As the 2024 presidential election approaches, the economy is one of top issues for American voters. According to a recent poll from the National True Cost of Living Coalition, middle-class citizens report to not be doing well and they don’t expect that to change for the remainder of their lives.
According to the poll, middle class includes people making $60,000 for a family of four — 200% of the federal income poverty level. About two-thirds of middle-class Americans said they are facing “economic hardship.”
However, even for high-income Americans — people making over $150,000 for a family of four — a quarter of those polled said they also worry about paying their bills.
Overall, regardless of income level, 60% of respondents said they are financially struggling. That number coincides with the 62% of Americans saying inflation is a big problem, according to a recent Pew Research poll.
The poll from National True Cost of Living Coalition gathered more data about Americans’ financial and economic state.
- 40% of respondents live paycheck to paycheck.
- 46% do not have $500 in their bank accounts.
- 42% of those who want child care are stressed about affording it, with 56% unable to afford what they want.
A recent Gallup poll showed that 46% of Americans view the economy as “poor.” In a recent Harris poll, about 56% of respondents believed the country is in a recession.
However, some economic reports show positive growth in the U.S. economy. The economy and Americans’ contrasting feelings towards it are also captured when comparing campaign ads from President Joe Biden and former President Donald Trump.
“Over 12 million jobs have been created,” one campaign ad supporting Biden said. “And Joe Biden’s building an economy that leaves no city and no American behind.”
“Not one thing is cheaper under crooked Joe,” an ad from Trump declared. “Food, gasoline, cars, trucks, rent. They’re all through the roof.”
How well the economy is doing is often a numbers game. Depending on how someone interprets the data, people can reach different conclusions and have contrasting perceptions of the economy.