Nearly 69% of Americans are pessimistic about the country’s economy, the highest level in 17 years.
The data comes from the latest CNBC economic survey, which shows nearly 7 in 10 people are negative about the economy. Two-thirds of respondents say inflation is outstripping their wages, and an equal number (2/3) believe the US will or is already in a recession.
62% of respondents say they disapprove of President Biden’s handling of the economy, compared to 34% who approve of the president.
Biden’s overall rejection rating on the job rose to 55% from 53% in November, while his approval rating fell two points to 39% over the same period.
To deal with inflation, 80% of respondents said they have cut spending on entertainment and travel, and many with high interest rates are now very unlikely to buy a car or house.
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