Amid persistent inflation, higher interest rates and recession worries, Americans have never been more negative about the economy, according to the latest CNBC All-America Economic Survey.

A record 69% of the public holds negative views about the economy both now and in the future, the highest percentage in the survey’s 17-year history.

The survey of 1,000 people nationwide, with a margin of error of +/-3.1%, found that about two-thirds of Americans say their wages are falling behind inflation, and two-thirds say the nation is headed for recession or already in one.

The fallout from these negative views is hitting President Joe Biden‘s approval rating.

His overall rating fell by 2 percentage points to 39% and his disapproval rating rose by a point to 55% compared with the November survey.

Americans disapprove of Biden’s handling of the economy by a 62% to 34% margin, a deterioration from the 57% to 38% margin in the last survey. It was the second-worst reading of his presidency on the economy.

Widespread disapproval

Biden lost support from several key groups.

Overall approval from Democrats dropped 2 points to 77% compared with a year ago and by 9 points for independents to just 27%.

“It’s clear that as much as there is a partisan overlay to people’s attitudes, everybody is also feeling the squeeze including Democrats and that’s depressing numbers with the base,” said Jay Campbell, partner at Hart Research, the survey’s Democratic pollster.

Changing behavior

Because of inflation, large majorities say they are altering their spending and lifestyles.

Fully 81% of respondents say they are taking some action, such as spending less on entertainment, traveling less or using savings to pay for purchases.

The survey found that the effects are not spread out equally.

Correction: Pessimism on the economy has hit a new high. An earlier headline was incorrect.