Twice as Many Americans Say They Are Worse Off Economically After 2023’s Bidenomics

Nearly half of Americans say they are worse off economically than they were a year ago, a recent survey from Rasmussen shows.

The survey of 1,102 Americans taken just after Christmas found that 45 percent of Americans say they are worse off economically than they were a year ago. Just 23 percent say they are better off, a 22-point gap.

Twenty-nine percent say they treaded water last year, with their finances about the same as they were a year ago.

The poll highlights the failure of the Biden administration’s push to convince Americans that what the president calls “Bidenomics” has been a boon for the country.

Inflation—or, as Biden critics call it, Bidenflation—is a major reason many Americans feel they are falling behind. Consumer prices increased 3.1 percent in the 12 months through November, the most recent data available. In the prior 12-month period, prices went up 7.1 percent. Since Biden took office, consumer prices are up 16.8 percent.

While average hourly wages increased at a faster pace than prices in the 12 months through November, workers are still behind over the longer term. Since Biden took office, average hourly wages are up 14.3 percent, two-and-half points below the inflation watermark.

Not surprisingly in our age of heightened political divisiveness, especially on the part of the American left, Democrats are much more likely than other Americans to say they are better off. Thirty-nine percent of Democrats say they are better over. Just 18 percent of Republicans and 13 percent of Americans not affiliated with a major party say they are better off.

There is a strong racial divide, with black Americans on one side and other minorities and whites on the other. Thirty-two percent of blacks say they are worse off than they were a year ago, versus 45 percent of whites and 55 percent of other minorities.