About 4 in 10 Americans (38%) approve of how Biden is handling the presidency, while 61% disapprove. His overall approval numbers have remained at a steady low for the last several years. Most Americans generally disapprove of how he’s handling the federal budget (68% disapprove), the economy (67%), and student debt (58%). Approximately two-thirds of Americans report an increase in household expenses over the past year, while just one-fourth indicate a rise in their income during the same time, based on a recent survey by The Associated Press-NORC Center for Public Affairs Research. This disparity has led to growing concerns about their financial outlook, with many noting that their household debt has either grown or remained unchanged.
Quick Read
- Approximately 2 out of 3 Americans report increased household expenses over the past year.
- Only 1 in 4 Americans saw their income rise in the same timeframe.
- Many Americans are concerned about their financial future due to the imbalance between expenses and income.
- The majority of Americans have either seen a rise in household debt or have not been able to reduce it.
- Steve Shapiro, a 61-year-old audio engineer, spends almost double on groceries now compared to last year, without a corresponding increase in income.
- 8 out of 10 Americans report either an increase or no change in their overall household debt from last year.
- About half of Americans have credit card debt, 40% have auto loans, and 25% have medical debt.
- Only 15% of Americans say their savings have grown over the past year.
- Medical expenses are a concern; Tracy Gonzales from San Antonio accumulated thousands in medical debt from one emergency room visit.
- Only 26% are very confident about handling unexpected medical expenses, and just 18% feel they have enough for retirement.
- Steve Shapiro highlights the challenge of rising student debt and decisions influenced by mortgage rates.
- 3 in 10 Americans have avoided major purchases due to higher interest rates.
- About 24% of U.S. adults have student debt.
- Retired individual, Will Clouse, expresses concern over inflation and its impact on fixed incomes.
- Americans are divided on which political party can better handle inflation.
- Geri Putnam empathizes with auto workers’ demands and highlights the broader financial struggles.
- 54% of Americans rate their financial situation as good, a decline from 63% in March 2022.
- Older Americans tend to be more financially confident than younger ones.
- 75% of Americans view the nation’s economy as poor.
- Retirees have varied confidence levels about their retirement savings.
- Clouse emphasizes the impact of grocery price hikes and wishes for governmental intervention.
- President Biden’s approval rating stands at 38%, with 61% disapproving of his presidency.
- Specific areas of discontent include handling of the federal budget, the economy, and student debt.
The Associated Press has the story:
AP-NORC Poll: President Biden’s disapproval rate jumps to 61%
Newslooks- NEW YORK (AP)
About 2 in 3 Americans say their household expenses have risen over the last year, but only about 1 in 4 say their income has increased in the same period, according to a new poll from The Associated Press-NORC Center for Public Affairs Research.
About 4 in 10 Americans (38%) approve of how Biden is handling the presidency, while 61% disapprove. His overall approval numbers have remained at a steady low for the last several years. Most Americans generally disapprove of how he’s handling the federal budget (68% disapprove), the economy (67%), and student debt (58%).
As household expenses outpace earnings, many are expressing concern about their financial futures. What’s more, for most Americans, household debt has either risen in the last year or has not gone away.
Steve Shapiro, 61, who works as an audio engineer in Pittsburgh, said he’d been spending about $100 a week on groceries prior to this past year, but that he’s now shelling out closer to $200.
“My income has stayed the same,” he said. “The economy is good on paper, but I’m not doing great.”
About 8 in 10 Americans say their overall household debt is higher or about the same as it was a year ago. About half say they currently have credit card debt, 4 in 10 are dealing with auto loans, and about 1 in 4 have medical debt. Just 15% say their household savings have increased over the last year.
Tracy Gonzales, 36, who works as a sub-contractor in construction in San Antonio, Texas, has several thousand dollars of medical debt from an emergency room visit for what she thought was a bad headache but turned out to be a tooth infection.
“They’ll treat you, but the bills are crazy,” she said. Gonzales said she’s tried to avoid seeking medical treatment because of the costs.
Relatively few Americans say they’re very or extremely confident that they could pay an unexpected medical expense (26%) or have enough money for retirement (18%). Only about one-third are extremely or very confident their current financial situation will allow them to keep up with expenses, though an additional 42% say they’re somewhat confident.
“I’ve been looking forward to retirement my entire life. Recently I realized it’s just not going to happen,” said Shapiro, of Pittsburgh, adding that his wife’s $30,000 or so of student debt is a financial factor for his household. The couple had hoped to sell their house and move this past year, but decided instead to hold on to their mortgage rate of 3.4%, rather than facing a higher rate. ( The current average long-term mortgage rate reached 7.79% this month. )
About 3 in 10 Americans say they’ve foregone a major purchase because of higher interest rates in the last year. Nearly 1 in 4 U.S. adults have student debt, with the pandemic-era payment pause on federal loans ending this month, contributing to the crunch.
Will Clouse, 77, of Westlake, Ohio, said inflation is his biggest concern, as he lives on a fixed income in his retirement.
“A box of movie candy — Sno-Caps — that used to cost 99 cents is now a dollar fifty at the grocery store,” he said. “That’s a 50% increase in price. Somebody’s taking advantage of somebody.”
Americans are generally split on whether the Republicans (29%) or the Democrats (25%) are better suited to handle the issue of inflation in the U.S. Three in 10 say they trust neither party to address it.
Geri Putnam, 85, of Thomson, Georgia, said she’s been following the ongoing auto workers strikes with sympathy for the workers’ asks.
“I don’t think it’s out of line, what they’re asking for, when you see what CEOs are making,” she said. “I think things have gotten out of control. When you can walk into a store and see the next day, across the board, a dollar increase — that’s a little strange. I understand supply and demand, the cost of shipping, et cetera. But it seems to me everyone’s looking at their bottom lines.”
Putnam also said she sees her six children struggling financially more than her generation did.
“They all have jobs and have never been without them,” she said. “They’re achievers, but I think at least two or three of them will never be able to buy a home.”
A slight majority of all Americans polled (54%) describe their household’s financial situation as good, which is about the same as it’s been for the last year but down from 63% in March of 2022. Older Americans are much more confident in their current finances than younger Americans. Just 39% of 18- to 29-year-olds describe their household finances as good, compared to a majority (58%) of those who are 30 and older. People with higher levels of education or higher household incomes are more likely than Americans overall to evaluate their finances as solid.
About three-quarters of Americans describe the nation’s economy as poor, which is in line with measurements from early last year.
Among those who are retired, 3 in 10 say they are highly confident that there’s enough saved for their retirement, about 4 in 10 are somewhat confident, and 31% are not very confident or not confident at all.
Clouse, of Ohio, said the majority of his money had gone towards caring for his wife for the past several years, as she’d been ill. When she passed away this past year, his household lost her Social Security and pension contributions. He sees the political turmoil between Republicans and Democrats as harming the economy, but remains most frustrated by higher prices at the supermarket.
“Grocery products going up by 20, 30, 40%. There’s no call for that, other than the grocery market people making more money,” he said. “They’re ripping off the consumer. I wish Mr. Biden would do something about that.”
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The poll of 1,163 adults was conducted Oct. 5-9, 2023, using a sample drawn from NORC’s probability-based AmeriSpeak Panel, designed to represent the U.S. population. The margin of sampling error for all respondents is plus or minus 3.9 percentage points.
