by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Are you better off today under President Joe Biden than you were a year earlier? And are you financially prepared for a downturn in the economy or a job loss? The March I&I/TIPP Poll suggests most Americans would answer “no” to both of those questions.
The poll asked: “Generally speaking, is your family better off today than it was one year ago, worse off than it was one year ago, or about the same as it was a year ago?”
Fewer than one in five (20%) said they were “better off.” while more than twice that number — 42% — said they were “worse off.” Another 36% said they were “about the same.”
Taken as a whole, that means 78% of Americans have seen no progress or improvement at all in their financial and economic lives since Biden took over in early 2020.
Despite this, Biden’s recent speeches have included references to the “best economic growth in the last four decades.”
“We did it alone. Without one single solitary Republican vote,” he said in Philadelphia on March 11, speaking to House Democrats. “It was the Democrats — it was you — that brought us back.”
If that’s the message, Americans don’t seem to be buying it. And a big reason for that is likely the sudden scary surge in inflation, which hits low- and middle-class Americans hardest of all.
While wage gains have averaged 5% or higher for four straight months, unfortunately, inflation during the same period has surged by an annual rate of over 7%, and looks likely to go even higher.
Americans, it seems, are feeling the pinch of Bidenomics. They can’t keep up, despite all the “stimulus” — or perhaps, because of it.