A total of 69% say they are downbeat about the country’s financial shape now and in the future, the highest percentage in the 17-year history of the CNBC All-America Economic Survey.

For context, pessimism about the current and future economy stood at 37% in April 2021 and rose to 68% in July 2022, roughly tracking with a spike in annual inflation from 4.2% in April 2021 to a four-decade high of 9.1% in June 2022.

Meanwhile, 62% of Americans disapprove of how President Biden is handling the economy, while just 34% approve, the poll found.

[What’s to feel good about? What’s to approve of? Inflation has now entered its third year of roaring, real wages have fallen in almost every month of it, and rising interest rates means that people can’t be as mobile as they were the last couple of years. There’s not much reason for optimism, which makes me wonder about the other 31%. — Ed]