Inflation may be easing, but the economy continues to weigh heavily on voters, with the majority reporting cutbacks in spending to cover necessities. Economic pessimism is also on the rise, with only 27% of voters viewing the economy positively.
Inflation may be showing signs of cooling, but the economy remains a significant concern for American voters, according to the latest Fox News poll. A large majority, 76%, have had to cut back on spending to afford basic necessities, representing a 5-point increase since October 2022 and a 9-point jump since March 2022 when the question was first asked.
The need to adjust spending habits to make ends meet is widespread, affecting Republicans (86%), households with annual incomes below $50,000 (83%), nonwhite voters (80%), women (79%), and voters under age 30 (78%).
Economy Remains Top Concern for Voters Amid Cutbacks and Economic Pessimism
Voters' economic outlook has also soured compared to last month. Only 27% now have a positive view of the economy, while 73% hold a negative view, resulting in a net negative rating of 46. This marks a significant shift from the -36 rating last month, which was the highest recorded during President Biden's term so far.
The shift in economic sentiment is largely attributed to a decline in enthusiasm among Black voters (-22) and voters under 30 (-11) compared to June.
The economy remains a top concern for voters, with 88% expressing extreme or very high levels of concern. Health care (85%) and threats to personal rights and freedoms (89%) are also major concerns.
Other issues measured in the survey garnered less concern, including tax rates (79%), higher crime rates (79%), illegal immigration (73%), the Supreme Court (71%), abortion (70%), the Israel-Hamas war (69%), Russia's invasion of Ukraine (69%), and climate change (62%).
Partisan differences emerge when it comes to issue priorities. While the economy ranks as the top concern for Republicans (96%), it falls to seventh place for Democrats and ties for third among independents.
In terms of Biden's job performance, the economy remains his strongest issue, though his approval rating is still underwater by 23 points (38% approve, 61% disapprove). His handling of immigration (33% approve, 65% disapprove), inflation (33% approve, 66% disapprove), and the Israel-Hamas war (30% approve, 67% disapprove) receives even lower ratings.
When compared to former President Donald Trump on the economy, voters give Trump a 10-point edge (54% Trump, 44% Biden) in who they believe can better handle it.
The Fox News poll was conducted July 7-10, 2024, and included interviews with a sample of 1,210 registered voters. The margin of sampling error for the full sample is ±3 percentage points.
