A new Gallup poll reveals that a majority of Americans feel they are worse off than they were four years ago.
According to the poll, 52 percent of respondents believe their personal and family situations have deteriorated over the past four years, while only 39 percent say they are better off, and 8 percent report feeling roughly the same.
Gallup attributes these perceptions primarily to economic concerns, stating that Americans often base their feelings of being better or worse off on the state of the US economy. In recent years, economic confidence has been largely negative. In 2022, Gallup’s Economic Confidence Index hit lows not seen since the 2007-2009 recession, largely due to the effects of inflation.
“These findings suggest inflation likely underlies Americans’ perceptions that the economy is poor, even against a backdrop of generally low unemployment, steady economic growth, and record stock and housing values,” Gallup noted.
The poll also found that 46 percent of Americans rate current economic conditions as “poor,” while 29 percent say they are “only fair” and 25 percent describe the economy as “excellent” or “good.” Furthermore, 62 percent believe the economy is worsening, compared to 32 percent who think it is improving.
Economic concerns remain a top priority for many voters. When asked what issues matter most to them, 43 percent of respondents mentioned economic-related issues, with inflation being a key concern. Additionally, 50 percent of Americans believe it is a bad time to find a quality job, compared to 44 percent who think it is a good time. This sentiment comes as the US unemployment rate increased to 4.1 percent in September.
Gallup noted that these perceptions could play a significant role in the upcoming election. Drawing on Ronald Reagan’s famous question to voters in 1980—”Are you better off than you were four years ago?”—Gallup emphasized that feelings of personal wellbeing and economic confidence often impact election outcomes.
“Historical trends suggest that perceptions of personal wellbeing and economic confidence can significantly impact election outcomes. 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,” Gallup concluded.
