Half of Americans Say Their Financial Situation Is Worse Now Than Before Biden Took Office

Madeline Leesman | November 24, 2023 3:00 PM

Half of Americans say their financial situation is worse than it was in November 2020, before President Joe Biden assumed office, according to a new survey published by Bankrate.

In the survey, 69 percent of American adults say their cost of living has gotten worse since November 2020. On the contrary, 10 percent say its gotten better. Eighteen percent say it's stayed about the same.

Furthermore, 45 percent of respondents said their financial situation worsened because of Biden. Thirty-five percent blamed Congress, 27 percent blamed the Federal Reserve. Out of those who say their financial situation has improved since 2020, only 36 credit Biden.

Millennials, Gen Xers and baby boomers all most frequently cited Biden — among other federal policymakers — as a reason their personal financial situation hasn’t improved, per BankRate: pic.twitter.com/ehpkbYfAii
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"The plight of the economy over the next 12 months may help to dictate whether it was wise, or not, for President Biden to trumpet the branding of ‘Bidenomics,'" Mark Hamrick, senior economic analyst at Bankrate, said. “The risk for President Biden is that he’ll get more blame than credit for the economy. But there’s still a long way to go before election day.”

Looking ahead to 2024, 89 percent of respondents said that “the issue of handling the economy will be very important or somewhat important in their 2024 presidential vote.” This includes 98 percent of Republicans, 90 percent of Independents, and 88 percent of Democrats. The survey included 2,000 U.S. adults and included a margin of error of plus or minus 2.43 percentage points.

“With less than a year before Americans will begin casting ballots, the issue of the economy will be key,” Hamrick added. “Given sensitivity about the cost of living, whether inflation improves, or doesn’t, between now and the election will take on added importance. Elevated interest rates also play into this equation. There might not be much relief on that front given the Federal Reserve’s guidance on interest rates.”