President Joe Biden's approval rating has fallen to its worst level of 2023 as younger voters, who will be key to his reelection chances, turn lukewarm, the new IBD/TIPP Poll finds.
The June IBD/TIPP Poll shows 40% of Americans age 18 and up approve of how Biden is handling the presidency, and 51% disapprove. Biden's net-approval rating of -11 points is a big step down from -6 in May, when 43% approved and 49% disapproved. The prior two months, voters were split 45%-45%.
Biden Approval Rating Details
The slippage in Biden's approval rating comes amid weaker support among members of his own party. June's IBD/TIPP Poll showed 71% of Democrats now give Biden positive marks, while 20% disapprove of his job performance. That's down from 74%-17% in May, 76%-16% in April and 83%-10% in March.
Biden's weak standing among independents got a bit of relief. Now 60% of independents pan Biden's job performance and 29% approve, vs. 63%-27% in May, 56%-28% in April and 60%-22% in March.
Meanwhile, Republican disapproval of Biden got a touch worse. GOP voters now disapprove of Biden 86%-10%, vs 85%-12 and 83%-11% the prior two months.
Biden's approval rating slipped deeper underwater among those earning less than $75,000, with 38% approval and 53% disapproval. That's down from 40%-50% in May and 39%-50% in April. However, the big difference has come in diminished support among those earning at least $75,000, who now approve of Biden by a 47.5%-46% margin, vs. 54%-42% in May and 59%-35% in April.
May Jobs Report: Hiring Is Strong, But Workweek Is Shortest Since Covid Lockdown
Biden's Approval Drops Among Adults Age 18-44
Biden's job approval among adults age 18-44 slumped to 41% in the June IBD/TIPP Poll, while disapproval rose to 46%. That's down from 48%-42% in May and 54%-33% in March.
Biden's support among young adults saw a one-month surge in the September 2022 IBD/TIPP Poll after he announced his decision to forgive up to $20,000 in college loans. That month, approval among Americans age 18-44 shot up to 51%-40% from 40%-51%.
Yet student-loan forgiveness has been thrown up in the air by the case before the Supreme Court, which is expected to rule later this month. On top of that, the debt-ceiling deal formalized an end to the moratorium on most student-loan payments that's been in place since April 2020.
Among adults 45 and up, Biden's approval grinded lower to 39%-55% from 39%-54%.
Approval Of President Biden's Policies
Americans disapprove of Biden's economic policies 50%-28%. Net approval of Biden's economic policies deteriorated to -22% from -17 points in May, when 47% disapproved and 30% supported Biden's policies. Democrats now back Biden's economic policies 50%-23%, vs. 53%-20% in May and 61%-14% in April.
Inflation is undoubtedly a major source of Biden's poor economic reviews. U.S. employers added more than 13.1 million jobs in the first 28 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 22% of workers say their wages have kept pace with inflation, while 52% say they haven't kept up.
Investors Back Biden — Barely
Biden's approval among investors tumbled to 49%-47% in June, down from 59%-36% in May, 60%-37% in April and 62%-34% in March. IBD/TIPP counts as investors those respondents who say they have at least $10,000 in household-owned mutual funds or equities.
Yet that plunge appears related to issues other than Biden's impact on investment valuations.
On Friday, the S&P 500 was at its highest level since last August, having recouped all its losses and more since a banking crisis erupted in March. An expected pause in Federal Reserve rate hikes has given the stock market some room to run. But high interest rates and a resumption of student-loan payments could sap economic growth in the second half of the year.
Through Friday, the Dow Jones was down 8.25% from its all-time closing high in January 2022, but up 17.5% from its bear market closing low on Sept. 30. The S&P 500 has rallied 19.7% from its Oct. 12 closing low, but remains 10.7% below its peak. The Nasdaq composite has climbed 29.6% from its 52-week low on Dec. 28, but is still 17.5% off its November 2021 high.
Since Election Day on Nov. 3, 2020, the Dow is up 22.9%, the S&P 500 27.1%, and the Nasdaq 18.6%.
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 big problem is among non-investors, who now disapprove of Biden's job performance by a 53%-36% margin vs. 55%-36% in May and 50%-36% in April.
The June IBD/TIPP Poll reflects online surveys of 1,358 adults from May 31-June 2. The results come with a credibility interval of +/- 2.6 points.
Presidential Leadership Index
The IBD/TIPP Presidential Leadership Index fell 2.7 points to 43.6, the lowest reading since last August. 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 slid to 44.9 from 48. Biden's job approval fell to 44.1 from 47, while the leadership index sank to 41.9 from 43.9.
Please follow Jed Graham on Twitter @IBD_JGraham for coverage of economic policy and financial markets.
