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Most Americans feel they are worse off than they were four years ago

People's perceptions of whether they are better off have historically been related to how they feel about the economy. Currently, a majority consider their economic situation to be poor.

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Americans at the grocery storeAFP.

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Williams Perdomo

A majority of Americans (52%) believe they and their families are worse off today than they were four years ago, while 39% say they are better off and 8% say they are about the same, according to a Gallup poll.

According to the firm, the 2024 response is the most similar to 1992 among presidential election years in which Gallup has asked the question.

Economic confidence

Americans' perceptions of whether they are better off have historically been related to how they feel about the U.S. economy, as reflected in Gallup's monthly Economic Confidence Index (ECI).

Forty-six percent of Americans consider their economic situation to be bad. Twenty-nine percent describe economic conditions as fair, while only 25% indicate that current conditions are excellent or good.

"Additionally, 62% say the economy is 'getting worse' compared with 32% saying it is 'getting better,''" the consulting firm highlighted.

Meanwhile, the survey detailed that economic concerns rank high when people are asked to name the most important problem facing the country. Forty-three percent named one or more economic issues.

Along those lines, Gallup noted that economic concerns were last mentioned at this level in October 2022 and had not risen above the 40% range since May 2014.

"The economy in general terms (21%) and inflation (14%) are two of the specific issues most commonly mentioned as the most important U.S. problem, along with immigration (21%) and the government (17%)," Gallup noted.

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