The percentage of Americans admitting that their financial situation has worsened since 2020 is twice as high as those who say theirs has gotten better. According to a survey conducted by ABC News and the Washington Post, 43% say their finances are worse now than they were two years ago, while 39% say it is the same and 18% say their economic situation has improved. The number of Americans whose finances have gotten worse is double what it was prior to the last presidential election.
The Biden Administration's economic mismanagement, the Federal Reserve’s continued interest rate hikes and high inflation - at rates not seen in the last four decades - are wreaking havoc on Americans.
The Consumer Price Index (CPI) increased by 7.7% in October, five tenths less than in September, the Bureau of Labor Statistics reported on Thursday. The CPI, which measures changes in the prices of a variety of consumer goods and services, was at 8.2% last month. Inflation is also somewhat lower than expected by analysts, at around 8%.
According to this same survey, conducted before the midterm election vote, 52% indicated that they trust the Republican Party more than the Democratic Party to improve the economy.
Eight out of ten respondents (80%) believe that the economy is the most important problem to solve, followed by inflation (77%), the education system (75%), threats to democracy (74%) and crime and delinquency (69%).