The state of our financial union hasn’t been this weak since the Great Recession
Conn Carroll
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President Joe Biden tried to take credit Tuesday night for the economy’s post-COVID jobs recovery, even delivering the customary “the State of the Union is strong” line near the end of his State of the Union speech last night.
But the truth is, between mounting credit card debt and falling real wages due to inflation, ordinary people’s financial well-being is anything but solid. The situation is so dire that Gallup has found that people haven’t felt this bad about their personal financial situations since the height of the Great Recession.
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Asked, “Would you say that you are financially better off now than you were a year ago, or are you financially worse off now,” just 35% of adults said they were “better off,” while 50% said they were “worse off.”
That 50% “worse off” is the worst “worse off” number since September 2008, at the height of the Great Recession. That is the same year the incumbent Republican Party suffered devastating losses at the ballot box.
Going further back, the next highest “worse off” number came in 1992, again an election year in which the incumbent Republican Party suffered devastating losses at the ballot box and a sitting president was defeated.
It didn’t have to be this way. The economy was already bouncing back before Biden took office. He didn’t have to cause soaring inflation by spending trillions of dollars on a party-line vote. But he did, and now people are feeling the consequences.
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