Majority Say Their Financial Situation Is ‘Getting Worse’ Under Biden

Most voters say their financial situation is actively “getting worse” under President Biden’s leadership, a recent Harvard-Harris survey found.

Over half, according to the survey, say their financial situation is “getting worse” under Biden’s leadership — 56 percent. For a comparison, one year ago in July 2021, 33 percent said their financial situation was “getting worse.” And in January 2020, former President Trump’s last month in office, 20 percent said their financial situation was worsening, reflecting an ongoing increase throughout Biden’s presidency. 

This coincides with a recent Suffolk University/USA TODAY survey, which found that 4 in 10 Americans are force to cut back on basic goods like groceries due to inflation.

The results come as Americans grapple with 41-year high inflation in Biden’s recession, as the country experienced two consecutive quarters of negative economic growth. In the second quarter of the year, Gross Domestic Product (GDP) shrank by 0.9 percent:

The economy contracted by 1.6 percent in the first quarter. Many Americans consider two straight quarters of recession to be the marker of a recession. Economists, however, rely on the determination of the National Bureau of Economic Research (NBER) to say when a recession starts. The NBER has a more complex and subjective definition of recessions and typically does not declare a recession until several months after it has begun.

This is problematic for Democrats as the midterm election moves closer, since 34 percent identify price increases and inflation as the most important issues facing the country today, followed by 29 percent who agree it is the economy and jobs. Additionally, inflation stands as the greatest concern for Americans, according to the survey. 

A Rasmussen Reports survey released on Wednesday spelled further trouble for Democrats, as most believe the country is in a recession and that Democrats are to blame. 

The Harvard-Harris survey was taken July 27-28, 2022, among 1,885 registered voters.