Biden Administration Kicks Off with 62% Approval for His Handling of the Economy

Mandatory Credit: Photo by Paul Sancya/AP/Shutterstock (10995421e)Democratic presidential candidate former Vice President Joe Biden speaks to supporters, early, in Wilmington, DelElection 2020 Biden, Wilmington, United States - 04 Nov 2020.
Paul Sancya/AP/Shutterstock / Paul Sancya/AP/Shutterstock

CNBC’s All-America Economic Survey had good news for the Biden administration. Of those surveyed, 62% approved of President Biden’s economic agenda, the highest approval of any incoming president since CNBC began its survey in 1993. By contrast, former president Donald Trump’s initial approval rating in the same survey was 44%.

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Find: Inside Biden and Yellen’s Meeting with Major CEOs – and What’s Next for That $75,000 Stimulus Cap

The positive results for Biden may be an honest assessment of his agenda or simply a sigh of relief after a year of pandemic and political unrest. But the results are not an outlier. The compilation of polling shows that Biden’s overall approval rate is 54.2%, lower than the CNBC number but including polls that have a range of partisan biases. The FiveThirtyEight’s historical database shows that Biden’s current polling is above the initial polling for Donald Trump, George W. Bush, Bill Clinton and Ronald Reagan but below that of Barack Obama and George H.W. Bush.

Biden’s approval is likely to remain high in the near future. People will be receiving stimulus checks soon, and cash on hand tends to make people happy. The ongoing impeachment trial of Donald Trump is likely to highlight the personality differences between Trump and Biden, to Biden’s benefit.

See: Biden Puts the Stimulus on the Fast Track
Find: Biden to Sign “Made in America” Executive Order

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A look at the FiveThirtyEight data for past presidents shows that approval ratings can turn on a dime. Most presidents see their approval ratings change over time as big events happen and political agendas play out. George W. Bush, for example, was unpopular until the attacks on Sept. 11, 2001. His popularity then eroded due to the length of the wars in Iraq and Afghanistan as well as the financial crisis in 2007-2008.

Biden’s honeymoon may not last long, but in the meantime, we can all enjoy it.

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About the Author

Ann Logue is a writer specializing in business and finance. Her most recent book is The Complete Idiot’s Guide: Options Trading (Alpha 2016). She lives in Chicago.
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