A CBS News/YouGov poll showed that 69% of Americans think the economy is bad, a 5% jump since April and the highest number of Joe Biden’s presidency.
Unemployment is falling but inflation has spiked, leaving Americans with less money in their pockets and less buying power.
Another contributing factor to perceptions about the economy is interest rates, which the Fed has raised twice in the last two months. The spike has been less than 1% so far, but has driven mortgage rates up over 2% during the same time period.
Additionally, the DOW Jones average of the stock market has fallen for the last eight weeks straight, which is the longest losing streak in 90 years, since the Great Depression.
It all adds up to a really poor showing for Biden, who has been in charge for nearly a year and a half at this point.
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