Most Americans feel worse off now than they did 4 years ago
For the first time in four decades, the majority of Americans said they are worse off now than they were four years ago, according to a Gallup poll released Friday.
Over half, 52%, of respondents said they are not better off than they were in 2020, while 39% said they are better off, according to the poll. This is the highest rate of dissatisfaction among Americans since 1992, when 46% said they were not better off than four years prior, while 38% said their situation had improved.
This trend coincides with the economic confidence index, which puts confidence at a 26-point deficit in 2024 compared to a four-point deficit in 2020, according to the poll. The ECI has remained in the negatives over the last four years, while Americans are burdened with inflation and surging prices.
Because of these hardships, the economy has risen to become the top priority for Americans, according to the poll. In January 2020, only 10% of Americans said the economy is the nation’s most pressing issue, compared to nearly half in October 2024.
Because of the country’s economic standing, Americans’ confidence in the job market has reached the lowest point since the pandemic, according to the poll. Nearly three-quarters of Americans said it was a “good time” to find a job in October 2021, compared to just 44% in October 2024.
The economy and immigration are tied at 21% for the most important issue, followed by 17% of respondents who said the government and 14% who said inflation is the most important, according to the poll.
Concerns about the economy, immigration, and the government in general have come to a head under the Biden-Harris administration.
In July, the national debt surpassed $35 trillion for the first time in American history. At the same time, the Biden-Harris administration has signed off on the American Rescue Plan and the Inflation Reduction Act, which approved $1.9 trillion and $750 billion in spending, respectively.
The border crisis has also been on voters’ minds. Over the last three and a half years alone, there have been over 8 million migrant encounters on the southern border, according to the latest data from U.S. Customs and Border Protection.
“Historical trends suggest that perceptions of personal well-being and economic confidence can significantly impact election outcomes,” Gallup noted. “With a majority of Americans feeling they are not better off than four years ago, economic confidence remaining low, and less than half of Americans saying now is a good time to find a quality job, the economy will be an important consideration at the ballot box this year.”
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