Can it get any worse? New poll on the economy should put Joe Biden's re-election hopes on life support

If the newest CBS News poll truly reflects how Americans feel about the economy, then President Joe Biden's re-election hopes should be placed on life support.

The survey, released on Sunday, shows that a whopping 65% of American adults believe the economy is performing "very bad" (31%) or "fairly bad" (34%), compared to just 29% who believe it is performing "very good" (6%) or "fairly good" (23%).

And who do Americans blame? According to the poll, it's not even close.

An overwhelming 80% of respondents told CBS News that Biden's policies are "a great deal" (44%) or "somewhat" (36%) responsible for the current state of the economy. Only 5% believe his policies have had no impact.

Breaking down the data further shows that Americans are struggling.

For example, only 13% of respondents told CBS News they are "getting ahead" financially, while 87% said they are either "staying in place" (52%) or "falling behind" (35%). Moreover, 70% said inflation is outpacing their income, while the most common word used to describe the current state of the economy, the poll found, is "struggling."

Not only do Americans blame Biden for the economy and believe his policies are driving up inflation, but the administration's push touting "Bidenomics" is floundering, the poll's results suggest.

Respondents who have heard of "Bidenomics" told pollsters they most commonly associate the word with "higher inflation" and "tax increases." That's not good news for Biden's campaign, which hopes to win over new voters.

Meanwhile, the poll found that Biden's overall job approval rating is just 40%; that is the lowest rating to date in CBS' poll for Biden's presidency. Not surprisingly, even fewer Americans — just 34% of respondents — approve of his handling of the economy.

The CBS News poll affirms what an Associated Press/NORC Center for Public Affairs Research poll found last month.

The poll and others like it are a warning shot for Biden, because if public sentiment does not turn around, it's unlikely that he will win a second term in the White House. After all, the political proverb, coined by Democratic strategist James Carville during the 1992 presidential election, has proved true repeatedly: it's the economy, stupid.

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