Biden’s approval rating plummets to all-time low of 30%

President Biden’s overall and economic approval numbers have fallen to the lowest level of his presidency, dropping below the worst poll numbers for former Presidents Donald Trump and Barack Obama, according to CNBC’s All-America Economic Survey.

Just 30% of Americans approved of Mr. Biden’s handling of the economy, a 5-point drop from the previous survey in April, according to the poll released late Monday.

The poll found the president’s economic performance is supported by 25% of independents, 6% of Republicans and 58% of Democrats, a stunningly low number within the president’s party.

That is significantly lower than either of Mr. Biden’s immediate two predecessors. Mr. Trump’s lowest economic approval rating was 41%, and Mr. Obama bottomed out at 37%.

Overall, Mr. Biden’s job performance earned a 36% approval rating, just 1 point lower than Mr. Trump’s worst rating. Mr. Biden’s disapproval rating among survey participants was 57%.

Mr. Biden also received poor marks for his efforts to fight out-of-control inflation, which surged to 9.1% last month. The majority of respondents (51%) said Mr. Biden’s policies have made no difference in taming inflation, while 30% said his response was making the situation worse.

The survey also found that 52% of Americans expect the economy will get worse over the next six months, a record for CNBC’s All-American Survey, which noted that total was larger than any point during the 2008 financial crisis.

Only 22% of respondents said the U.S. economy will improve by the end of the year, and 60% said America is already in a recession.

Respondents said inflation has forced them to change their spending habits. A whopping 65% said they were cutting back on entertainment such as going to restaurants or movies, while 61% said they were driving less and 41% said they were spending less at the grocery store.

CNBC polled 800 American adults July 7-10. The survey had a margin of error of plus or minus 3.5 percentage points.