The public’s suffering from President Joe Biden’s inflation-plagued economy has sunk to the level that cost former President George H.W. Bush his reelection.

Economic confidence under Biden is stumbling anew, and Gallup, which has studied the matter for decades, said it is down to levels seen in 1992, when Clinton adviser James Carville famously scribbled “The economy, stupid” on a whiteboard.

“The current index figure is similar to where it was when George H. W. Bush was defeated in 1992,” the pollster said Friday morning.

Going into his reelection, Bush was in hero status for his quick victory in the Gulf War and his army’s pushback of Iraq, which had invaded Kuwait. But then, the economy began to wobble, he reacted slowly to it, and Bill Clinton seized on it with his phrase, “I feel your pain.”

Inflation and the economy remain top points in the minds of voters, Gallup said.

It is unclear if the felony conviction of former President Donald Trump will move up the ladder of problems voters are concerned about, though initial tests suggest little movement on either side of the political fence.

One thing is for sure, however: The public’s view of the economy is sinking. Gallup’s confidence test is down for the second straight month.

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“Gallup’s Economic Confidence Index registered -34 in May, reflecting further deterioration in how Americans assess the economy’s current state as well as its trajectory,” the pollster said.

“Since early 2022, Americans have consistently been most likely to describe the economy’s current conditions as ‘poor.’ The latest measure finds 46% of Americans viewing the economy this way, only slightly higher than the April reading but the highest since November,” Gallup added.