As the war in Ukraine rages on and inflation reaches new highs, President Joe Biden's approval rating has hit a new low in the latest CNBC All-America Economic Survey.
Biden's approval rating stands at just 38% among Americans, with 53% disapproving. The net -15% rating is substantially worse than his -9% approval in the same poll conducted in December.
Even more jarring was the president's dismal approval rating on the economy, standing at just 35%, with 60% disapproving for a net of -25%. That's the fourth straight CNBC survey to record a drop in his approval rating on the economy.
Of the new skeptics to Biden's economic performance, women aged 18 to 49, minorities, and young Americans aged 18 to 35 recorded double-digit declines over the past year.
Democratic pollster Jay Campbell, who helped conduct the survey, said the largest problem for Biden is that inflation is hitting everyone without consideration for their political leanings.
''Cost of living has just blown everything else, including COVID, out of the water. And part of the reason for that is, there are attitudes about the economy that are largely a partisan phenomenon,″ he said.
''That is not the case with inflation, or at least not right now. It is the top issue for Democrats, independents and Republicans.''
The highest number of Americans since 2012 recorded that they believe the economy is ''poor'' at 47%, with only 17% ranking the economy as excellent or good. Meanwhile, only 20% described their financial situation as ''getting ahead,'' the weakest in eight years.
''The angst was previously more about what was going to happen in the economy, and we've now shifted into a new place where we're much more much pessimistic about what's currently happening,'' said Republican pollster Micah Roberts, the other contributor to the survey.
''There's no overwriting the pessimism in this survey. It is on every page, and it is inescapable.''
The poll of 800 Americans nationwide was conducted from April 7 through April 10 by Public Opinion Strategies and Hart Research. It has a margin of error of plus or minus 3.5 percentage points.
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