A new survey published by Bankrate last week shows that 50% of Americans say their financial situation has gotten worse since the 2020 presidential election. By comparison, just 21% think their financial situation has improved, while 26% believe it is unchanged.
"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,'" said Mark Hamrick, senior economic analyst at Bankrate.
Among Americans who are feeling pessimistic about their financial outlook, about half — 45% — blame Biden and his economic policies. Another 35% think that Congress is responsible, while 27% identified the Federal Reserve as the culprit.
The White House has lauded a mostly steady yearlong decline in inflation, but most economists agree that is due to the Federal Reserve's aggressive interest rate hike campaign and the resolution of supply chain disruptions, not the president's economic agenda.
While inflation has fallen from the highs of mid-2022, many families have yet to see material relief.
The consumer price index is still running well above the typical pre-pandemic rate, and the cost of necessities like food, gasoline, rent and child care remain far more expensive than they were just one year ago. Chronically high prices are forcing Americans to spend about $650 more per month than they did two years ago, according to a recent estimate from Moody's Analytics.
As they spend more on everyday goods, Americans are burning through their savings, and are increasingly turning to credit cards to cover those basic expenses.
