A new Gallup poll reveals that more than half of Americans feel worse off financially than they did four years ago.
The survey, released on Oct. 18, found that 52 percent of U.S. adults believe their financial situation has deteriorated since 2020, while 39 percent feel they are better off.
A similar Gallup poll taken at the tail end of the Trump presidency in September 2020 found this sentiment roughly reversed, with 56 percent saying they were better off and 33 percent saying they were worse off than four years prior.
Partisan divides were stark in the latest poll, with 90 percent of Republicans feeling worse off, compared to just 16 percent of Democrats. Crucially, 55 percent of Independents, a pivotal voting bloc in the close 2024 presidential race, feel worse off, with 35 percent saying their financial situation has improved.
The economic confidence index, tracked by Gallup, has been predominantly negative over the course of the Biden administration. In 2022, it reached lows not seen since the 2007–2009 recession, largely due to inflation hitting a 40-year high.
Former President Donald Trump, the Republican presidential nominee for the coming election, has blamed President Joe Biden’s policies for inflation and what he calls economic stagnation.
On the campaign trail, Democratic presidential nominee Vice President Kamala Harris has been emphasizing the Biden administration’s economic recovery efforts.
“Still, we know that many Americans don’t yet feel that progress in their daily lives,” Harris said. “Costs are still too high. And on a deeper level, for too many people, no matter how much they work, it feels so hard to just be able to get ahead.” […]
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