Even Democrats are skeptical: By a margin of 10 points, they say the economy is getting worse, rather than getting better. For most of Donald Trump’s four years in office, a smaller share of Americans had as negative a view of the economy than the share that do today — though in the spring of 2020, just as the recession was declared over, the share of Americans believing the economy was getting worse briefly soared to 59%, higher than the percentage today.

The more pressing personal concern is inflation. In December, the increase in prices over the previous year was a 40-year high of 7%, with big jumps in prices of gasoline, cars, and the cost of food. Americans are twice as likely to say their own family’s financial situation has gotten worse in the last year than to say it has improved. More than four times as many (46%) view inflation, rather than unemployment (10%), as the bigger economic problem today.

Inflation clearly impacts President Biden’s low overall job-approval rating (38% approve, 51% disapprove) and his even lower rating on handling the economy. The President’s current rating on the economy (35% approve this week) is the lowest during his presidency; more than half disapprove.