A recent survey conducted by Rasmussen has revealed that nearly half of Americans feel their economic situation has worsened compared to a year ago. The survey, which involved 1,102 participants, found that 45% of Americans believe they are in a worse financial position than they were last year. This sentiment contrasts sharply with the 23% who feel they are better off, indicating a significant 22-point gap.
The survey results suggest a lack of public confidence in the economic policies dubbed “Bidenomics” by the Biden administration. One of the primary factors contributing to this sentiment is inflation, often referred to as “Bidenflation” by critics of the administration. In the 12 months leading up to November, consumer prices rose by 3.1%, following a 7.1% increase in the previous year. Since President Biden’s inauguration, consumer prices have escalated by 16.8%.
Despite average hourly wages rising faster than prices in the year through November, the overall picture since Biden’s tenure began shows wages lagging behind inflation. Average hourly wages have increased by 14.3% since Biden took office, which is still 2.5 points below the rate of inflation.
The survey also highlights a stark divide in perceptions of economic well-being along political and racial lines. Among Democrats, 39% report feeling better off economically, compared to just 18% of Republicans and 13% of independents. Racial disparities are also evident, with 32% of Black Americans reporting they are worse off, compared to 45% of White Americans and 55% of other minorities.
These findings underscore the challenges facing the current administration in convincing a significant portion of the American public about the effectiveness of its economic policies.