Biden Approval Rating Relapses As Omicron Surges, Stock Market Slumps

President Joe Biden’s approval rating has slipped back underwater amid fading support for his handling of the pandemic. Rising inflation concerns also are hurting the president. And investors may be rethinking their support as the stock market, particularly the tech sector, wobbles amid hawkish Federal Reserve signals.

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The January IBD/TIPP Poll finds Biden’s approval rating fell nine-tenths of a point to 49.2 over the past month. That index measure indicates that 49.2% of adults surveyed approve of Biden’s job performance, excluding those who were unsure or declined to state an opinion.

Biden’s 49.2 approval rating from IBD/TIPP reflects the disapproval of 45% of adults, while 44% approve of how he’s handling his job. In December, American adults were split, 43%-43%, over Biden’s job performance, an improvement over November’s low-water mark that saw 45% disapproval and 40% support.

This month’s IBD/TIPP Poll, though not great for Biden, was much more favorable to the Democrat than other national polls in recent weeks. The RealClearPolitics average shows Biden’s approval deep underwater, 42.1%-54.6%.

Biden Approval Rating Details

The slippage in Biden’s approval rating came as his breadth of support among Democrats slipped to 74%-18% from 76%-12%. Independents continued to disapprove of Biden’s job performance by a lopsided margin: 55%-29% vs. 52%-28% in December. As recently as August, Biden enjoyed a 42%-33% job approval among independents.

Biden hasn’t seen any clear political benefit from passage of the $1.2-trillion bipartisan infrastructure bill in November. Inflation concerns have crowded out support for new government spending, stalling his Build Back Better social spending and climate bill. Meanwhile, the omicron surge has eroded support for Biden’s handling of the pandemic, sending his administration scrambling to address a lack of available test kits.

Approval Of President Biden’s Policies

Now 33% of adults see the coronavirus as the top issue facing the country, up from 26% in early December. Only the economy, at 25%, is anywhere close.

Yet approval of Biden’s handling of the pandemic faded to 41%-39% from 43%-36% the prior month, marking a low point for his presidency.

Americans continue to disapprove of Biden’s handling of the economy. Now, 43% give him negative marks, while 34% say he deserves a good grade. That’s a deterioration from December’s 42%-35% split, but better than November’s 44%-31% disapproval.

However, it’s possible that both the latest Covid wave and inflation concerns are peaking. A reprieve on both fronts by spring, legislative progress and continued job strength could produce a Biden comeback. Full employment and healthy wage gains tend to be a tonic for presidential job approval ratings.