A recent Rasmussen survey reveals that nearly half of Americans feel their economic situation has worsened compared to last year. The survey, involving 1,102 Americans post-Christmas, indicates a growing discontent with the economic climate under the Biden administration.
According to the survey, 45 percent of participants believe they are financially worse off than they were a year ago. In contrast, only 23 percent feel they are better off, creating a significant 22-point gap. About 29 percent of respondents feel their financial status has remained unchanged.
This poll reflects the challenges faced by the Biden administration in promoting their economic policies, often referred to as “Bidenomics.” Rising inflation, or “Bidenflation” as critics call it, is a key factor contributing to the public’s negative perception. Over the 12 months leading up to November, consumer prices increased by 3.1 percent, a substantial rise following a 7.1 percent increase in the preceding 12 months. Since Biden’s inauguration, consumer prices have surged by 16.8 percent.
Despite average hourly wages growing faster than inflation in the year leading up to November, the overall increase in wages since Biden took office stands at 14.3 percent. This figure falls short of the inflation rate, leaving workers effectively behind economically.
Political affiliation plays a significant role in these perceptions. Thirty-nine percent of Democrats report feeling better off, compared to just 18 percent of Republicans and 13 percent of independents. This disparity underscores the current political polarization in the U.S., especially among the American left.
There’s also a noticeable racial divide in economic perceptions. While 32 percent of black Americans say they’re worse off than last year, the number jumps to 45 percent among whites and 55 percent among other minorities. This disparity highlights the varying economic impacts on different racial groups in the country.
The survey’s findings point to a growing economic dissatisfaction among Americans, influenced by factors like inflation and wage growth. These issues, coupled with political and racial divisions, paint a complex picture of the nation’s economic health under the current administration.
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