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52% of Americans Feel Worse Off Today Compared to Four Years Ago

A new Gallup poll reveals that a majority of Americans—52 percent—believe they are worse off today than they were four years ago under former President Donald Trump. This sentiment comes as economic challenges and global crises under the Biden-Harris administration continue to weigh heavily on the public’s perception of the country’s direction.

Four years ago, the U.S. was grappling with the coronavirus pandemic, an unprecedented health crisis that led to widespread economic turmoil, lockdowns, and millions of lost jobs. Yet, despite the immense challenges of 2020, many Americans now view that period more favorably compared to their current situation.

Since President Joe Biden took office in 2021, the cost of living has surged dramatically, with inflation causing prices to rise across the board. Gallup’s findings are largely shaped by the impact of these soaring costs, which have left many feeling the financial strain of “Bidenomics,” the administration’s economic policy approach.

Inflation has been a persistent issue under the Biden administration, driving up prices by roughly 20 percent for goods and services. Everyday expenses, such as groceries, gas, and housing, have become more burdensome for many Americans, contributing to the sense that their economic wellbeing has declined over the past four years.

Beyond the economy, the world has experienced significant geopolitical turmoil during Biden’s tenure. Russia’s invasion of Ukraine in 2022 set off a cascade of global energy and food supply chain disruptions, further exacerbating inflation. In addition, recent attacks by Hamas and Iran on Israel have heightened global instability, and the U.S. southern border has faced a surge of illegal immigration, creating domestic security concerns.

One of the administration’s most controversial moments was the chaotic withdrawal from Afghanistan in August 2021, where 13 U.S. service members were killed, and many critics felt the exit marked a significant foreign policy failure.

According to Gallup, Americans’ perceptions of whether they are better or worse off are closely tied to the overall health of the U.S. economy. The poll, conducted between October 1-12, shows that the Economic Confidence Index (ECI) currently sits at -26, reflecting deep pessimism about the country’s financial trajectory. This is one of the lowest readings in an election year, with only 39 percent of respondents saying they feel better off than they did in 2020.

Forty-six percent of Americans described current economic conditions as “poor,” while another 29 percent rated them as “only fair.” A staggering 62 percent believe the economy is “getting worse,” underscoring the widespread anxiety about the nation’s financial future.

As inflation remains stubbornly high and wages struggle to keep pace, fewer Americans feel optimistic about their financial prospects. This dissatisfaction could have significant implications for the upcoming 2024 presidential election, with the economy likely to be a central issue for voters at the ballot box.

The question of whether Americans are “better off” than they were four years ago has become a common refrain in election cycles, dating back to Ronald Reagan’s famous 1980 debate against then-President Jimmy Carter. Reagan’s pointed question tapped into the frustrations of voters during a time of economic stagnation and high inflation, helping him secure a landslide victory.

Today, the Biden administration faces a similar challenge. As the economy struggles and inflation remains a pressing issue, many voters may be asking themselves that same question: Are we better off now than we were four years ago?

Gallup’s analysis suggests that this question could once again play a pivotal role in determining the outcome of the election. Historically, when Americans feel financially insecure or dissatisfied with the economy, they are more likely to vote for a change in leadership.

With less than half of Americans believing that now is a good time to find a quality job, economic confidence is at a low point. Persistent inflation and the rising cost of living have eroded the purchasing power of average Americans, creating widespread discontent. These economic concerns will likely weigh heavily on voters’ minds as they decide whether to stick with the Biden-Harris administration or seek a different path forward.

While a majority of Americans express dissatisfaction with the current state of affairs, political divisions remain stark. Republicans are far more likely to describe the economy as “poor” and to believe they are worse off than they were under Trump. In contrast, many Democrats continue to support Biden’s policies, particularly his efforts to combat climate change, address social justice issues, and expand access to healthcare.

Nevertheless, the Gallup poll suggests that economic anxiety is cutting across party lines, with even some Democratic voters feeling the strain of inflation and the broader economic uncertainty. As the 2024 election approaches, both parties will need to address these concerns to win over undecided voters and secure their base.

With economic concerns dominating headlines and shaping voter sentiment, the question of whether Americans are better off today than they were four years ago will be a crucial litmus test for both the Biden administration and its political challengers.

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Joe Messina

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