This week saw President Joe Biden tout his economic policies while speaking at an event commemorating the Inflation Reduction Act's first anniversary.

Yet despite Biden's claim that the economy has improved under his watch, most Americans seem to feel otherwise, with a recent poll showing his approval rating has all but collapsed. 

Only 36% approve of how Biden has handled the economy

According to Politico, the survey was commissioned by the Associated Press and carried out by the NORC Center for Public Affairs Research between August 10 and August 14.

It found that only 36% of Americans approve of how the president has handled the economy compared with 63% who disapproved.

What's more, the poll also found that just 34% have a positive view of the economy. This includes 3% who say it is "very good," 20% who say it is "somewhat good," and 11% who "lean toward" saying it is good.

Meanwhile, 66% regard the economy negatively. The figure includes 25% who say it is "very poor," 31% who say it is "somewhat poor," and 10% who "lean toward" saying it is poor.

Even though the pace of inflation has slowed, only 36% of U.S. adults approve of President Joe Biden’s handling of the economy. That's slightly lower than the 42% who approve of his overall performance, according to the new AP-NORC poll. https://t.co/QuyNKcu9B2

— The Associated Press (@AP) August 17, 2023

CBS News/YouGov shows similar results

The Associated Press/NORC Center for Public Affairs Research survey isn't an outlier, as the findings of a CBS News/YouGov poll carried out between July 26 and July 28 had even worse results.

Conducted between July 26 and July 28 found 65% of respondents said the economy is "bad" compared with only 29% who characterized it as being "good."

Sixty-five percent of respondents said the economy is "bad" compared with only 29% who characterized it as being "good."

What's more, 70% complained that their work income is not keeping pace with inflation. Thirty-five percent indicated that they are personally "falling behind" and another 52% said they are only "staying in place."

Vulnerable House Democrats distance themselves from "Bidenomics"

Those figures suggest that the president's use of the term "Bidenomics" as a way to generate enthusiasm for his economic record have been less than successful.

Bidenomics is working.

Factories are being built, jobs are being created, and it’s happening all across America in communities that have been left out and hollowed out.

— Joe Biden (@JoeBiden) July 8, 2023

Indeed, Politico noted in a piece published earlier this month that some vulnerable House Democrats are attempting to distance themselves from the term.