A Gallup poll released Wednesday found that only 2% of Americans consider the economy under President Joe Biden to be in "excellent" condition.
The survey, conducted April 1-19, showed that "four in five U.S. adults rate current economic conditions in the country as only fair (38%) or poor (42%), with few describing conditions as excellent (2%) or good (18%). Furthermore, 76% of Americans say the economy is getting worse, 20% say it is improving, and 3% think it is staying the same."
In one metric, gauging the most important problems in the U.S., respondents who chose "non-economic problems" as the most important overwhelmingly chose "the government/poor leadership" at 20% as the country's biggest issue. The remaining non-economic issues did not breach double digits. Respondents voted immigration at 7% as the second most important non-economic problem.
Still, the economy was the most important issue.
According to Gallup, the poll "regularly tracks Americans' ratings of national economic conditions as excellent, good, only fair, or poor, as well as their views on whether the economy is getting better or worse.
The combined responses are used to create the Gallup Economic Confidence Index (ECI), which has a theoretical range of +100 (if all respondents say the economy is excellent or good and that it is getting better) to -100 (if all say it is poor and getting worse).
The resulting -39 Economic Confidence Index reading is identical to last month but well above the record low of -72 in October 2008, during the Great Recession.
The ECI has been in negative territory since July, 2021, as Americans have watched the inflation rate climb to its highest levels since 1981 and felt its effects on their own finances. In addition to rising inflation, the U.S. public is increasingly worried about high fuel prices.
The survey contacted 1,018 adults and had a margin of error of plus or minus 4%.
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