Fox News Poll: Voters cutting back on spending as views on economy dip

Inflation may be cooling, but the economy is still a top concern for voters. 

In addition, the latest Fox News survey finds that as views on the economy worsened this month, most voters say they’ve had to cut back on spending to afford necessities. 

Three-quarters of voters (76%) have reduced spending to pay for the basics, up 5 points since October 2022 and 9 points from March 2022 when the question was first asked.

The need to change spending habits to make ends meet is widespread, but Republicans (86%), households with annual income of $50,000 or less (83%), nonwhite voters (80%), women (79%) and voters under age 30 (78%) are among those most likely to have cut back.

Meanwhile, voters are more bearish on the economy compared to last month, with 27% having a positive view and 73% a negative one for a net negative rating of 46.  

Last month, it was -36 (32% positive vs. 68% negative), which was the best rating on the economy recorded during President Biden’s term so far.

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The shift can mainly be attributed to Black voters (-22) and voters under 30 (-11) feeling less enthusiastic about economic conditions compared to June.

The economy is a top concern for voters as 88% are extremely or very concerned about it – about the same number as feel that way about threats to personal rights and freedoms at 89%.

Health care (85% extremely/very concerned) comes next, followed closely by threats to free and fair elections (83%).

All other issues measured in the survey come in under 80%:  tax rates (79%), higher crime rates (79%), illegal immigration (73%), the Supreme Court (71%), abortion (70%), the Israel-Hamas war (69%), Russia’s invasion of Ukraine (69%), and climate change (62%).

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There are major partisan differences on issue priorities.  While Republicans rank the economy as their number one concern (96%), it ranks seventh for Democrats and ties for 3rd among independents.

Meanwhile, among the four job handling items tested, the economy is Biden’s best issue -- although his rating is still underwater by 23 points (38% approve vs. 61% disapprove).

He does worse on immigration (33% approve vs. 65% disapprove), inflation (33-66%), and the Israel-Hamas war (30-67%).

When asked to compare the candidates on the economy, voters think former President Donald Trump can better handle it by 10 points (54% Trump, 44% Biden).

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