Post-Election Poll: Economic Confidence Up, Biden’s Approval Down

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Disclaimer: The article may include the author's opinions.

Now that the presidential election is over, Americans’ economic confidence has significantly improved, and their opinion of Congress has slightly increased as well. Nonetheless, President Joe Biden’s approval rating is still falling, having fallen to a worrying 37%.

In the aftermath of the 2024 presidential election, the Republican Party has achieved significant historical gains, with Donald Trump poised for his second inauguration following a victorious campaign. Republicans also seized control of both the Senate and the House, further solidifying their position in the nation’s political landscape.

The latest Gallup Economic Confidence Index for November stands at -17, marking a nine-point improvement from October. This represents a notable shift from the more negative reading of -58 in June 2022, when the economy was severely affected by rising prices and the outlook was at its most pessimistic since the Great Recession.

The Gallup poll, conducted from November 6-20, reveals that 26% of respondents rate the economy as excellent or good, while 32% consider it “only fair,” and 40% view it as “poor.” Despite the improved index, most Americans are still pessimistic about the economy, with 55% believing it is getting worse, compared to 36% who feel it is improving.

The report indicates that the increase in economic confidence is largely driven by Republicans, whose confidence jumped by 29 points to reach -43 in November. This shift is a clear reflection of the party’s growing optimism, particularly following the election’s outcome. The index, which ranges from -100 to +100, shows that Republicans’ sentiments have become more positive in recent months, as they rally behind their political victories.

During the election year, Trump used social media to directly connect with voters, bypassing traditional media channels to address what he argued were the most important issues for Americans. This direct engagement played a key role in galvanizing his support base and shaping the national discourse.

Shifts in economic attitudes by political party show a marked difference in how Republicans and Democrats view the nation’s prospects. While satisfaction among Republicans has surged, Democrats have seen a more significant decline. Satisfaction with the economy among Republicans dropped from 60% in 2020 to just 35% after the election, reflecting dissatisfaction during the Biden administration.

Biden’s job approval rating, which stood at 41% before the election, has now fallen to 37%, mirroring the low point he experienced in July before announcing he would not seek a second term. These numbers suggest that a growing number of Americans are dissatisfied with his leadership, particularly as the country’s economic challenges persist.

The 2024 election was driven by a shift in focus from issues like racism and healthcare, which were central to the 2020 race, to concerns over the economy and immigration. Gallup’s findings suggest that these issues dominated the election, with many voters citing them as their primary concerns.

In terms of congressional approval, Americans’ satisfaction has slowly risen since the election, now standing at 19%. The poll also highlights the three main issues that have captured the public’s attention: 21% of respondents focused on government, 20% on immigration, and 17% on the economy. Inflation was mentioned as a key issue by 11% of those polled.

As the country looks ahead, these numbers suggest that the political landscape is shifting, with Republicans benefiting from the changing mood, while Democrats grapple with increasing dissatisfaction. The economic outlook remains uncertain, but the growing optimism among Republicans signals that the nation’s mood may be starting to turn in their favor.