Biden's Approval Rating Threatens To Test Trump's Lows: Here's The Single Issue That's Weighing On People's Minds

U.S. President Joe Biden approval rating is at 36% this week, down three percentage points from July 12, Reuters said.

The two day Reuters/Ipsos opinion poll was completed Tuesday. Here's how the results break down. 

Disgruntlement Brews: After hitting a high of 59% when he was a couple of months into office in early 2021, the president's rating has been going downhill. The recent week's record low was hit a few times earlier this year: in late May, late June and early July.

By party affiliation, 69% of Democrats approve of Biden's performance in office compared to 11% of Republicans. The approval rating within Biden's party has slipped five percentage points from the previous week.

About 40% of non-Whites approve of Biden compared to 34% of whites. Biden did better in urban and suburban areas, garnering approval ratings of 45% and 36%, respectively, compared to 28% from among rural people.

The president's approval ratings have been under 50% since August 2021.

Biden's lowest approval rating of 36% is threatening to pull toward the lowest number seen with former President Donald Trump, whose approval rating hit a nadir in December 2017, according to Reuters.

The percentage of people who disapprove of Biden increased to 59% in the recent week, matching the levels seen in early July and late May.

Related Link: Joe Biden Could Declare Climate Emergency This Week Amid Senate Impasse: WaPo

What's Behind Negativity? The economy has been the front and center of people's disillusionment with Biden for about 45 weeks now, Reuters said. In the recent week, 30% of the respondents flagged the economy as the most important issue.

Inflation in the U.S. has been hitting fresh 40-year highs repeatedly amid geopolitical tensions, including the Ukraine-Russia war and the COVID lockdowns in China. After raising the Fed funds target rate by 25 basis points in March, the first hike in about two years, the U.S. Federal Reserve has been aggressively raising rates to rein in inflation.

Following another multidecade inflation high in June, the central bank is widely expected to raise rates by anywhere between 75 basis points and 100 basis points when it meets next week.

An inflationary environment has the potential to reduce real income, leaving consumers with less and less to spend. Meanwhile, the monetary policy tightening implemented to control inflation pushes up the cost of funds for both consumers and corporations.

Crime and the health care system were mentioned as areas of concern by 8% each.

The not-so-positive disposition of people toward Biden and his Democratic party casts a cloud on the party's midterm election results later this year. 

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