As the 2024 presidential election approaches, the economy is one of top issues for American voters. According to a recent poll from the National True Cost of Living Coalition, middle-class citizens report to not be doing well and they don’t expect that to change for the remainder of their lives.
According to the poll, middle class includes people making $60,000 for a family of four — 200% of the federal income poverty level. About two-thirds of middle-class Americans said they are facing “economic hardship.”
However, even for high-income Americans — people making over $150,000 for a family of four — a quarter of those polled said they also worry about paying their bills.
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Overall, regardless of income level, 60% of respondents said they are financially struggling. That number coincides with the 62% of Americans saying inflation is a big problem, according to a recent Pew Research poll.
The poll from National True Cost of Living Coalition gathered more data about Americans’ financial and economic state.
- 40% of respondents live paycheck to paycheck.
- 46% do not have $500 in their bank accounts.
- 42% of those who want child care are stressed about affording it, with 56% unable to afford what they want.
A recent Gallup poll showed that 46% of Americans view the economy as “poor.” In a recent Harris poll, about 56% of respondents believed the country is in a recession.
However, some economic reports show positive growth in the U.S. economy. The economy and Americans’ contrasting feelings towards it are also captured when comparing campaign ads from President Joe Biden and former President Donald Trump.
“Over 12 million jobs have been created,” one campaign ad supporting Biden said. “And Joe Biden’s building an economy that leaves no city and no American behind.”
“Not one thing is cheaper under crooked Joe,” an ad from Trump declared. “Food, gasoline, cars, trucks, rent. They’re all through the roof.”
How well the economy is doing is often a numbers game. Depending on how someone interprets the data, people can reach different conclusions and have contrasting perceptions of the economy.
[KARAH RUCKER]
THE ECONOMY IS A TOP ISSUE FOR AMERICAN VOTERS.
AND THE SENTIMENT FROM THE MIDDLE CLASS –
IS IT’S NOT DOING WELL –
ACCORDING TO THE LATEST POLLING.
ABOUT TWO-THIRDS OF AMERICANS CONSIDERED “MIDDLE CLASS” SAY THEY’RE FACING “ECONOMIC HARDSHIP”.
AND DON’T EXPECT THAT TO CHANGE FOR THE REMAINDER OF THEIR LIVES.
THAT’S PEOPLE MAKING 60 THOUSAND DOLLARS FOR A FAMILY OF FOUR – WHICH IS 200% THE FEDERAL POVERTY LEVEL.
BUT EVEN FOR HIGHER-INCOME AMERICANS –
PEOPLE MAKING MORE THAN 150 THOUSAND FOR A FAMILY OF FOUR – OR 5 TIMES THE FEDERAL POVERTY LEVEL –
A QUARTER OF THESE EARNERS SAY THEY ALSO WORRY ABOUT PAYING THEIR BILLS.
OVERALL – REGARDLESS OF INCOME LEVEL – 60% OF RESPONDENTS SAY THEY ARE FINANCIALLY STRUGGLING.
WHICH COINCIDES WITH 62 PERCENT OF AMERICANS SAYING INFLATION IS A BIG PROBLEM IN A RECENT PEW RESEARCH POLL.
THE NEGATIVE SENTIMENT FOUND IN THIS LATEST POLL WAS EVIDENT IN EVEN MORE STATS.
40 PERCENT LIVE PAYCHECK TO PAYCHECK.
46 PERCENT DON’T HAVE 500 DOLLARS IN THE BANK.
A RECENT GALLUP POLL SHOWS 46 PERCENT OF AMERICANS VIEW THE ECONOMY AS “POOR”.
56 PERCENT BELIEVE THE COUNTRY IS IN A RECESSION IN THE LATEST HARRIS POLL.
BUT THIS “FEELING” ON HOW THE ECONOMY IS DOING –
DIFFERS FROM SOME ECONOMIC REPORTS SHOWING POSITIVE GROWTH IN THE U.S. ECONOMY.
[ADS]
“You can see every quarter we’ve had reasonably strong economic growth, so why people feel this is really quite a mystery.”
“Sentiment poll after sentiment poll shows us people really dont like this economy, which is dangerous for an incumbent seeking reelection, and every single poll shows biden doesn’t get credit for the fact that we have stock markets at record highs.”
[KARAH RUCKER]
THE ECONOMY – AND THE CONTRAST IN FEELINGS TOWARD IT —
IS ALSO CAPTURED WHEN COMPARING CAMPAIGN ADS OF BIDEN AND TRUMP’S.
[ADS]
“Today, we have the strongest economy in the world.”
“All of the things that Biden passed have helped the middle class. Wages are going up around here.”
“I feel like joe biden understands people like me.”
“OVER 12 million jobs have been created. And joe biden’s building an economy that leaves no city no american behind.”
“Not one thing is cheaper under crooked joe. Food, gasoline, cars, trucks, rent. They’re all through the roof.”
“Joe biden has set a lot of records. Like 40 year record high inflation.”
“Are you better off now than you were in January 2021? No, i’m not. That’s me being honest, i’m working five times harder.”
[KARAH RUCKER]
HOW WELL THE ECONOMY IS DOING –
IS OFTEN A NUMBERS GAME.
AND DEPENDING ON HOW ONE INTERPRETS THE DATA –
THERE’S OFTEN VERY DIFFERENT CONCLUSIONS.
WITH THE ECONOMY POLLING AS A TOP ISSUE MONTHS AWAY FROM ELECTION DAY – IT’S LIKELY TO PLAY SOME ROLE COME NOVEMBER FIFTH.
I’M KARAH RUCKER.
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