President Joe Biden's approval rating has fallen to the lowest level since he took office, the new IBD/TIPP Poll finds. Disapproval of Biden's economic policies is reaching new heights as financial stress spikes amid rising interest rates, higher gas prices and renewed student loan payments.
The October IBD/TIPP Poll shows 36% of Americans age 18 and up approve of how Biden is handling the presidency, and 54% disapprove. Biden's net-approval rating crashed to -18 points from -8 points in September, when 41% approved and 49% disapproved of Biden's job performance. September's bounce in Biden's approval rating, after two months at 38%-51%, proved fleeting.
Biden Approval Rating Details
October's IBD/TIPP Poll showed 73% of Democrats now give Biden positive marks, while 17% disapprove of his job performance. That's down slightly from 75%-16% in September but up from 65%-22% in August.
Biden's weakness among independents grew a bit more dire. Now 59% of independents pan Biden's job performance and 26% approve, vs. 58% disapproval and 29% approval in September.
Republican disapproval of Biden grew a touch more extreme. GOP voters now disapprove of Biden 89%-7%, vs. 86%-9% last month.
Biden's approval rating among poll participants earning up to $75,000 actually was unchanged from September, with 35% approval and 54% disapproval.
Yet Biden's support fell off a cliff among those earning more than $75,000. This group of higher earners now disapproves of Biden 54% to 39%. Biden is back underwater among higher earners after 59% approval and 35% disapproval in September. Prior to that, higher earners disapproved of Biden 48%-41.5% and 47%-43% in August and July.
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Biden Approval Rating Sinks Among College Grads
Biden's approval among college grads is now also underwater, with 44% approval and 48% disapproval. That's a big comedown after positive approval of 53%-40% in September and 50%-44% in August. The resumption of federal student loan payments, after a three-and-a-half-year moratorium, and the striking down of Biden's loan forgiveness program may be a factor.
Following the Supreme Court ruling on June 30, Biden announced a new plan to reduce monthly payments, raising the level of income borrowers must earn before being liable for student loan payments to about $33,000 per year. That could save many borrowers $1,000 per year in annual payments and reduce payments to zero for others.
Biden's job approval among adults age 18-44 also turned negative, with 35% approval and 49% disapproval vs. 46%-41% in September.
Adults 45 and up continue to widely disapprove of Biden's job performance, 57% to 37%, little changed from 56.5%-37% in September.
Approval Of President Biden's Policies
Americans now disapprove of Biden's economic policies more than 2 to 1, 56% to 24%. That's a big deterioration from 50%-31% in September.
Inflation is undoubtedly a major source of Biden's poor economic reviews. U.S. employers added more than 13.45 million jobs in the first 31 months of Biden's presidency, Labor Department data shows. Meanwhile, the average hourly wage has grown a solid 4.3% over the past year. Yet inflation has eaten away all of that increase and more for many Americans.
The IBD/TIPP Poll finds that just 16% of adults say their wages have kept pace with inflation, down from 20% in September. Meanwhile 60% say they haven't kept up vs. 54% last month. The poll responses don't necessarily line up with official inflation numbers. The Labor Department says real average hourly earnings rose 0.5% over the past year, meaning that wages have slightly outpaced inflation for the average worker.
Still, with higher interest rates, renewed student loan payments and higher gas prices all taking a toll, the IBD/TIPP index measuring financial-related stress jumped 2.4 points to 70.5. That's above the 69.8 reading in April 2020, just after the Covid lockdown and the highest since December 2008. Readings above 50 indicate rising stress.
A surge in border crossings and the declaration of a migrant crisis in cities like New York also may be eroding support for Biden. Disapproval of his immigration policies rose to 56%-20% in October from 51%-26% the prior month. Now 35% of adults list immigration as one of their top 3 concerns, up from 27% a month ago.
Investors Sour On Biden
Biden's approval rating among investors dived underwater to 45%-50% in October from positive approval of 56%-40% in September. IBD/TIPP counts as investors those respondents who say they have at least $10,000 in household-owned mutual funds or equities.
The stock market had its worst month of the year in September, following a dramatic rally this year fueled by artificial intelligence stocks. Through Friday, the S&P 500 has lost 6.6% from its 52-week high on July 31, but remains up 20% from its Oct. 12 bear-market closing low.
Since Election Day on Nov. 3, 2020, the S&P 500 is up 27.3%.
Be sure to read IBD's The Big Picture column after each trading day to get the latest on the prevailing stock market trend and what it means for your trading decisions.
The president's bigger problem is among non-investors, who now disapprove of Biden's job performance, 55%-33%, a touch worse than last month's 54%-35% split.
The October IBD/TIPP Poll reflects online surveys of 1,378 adults from Sept. 27-29. The results come with a credibility interval of +/- 2.7 points.
Presidential Leadership Index
The IBD/TIPP Presidential Leadership Index tumbled 5.3 points to 39. That's the lowest level since December 2017, former President Donald Trump's first year in office. Readings above 50 are net positive, while below-50 readings are negative. The Presidential Leadership Index combines survey readings on how American adults feel about Biden's personal qualities, presidential performance, and leadership attributes. Biden's favorability fell 6.8 points to 39.5. Biden's job approval fell 5 points to 40.3, while the leadership index slid 3.8 points to 37.2.
Please follow Jed Graham on X/Twitter @IBD_JGraham for coverage of economic policy and financial markets.
