A recent Monmouth University poll reveals that nearly half of the population is struggling to maintain their financial footing. According to the poll, 46% of Americans report difficulty in staying afloat financially due to the ongoing effects of inflation.
The Monmouth University Polling Institute's latest survey, conducted between June 1 and June 6, highlights that 46% of Americans are "currently struggling to remain where they are financially." This figure marks the highest point recorded since President Joe Biden took office, significantly surpassing the levels seen during his predecessor's term. Patrick Murray, director of the Monmouth University Polling Institute, noted, "In polls conducted between 2022 and 2023, this number ranged between 37% and 44%. In prior polls from 2017 to 2021, this sentiment was much lower at 20% to 29%."
Although the pace of inflation has decelerated from its earlier breakneck speed during Biden's term, prices remain substantially higher than they were four years ago. Murray emphasized, "Even with a declining inflation rate, prices continue to be much higher than they were four years ago. That's the metric that has really mattered to many Americans over the past two years."
The poll indicates that while inflation slowed last month, providing a temporary reprieve, the overall price levels continue to rise faster than many economists would prefer. Whether this slowdown is a temporary anomaly or a turning point remains uncertain.
The economic strain is a significant issue as President Biden heads into an election cycle, with voters acutely aware of the price increases during his tenure. The poll also reflects an equal split in public opinion on whether Biden or former President Trump is more attuned to their economic struggles. Murray observed, "The overwhelming narrative is that a large segment of the American public feels it is financially behind the eight ball."
The Monmouth poll, which surveyed 1,106 adults, found that 45% of respondents consider their financial situation to be "basically stable," while a mere 9% feel their financial condition is improving. This contrasts sharply with the 24% who identified inflation and rising prices as their family's "biggest concern right now."
Murray pointed out the political implications, saying, "It is true that voters who feel more comfortable with their economic situation are likely to support Biden. But despite continued Democratic efforts to tout rosy economic indicators, the tactic of telling financially pessimistic voters they should feel differently does not appear to be working."
The historical context of these findings is crucial. From 2017 to 2021, the percentage of Americans struggling financially was significantly lower, ranging between 20% and 29%. This sharp increase during Biden's term, with prices rising approximately 20% since he took office, underscores the profound impact of recent economic policies and global events, such as the COVID-19 pandemic, on household finances.
Despite efforts to highlight positive economic trends, many Americans remain unconvinced. The poll's results show a slight increase from 44% in December to 46% in June, indicating growing financial strain. The persistent high prices, even with slowing inflation, suggest that many households are still grappling with the economic fallout from the pandemic and subsequent policy measures.
