In a new survey, 50% of Americans told Gallup they’re financially worse off now than last year. That’s the highest percentage since the Great Recession.
\nWhy it matters: We’re not in a recession, but people have the financial blues for a bunch of reasons. And, though the president touted his economic record this week in the State of the Union, it’s a tough sell \u2014 especially across the aisle.
\n\uf0b761% of Republicans said they were financially worse off this year compared to 37% of Democrats.
\nWhat he’s saying: “We are the only country that has emerged from every crisis stronger than when we entered it,” Biden said Tuesday night.
\n\uf0b7”That is what we are doing again. Two years ago, our economy was reeling. As I stand here tonight, we have created a record 12 million new jobs, more jobs created in two years than any president has ever created in four years.”
\nThe big picture: “Democrats generally rate their finances better than Republicans do when a Democratic president is in office,” Gallup noted in a similar report last year. “And the reverse is usually true under Republican presidential administrations.”
\nYes, but: Partisanship is just one reason for this much pessimism in an economy that’s \u2014 and this is worth emphasizing \u2014 not in a recession.
\n\uf0b7High costs of living and last year\u2019s steep drop in stock prices seem to be overshadowing record-low unemployment \u2014 leaving Americans profoundly bummed about the economy.
\n\uf0b7Part of this is “pandemic paranoia,” as Axios’ Hope King wrote recently. Americans are still getting over one of the most dispiriting, dislocating and uncertain eras of their lifetime.
\nBy the numbers: The Gallup data is from a poll conducted from Jan. 2-22, after a year of rising prices, particularly for food and gas, which made it harder for many to afford the basics.
\n\uf0b7The numbers also skew along income lines: 61% of lower-income Americans said they were worse off, compared to 49% of folks in the middle and 43% of high-income earners.
\nWhat to watch: Next week, we’ll get fresh data on inflation, an increasingly important indicator of the American vibe.<\/p>\n
Axios<\/p>\n
Tags\uff1afinancial distress<\/p>\n","protected":false},"excerpt":{"rendered":"
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