People just like President Joe Biden. In spite of a looming COVID-Delta Variant, his numbers generally continue to either increase or remain static. The new August numbers reflect that his job approved rating rose from July’s 57.7 percent to 60.6 percent. His high was in February right after his inauguration, but he is bouncing back.
People notice him working both sides of the aisle with a progressing $1 trillion bipartisan infrastructure bill headed toward passage later in the week. Then, there was the $250 to $300 child tax credit based upon age. That cost the nation a well-spent $15 billion for 35 million families. In addition, the March stimulus package went from $1,000 to $1,600 per year to $2,000 in a monument change from yearly payments to monthly payments.
President Biden’s disapproval rating fell to 34 percent vs. 37 percent last month. Independents registered to vote also approved, according to the August IBD/TIPP Financial Related Stress as shown by The Index Investors Business Daily:
‘Registered independents now approve of Biden’s job performance 50%-37%, after disapproving by 43%-41% in July.’
Now, 48% of American voters say his handling of the economy was “excellent or good.” Only 30 percent rate him as “poor or unacceptable,” down from July’s 44 percent “good,” and poor at 32 percent In July, 44% gave him a good grade, while 32% gave him poor marks. In June, those numbers were 50 percent to 27 percent.
Also, affluent, college-educated Americans have become more Democratic investors. Given that, President Biden’s high job rating numbers may not reflect Wall Street.
The new IBD/TIPP Financial Related Stress Index rose to 63.2 percent in August. That was up from July’s 61.9. We reflected the dynamic situation, which ranked the president’s highest numbers since January 2021. For comparison, index numbers above 50 indicate rising stress. After most fellow Americans received a $1,400 stimulus check, the rate fell to 56.8 in early April, when it was at a “COVID-era low of 56.8 percent.
The rise in financial stress numbers might be due to many states suspending emergency jobless benefits. The additional $300 per week unemployment support helped reduce the financial stress numbers. Right around 25 Republican governors in strong Republican-dominated states dropped the $300 in an attempt to help businesses pick up employees.
Employers have had difficulty locating enough workers, according to the Investor’s Business Daily:
‘Pandemic jobless benefits will expire nationwide by Labor Day.’
Many have been concerned about inflation, which added to the increasing financial stress numbers:
- The consumer price index jumped 5.4% from a year ago in June.
- That was the biggest annual gain since 2008.
- Senior citizens living on a fixed income tended to be most sensitive to price increases.
- Seniors disapproved of Biden’s handling of the economy 48%-38%, after approving 44%-37% as recently as June.
President Joe Biden still has a 60.6 percent job approval rating. Although that number has been higher, it was still high compared to the former resident in the White House, who never broke more than 50.1 in April 2020. When he lost, the former president showed a low 43.5 approval rating, according to the January IBD/TIPP Poll.
President Obama’s IBD/TIPP job approval numbers never reached 60 after “June 2009, the month he launched his push for universal health coverage and cost controls:”
‘Obama’s job approval rating, which started at 75.3, was at 58.1 at this point in his presidency, but took another step down to 54.9 in October 2009 as he ramped up his health care push.’
During his presidency, these were his numbers at The Gallup Poll:
Right now, those who were not investors approved of the job Presiden Biden was doing ranked 50 percent, 39 percent disapproved. In July, that number was 50 percent to 40 percent. In June, it was 57 percent to 35 percent approval:
‘IBD/TIPP counts as investors those respondents who say they have at least $10,000 in household-owned mutual funds or equities.’
Registered voters who invested approved of Presiden Biden’s job performance 69 percent to 26 percent, who disapproved. That number rose from July’s 62 percent to 33 percent who approved of how well President Biden was doing 69 percent approved to 26 percent who disapproved.
The numbers among registered voters showed 69 percent approval to 26 percent disapproval. In July that number was 62 percent to 33 percent:
‘The Dow Jones, S&P 500 and Nasdaq all closed within 1% of record highs on Friday. Since Biden’s election, the Dow is up 27%, the S&P 500 30%, and the Nasdaq 31%.’
The president called for a big increase in tax rates in:
- Capital gains
- Dividends, and
- Corporate income.
Oddly, investors have pretty much disregarded these typical tax sources. It may have been the upcoming infrastructure plan has managed to take all of the air out of interest in tax rates:
‘Wall Street analysts also have cast doubt on the extent of tax hikes Biden will be able to pass. But there may be some surprises in store.’
The online survey consisted of 1,322 adults counting 1,026 registered voters. It was performed from July 28 through July 30. The margin of error was a good +/- 2.8 percentage points.
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