Wrong way Biden, Harris and Yellen

 Byron York:

BIDEN AND HARRIS BOTH WEAK GOING INTO 2024. President Joe Biden's job approval rating has fallen to 38% in a new poll from the Associated Press and the National Opinion Research Center — close to his lowest rating ever in that poll. Just last month, Biden's rating was 45%, which was as high as it has been since his rating began a long slide a few months after he took office.

What's going on? The economy. In the month since Biden's previous, higher rating, people have become deeply concerned about the safety of the banking system. They have renewed worries about inflation. They are concerned about some difficult-to-understand maladies affecting world economic stability. They are, in short, worried about the economy, and when voters are worried about the economy, they are less inclined to view the president of the United States positively.

You can see it in some of the poll's measurements. When respondents were asked, "Generally speaking, would you say things in this country are headed in the right direction or the wrong direction?" — the oldest question in the polling book — just 21% said the country is headed in the right direction, versus 78% who said wrong direction. The right direction number fell 7 points from just last month, and the wrong direction number rose 7 points.

The pollsters gave respondents several ways to describe the economy. Would you say it is very good, somewhat good, or leans toward good? Or would you say it is very poor, somewhat poor, or leans toward poor? The number of people who said it is good, or even just leans toward good, was 25%, versus 75% who said it is some version of poor. The good number was down 7 points from last month, and the bad number was up 7 points — a perfect reflection of the right direction/wrong direction measure.

The pollsters then asked respondents to describe their own financial situation the same way — very good, somewhat good, leans toward good, very poor, somewhat poor, or leans toward poor. The number who called their situation some version of good fell 4 points to 53% — the lowest it has been in Biden's presidency. The number who called their situation some version of poor rose 4 points to 47% — the highest it has been in Biden's presidency.

Finally, Biden's rating specifically on his handling of the economy fell to 31% — the lowest of his time in office. Put it all together, and you see how vulnerable a president's job approval rating is to the state of the economy.

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 WATCH: Sen. Kennedy Wrecks Janet Yellen, WH During Grilling on US Economy

They say she bungled the handling of inflation, but that was caused by Joe Biden and the Democrat Congress which engaged in some of the most reckless spending in history.  Those trillion-dollar spending sprees mainly gave us the worst inflation in decades.  Biden and Democrats in Congress did that and Yellin's failure was an inability to stop them.