed positive sentiments last fall. Furthermore, 26% of Americans feel the economy is beginning to recover from past challenges, up from 20% last summer and 17% in December 2022.
However, 48% of Americans still believe the economy is in a downturn, while 26% feel that economic conditions have stabilized. Among those who see signs of recovery, 73% credit President Joe Biden’s economic policies for the improvement. Conversely, 83% of those who believe the economy is worsening blame Biden’s policies for the downturn.
Partisanship significantly influences views on the nation’s economic trajectory. The increase in optimism is primarily among Democrats, with 49% now believing the economy is recovering, a 10-point increase from July. Independents also show a rise in optimism, with 24% seeing signs of recovery, up 7 points. However, only 6% of Republicans share this sentiment, a figure nearly unchanged from last summer.
Interestingly, within the Democratic Party, there is a significant age divide. Younger Democrats are less likely to see the economy improving, with only 35% of those under 45 believing in a recovery, compared to 63% of those 45 and older.
Despite the public sentiment, recent Commerce Department numbers show the US economy remaining robust. However, when asked why they believe the economy is still in a downturn, most respondents cite inflation, the cost of living, or the price of specific items like food and housing.
Overall, 42% of Americans believe their financial situation has worsened compared to a year ago, down from 49% in December 2022. In the new poll, 37% believe they’re faring the same as last year, while 20% believe they’re doing better.
On the topic of President Biden’s policies, 55% of Americans believe they have worsened the country’s economic conditions. Only 26% believe his policies have improved conditions, and 19% believe they’ve had no effect. These figures are nearly unchanged from last summer.
The poll also touched on other issues, including immigration and foreign policy. Biden’s lowest approval rating comes from his handling of immigration, with only 30% of Americans approving. On the other hand, Biden received a 41% approval rating for his handling of the Russian invasion of Ukraine.
The CNN poll was conducted by SSRS from January 25-30 among a random national sample of 1,212 adults. The margin of sampling error is plus or minus 3.4 percentage points.
Contributor: Jennifer Agiesta, CNN