President Joe Biden's approval rating has bounced from near-rock-bottom levels as a rising tide for the S&P 500 lifts support among investors and higher-income groups, the new IBD/TIPP Poll finds. But Biden's problems among Americans earning $75,000 and below show no letup.
The September IBD/TIPP Poll shows 41% of Americans age 18 and up approve of how Biden is handling the presidency, and 49% disapprove. Biden's net-approval rating of -8 points follows two months at -13 points, just above the lowest level of his presidency, with 38% approval and 51% disapproval in both July and August.
Biden Approval Rating Details
The bounce in Biden's approval rating comes amid a recovery in support among members of his own party. September's IBD/TIPP Poll showed 75% of Democrats now give Biden positive marks, while 16% disapprove of his job performance. That's up from 65%-22% in August and 69%-19 in July, though still well below 83%-10% in March.
Biden's weak standing among independents got a bit of relief. Now 58% of independents pan Biden's job performance and 29% approve, vs. 60% disapproval and 27% approval in August and 56%-29% in July.
Republican disapproval of Biden also eased slightly, but remained extreme. GOP voters now disapprove of Biden 86%-9% vs. 88%-7% and 89%-7% the prior two months.
Biden's approval rating slipped deeper underwater among poll participants earning up to $75,000, with 35% approval and 54% disapproval. That's a deterioration from 37%-52% in August and 36.5%-52% in July.
Yet Biden's support surged among those earning more than $75,000. This group of higher earners now backs Biden 59% to 35% after he was underwater the prior two months at 41.5%-48% and 43%-47%.
Near Perfect Jobs Report: Solid Hiring As Wage Growth Ebbs
Biden's Approval Rises Among College Grads
Biden's approval among college grads rose to 53%-40% in September. His standing among college grands continued to recover from 50%-44% in August and, after falling to 48%-42% in July after the Supreme Court struck down Biden's loan forgiveness program on June 30. On top of that ruling, the debt-ceiling deal in early June formalized an end to the moratorium on most student-loan payments that's been in place since April 2020.
Following the Supreme Court ruling, Biden has announced new plans to forgive student loans and reduce monthly payments. While debt-forgiveness plans may not take effect for a year or more, officials said they will immediately raise the level of income borrowers must earn before being liable for student loan payments to about $33,000 per year. That could save many borrowers $1,000 per year in annual payments and reduce payments to zero for others.
Biden's job approval among adults age 18-44 jumped to 46%-41% from 36%-48.5% in August and 42%-43% in July. The Biden administration higher income threshold for loan payments, which took effect in August, may have been a factor.
Among adults 45 and up, Biden's approval fell to 37%-56.5% from 40%-53% in August and 34%-58% in July.
Approval Of President Biden's Policies
Americans broadly disapprove of Biden's economic policies 50%-31%, a slight improvement vs. 52%-28% in August and 51%-29% in July.
Inflation is undoubtedly a major source of Biden's poor economic reviews. U.S. employers added more than 13.45 million jobs in the first 31 months of Biden's presidency, Labor Department data shows. Meanwhile, the average hourly wage has grown a solid 4.3% over the past year. Yet inflation has eaten away all of that increase and more for many Americans.
The IBD/TIPP Poll finds that just 20% of adults say their wages have kept pace with inflation, while 54% say they haven't kept up.
Meanwhile, the IBD/TIPP index measuring financial-related stress ticked up to an 11-month-high 68.1 amid a renewed rise in gas prices. Readings above 50 indicate rising stress.
Investors Back Biden — Heartily
Biden's approval among investors surged to 56%-40% in September from 48%-46% in August and 49%-45% in July. IBD/TIPP counts as investors those respondents who say they have at least $10,000 in household-owned mutual funds or equities.
The stock market has staged a dramatic rally, fueled by artificial intelligence stocks. Through Friday, the Dow Jones was down 5.3% from its all-time closing high in January 2022, but up 21.3% from its bear market closing low on Sept. 30. The S&P 500 has rallied 26.2% from its Oct. 12 closing low, but remains 5.85% below its peak. The Nasdaq composite has climbed 37.4% from its 52-week low on Dec. 28, but is still 12.6% off its November 2021 high.
Since Election Day on Nov. 3, 2020, the Dow is up 26.8%, the S&P 500 34%, and the Nasdaq 25.7%.
Be sure to read IBD's The Big Picture column after each trading day to get the latest on the prevailing stock market trend and what it means for your trading decisions.
The president's big problem is among non-investors, who now disapprove of Biden's job performance, 54%-35%. That's little changed from 54%-33% and 54%-32% the prior two months.
The July IBD/TIPP Poll reflects online surveys of 1,351 adults from Aug. 30 to Sept. 1. The results come with a credibility interval of +/- 2.7 points.
Presidential Leadership Index
The IBD/TIPP Presidential Leadership Index rose 2.4 points to 44.3, a four-month high. Readings above 50 are net positive, while below-50 readings are negative. The Presidential Leadership Index combines survey readings on how American adults feel about Biden's personal qualities, presidential performance, and leadership attributes. Biden's favorability rose 3 points to 46.3. Biden's job approval rose 2.7 points to 45.3, while the leadership index climbed 1.6 points to 41.4.
Please follow Jed Graham on X/Twitter @IBD_JGraham for coverage of economic policy and financial markets.
