Democrats are still celebrating President Joe Biden’s feisty performance during his State of the Union address earlier this week, but a new poll suggests that millions of Americans may not be in much of a celebratory mood.
According to Gallup, 50% of Americans say their personal financial situations are worse off than they were a year ago. The only time since 1976 that half or more of respondents reported such negative conditions was during the depths of the Great Recession in 2008-2009.
At the opposite end of the spectrum, 35% of Americans say they are better off financially. That’s a relatively low reading, but one that has been touched or exceeded numerous times before. About 14% of respondents said their financial condition was about the same as last year.
The results vary by income, with lower-income Americans being more likely to report being worse off. A majority (61%) of those reporting incomes under $40,000 say they are worse off, while a minority (43%) of those reporting incomes of $100,000 or more say the same.
The bottom line: “High inflation, rising interest rates, and declining stock values in 2022 all likely took their toll on Americans’ financial situations,” Gallup says. “Lower-income Americans, who have consistently been most likely to report that higher prices are causing them financial hardship, are particularly inclined to say they are financially worse off.”
