Fifty Percent Say They Are Worse Off Than a Year Ago

February 9, 2023

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2:30 pm

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53 comments

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Economics

*Gallup poll data download, chart by Mish*

Gallup reports Half in U.S. Say They Are Worse Off, Highest Since 2009

Reflecting on their personal financial situations, 35% of Americans say they are better off now than they were a year ago, while 50% are worse off. Since Gallup first asked this question in 1976, it has been rare for half or more of Americans to say they are worse off. The only other times this occurred was during the Great Recession era in 2008 and 2009.

The latest results are based on a Jan. 2-22 Gallup poll. They follow a year of persistent high inflation, with the highest inflation rates since 1982. Stock market values declined and interest rates rose in 2022, but, on average, personal wages increased substantially.

In both 2021 and 2022, Americans were evenly divided between saying they were better off versus worse off, including a 41% to 41% split in last year’s survey.

By contrast, before the pandemic in January 2020, Americans were almost three times as likely to say they were better off (59%) as worse off (20%). The 59% reading is one of the highest in Gallup’s trends, along with a 58% reading in 1999.

Poll Results by Income

Worse Off by Income

Lower: 61%
Middle: 49%
Upper: 43%

A massive 61 percent of lower-income workers say they are worse off.

Pay is rising faster for production and nonsupervisory workers than all workers but they seem to be falling further behind.

Across all income groups more say they are worse off than better off.

Wakeup Call

This should be a wakeup call for President Biden but it isn’t. He spent the first half of his State of the Union address telling people what a great job he has done.

The second half of the SOTU was a wish list begging for more inflation and higher taxes.

For discussion, please see Biden Gives a Well-Delivered SOTU Speech Begging for More Inflation and Tax Hikes

President Biden delivered his State of the Union speech far better than I expected. The problem was content, not delivery.

This post originated at MishTalk.Com.

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53 Comments

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JeffD

1 year ago

…

JeffD

1 year ago

Most people missed this announcement from HUD, but is *huge*, especially now that the FED has stopped buying MBS:

link to hud.gov

Don’t be a patsy by buying MBS. As I understand it, this now applies to anyone facing mortgage payment “hardship”, not just Covid affected individuals. It has also been expanded to cover “non occupant homeowners”, which sounds an awful lot like investors. Mish, I hope you dig deeper on this to see if it is worthy of an article.

JeffD

1 year ago

Reply to JeffD

More details:

link to hud.gov

FHA announced last week that their COVID-19 toolkit has been extended to help all eligible borrowers who are struggling to avoid foreclosure, regardless of the reason for their hardship

…

Included in these new enhancements are updates that also increase the limit on the amount of interest-free arrearages

Jojo

1 year ago

Reply to JeffD

This site can’t be reached

The connection was reset.

JeffD

1 year ago

Reply to Jojo

They must be doing server maintenance, since all of http://www.hud.gov is down. Try tomorrow.

PapaDave

1 year ago

Am I better off financially than a year ago?

Absolutely! And not by a little bit; but by a lot!

And some of the thanks goes to Mish and this blog.

I am always looking for the opportunities that exist to profit from a changing world. With every problem that appears, so does opportunity.

This blog is one place I look for those opportunities.

Most seem to come here to b*tch and complain about things they have no control over.

But there are a few, like me, who are willing to share their investment ideas. My thanks to those brave individuals who are willing to share. Including those who were recommending oil and gas stocks a couple of years ago. Because they will incur the criticism of those who are too afraid to invest; those who see doom and collapse around every corner.

When Mish wrote about Tesla in late December, the doomers all piled on, saying that it would soon drop substantially from $105. A mere 6 weeks later and it is up to $207. I bought and sold it a few times and made a nice profit, though I candidly admit that I stepped out at $129. Still; not bad for a couple of weeks.

There are always opportunities to increase your wealth.

worleyeoe

1 year ago

Reply to PapaDave

I’m better off. Kemp here in GA gave us teachers a really nice rise this past Sept. I have 11 different brokered CDs netting me up to 4.85% for three years. And, I will certainly roll them all over as they come due over the next 5 years.

I bought QS & SLDP about a month ago, and I’m up 35% & 56%, respectively. And, I’m waiting for a good downturn to put more in.

Considering going into GWH modestly for a long-term energy storage play. I’ll watch for any big announcements over the coming months.

Keep your eyes on any of the several SMR nuclear companies that may go public via SPAC in the next 18 months or so.

Quality fossil fuel companies certainly have more legs to run, as long as you’re willing to see the occasional dip.

Finally, I’d like to put some money into GOOD (Industrial REIT) paying 7.19% in dividend currently, but I want to get into after a solid downturn which may take a while longer.

PapaDave

1 year ago

Reply to worleyeoe

Well done. So nice to see people doing well and sharing their successes. Thanks so much.

Of course, when you are growing your wealth, it is easier to be positive on America.

On the opposite side: When you are hiding in a hole, listening to all the doomers, too afraid to invest, and watching your wealth decline, you end up b*tching and complaining like so many people here.

Esclaro

1 year ago

The Republicans believe that the real issues facing the country are Hunter Biden’s laptop and transgender girls playing sports. That’s really all they care about along with stripping away the right to vote and a woman’s control over her body.

HippyDippy

1 year ago

Reply to Esclaro

Not true. Both parties are fervent believers in pork, war, and seeing just how much crap the slaves will take. Which is a lot. Of course, the slaves would rather have this abomination than to rule themselves. So, they deserve what they get.

Dr Funkenstein

1 year ago

Reply to Esclaro

Asking someone for id to prove they are who the say is “stripping away the right to vote”? You need ID for a whole lot of things: driving a car, buying alcohol, getting a fishing license, etc. The right to vote is stripped away when you allow election fraud.

Or is what you actually mean to say is you think blacks are too stupid and ignorant to get ID? Be honest in your bigotry. And don’t tell me about poll taxes, etc. Those were done by Democrats when blacks largely voted Republican…they were suppressing the Republicans back then too.

footwedge

1 year ago

Reply to Dr Funkenstein

I agree it’s not the big a deal but comparing voting, which is a constitutional RIGHT, to driving or buying booze, which are state mandated privilges, is just not correct. Most of the fear mongering about voter fraud that’s driving this ID thing is just that, fear mongering; anyone that has been a election judge in any state, red or blue, can tell you that.

Whatever, we certainly need another unnecessary road block in our crumbling democracy.

Jack

1 year ago

Reply to footwedge

There should be no voter suppression and everyone has a right to express themselves however they like as long as not harmful to others.

However, everyone needs to register as a voter and show ID to vote.

This is only fair,

If not, how do you control people voting multiple times, or people without the right to vote, voting?

footwedge

1 year ago

Reply to Jack

Again, become an election judge in your local community – the system is not perfect but it is very, very good.

KidHorn

1 year ago

Reply to footwedge

Making sure you have a fair election is more important than making it easy to vote. Without a fair process, everything else is moot.

KidHorn

1 year ago

Reply to Esclaro

The counter argument is murdering a baby is bad and all democrats care about is keeping Trump from running.

ohno

1 year ago

Apparently local governments are worse off also. I had a 30% rise in personal property tax from last year. And that’s after Kansas made a big deal about passing a law making it harder for them to do that. The law is either ineffective or they jumped out in front of it im not sure im too busy working to pay for it to check into it at the moment.

Jojo

1 year ago

An easy answer to this is not only because of inflation but also the expiration of all the government handouts, like double unemployment and various stimulus payments that were especially big for large families.

ColoradoAccountant

1 year ago

Working in local and state government transportation we would tell the legislators: “If you can’t do the roads right, why would the voters trust the government to educate the kids?” The Feds have brought us inflation, a broken border, another war in Europe, elevated crime, and ever more debt. I’m beginning to feel that the money is going the way of all previous fiat money. People are feeling uneasy that the Feds can’t do something simple like spend within our means.

bsinger1000

1 year ago

Now do Trump

Mish

1 year ago

Reply to bsinger1000

I have blasted Trump countless times – and lost a lot of readership over it

The person in power always deserves the spotlight

MikeC711

1 year ago

Reply to bsinger1000

Well, Biden took inflation from 1.2% to 9%. Took gas prices up 165% and is now bragging that, by hitting the SPR, he has them only 60% up. Groceries are near double. The Afghanistan withdrawal was incompetence at the highest levels. The open border is good for Equity as drug addicts have probably seen prices drop as supply goes up and pedophiles are seeing more human trafficking than ever which may bring their sick fantasies to them at a lower cost as well. But let’s do Trump.

First, mean tweets … way more than Biden. Second, 2 (or more) omniPork spending bills that were a nightmare that gave taxpayer money (and borrowed money) to everyone. As Senator Rand Paul pointed out, we are borrowing money from China AND giving money to China.

If you think Trump was as bad on the economy as Biden … then you need to do a lot more study in economics. But on the bright side, Biden is a huge fan of men who think they are women, women who think they are men (who knows what a woman is anyway) … and people who want to provide the “affirming” care of chemically castrating young boys and and having 14 year old girls getting double mastectomies (sp?)

Cocoa

1 year ago

No matter how much you may dislike Donald Trump at least he didn’t:

Start needless wars with small powers
Start needless wars with nuclear powers
Didn’t bomb a major commercial gasline and release millions of cubic feet of methane into the atmosphere
Didn’t hyperventilate over a influenza virus
Didn’t needlessly lie/want the vaccine to shut down 25% or more of small business

To be fair, everything with inflation and the decline of the US was started long before either Biden or Trump. Letting private financial system create gobs of debt and money, and having to bail out private stupidity to benefit the wealthy is ALL the FED’s fault. Screwing up America since 1913! Probably 10x more financial crisis with the FED than not having a Central Bank at all

Zardoz

1 year ago

Reply to Cocoa

Trump simps are so 2020.

bsinger1000

1 year ago

Reply to Cocoa

Biden didn’t lie and kill a million Americans on purpose

Lisa_Hooker

1 year ago

Reply to bsinger1000

Final tally is not in yet.

Dr Funkenstein

1 year ago

Reply to bsinger1000

Are you foolish enough to rely on these CDC figures? Even a pro vaccine nut job like Leanna Wennof CNN says they are exaggerated and not accurate. And don’t forget Nancy Pelosi told people that it was no problem and go celebrate Chinese New Year in person…the Pelosi who snuck into a beauty parlor without her mask which she wanted other people to do.

Trump made the mistake of not firing Fauci. But he didn’t force people to get a vaccine that does not work and has killed a lot of people.

HippyDippy

1 year ago

Reply to Cocoa

He swept the JFK coup under the table. He’s still proud of his heart attack jab. Trade wars. Obviously involved in the stupid q-tard b.s., which sidelined the losers wanting change, but no cajones to do anything. Had no problem sending all those 50million dollar patriot missiles to miss a Syrian airfield. Played his role in discrediting MSM. Supported asset forfeiture. Supported red flag laws. And his big news of NFT. You slaves worship idiots. Try being a man and rule yourself. Or, just stay a slave.

FlyNavy1

1 year ago

74% of Americans polled say the country is on the wrong track under Biden, an historic record. The rest are employed by the Biden crime syndicate.

KidHorn

1 year ago

Reply to FlyNavy1

I’m surprised the number could ever get that high. I figured 1/3rd of the country would say after a nuclear bomb destroyed their home and all their hair and teeth fell out that it was Trumps fault. Biden is doing a great job.

Eighthman

1 year ago

50% ? So what? “Anybody can win if there’s no second entrant”. We have two corrupt political parties and one of them now has the Abortion Albatross around its neck, together with other forms of extremism. The other party will continue with its own deranged ideas and win most of the time. We can analyse graphs and stats but to what end? Nothing is likely to ever change – until abject collapse is achieved as if it was a deliberate goal. The answer to the question, “how long can this go on?” always has one correct answer: ‘until it can’t go on’.

Zardoz

1 year ago

Reply to Eighthman

All prior civilizations have ended. Ours is no different.

FromBrussels2

1 year ago

Reply to Zardoz

Not us ! You= Papadave have oil , I have potatoe, loads of them…..

HippyDippy

1 year ago

Reply to Eighthman

It has to collapse. And I’ll still serve no man when it does.

8dots

1 year ago

buy SPY.

StvOhh

1 year ago

1. People nearing or IN retirement were absolutely hammered by their Life Savings decreasing 20% or 25% (if too much tech stocks).

2. MIddle & lower income folks (esp in California) were hammered by energy & food inflation. Yes, wolring class Californians esp in L.A. County still drive a huge number of miles to/from work, 5 days/week if they can’t telecommute. Freeways are jam-packed, it’s unreal.

3. These poll numbers are skewed because 25 million employees of fed/st/loc government (including teachers) and 10 million govt retirees don’t care so much about the economy, they are fairly well paid and are earning rich pensions, so they don’t care as much about the economy as private sector folks.

Business Man

1 year ago

Reply to StvOhh

I’m guessing we agree on many things, but I have to point out that if you are nearing or in retirement, you should not have been in risky equities or in tech stocks. Retirement is the time for a hedged portfolio or getting into low-risk investments.

But I suspect that many people wanted to continue to play the casino, even as they retire, so that’s how people get burned. It’s not a judgment, as the allure of excess returns in early retirement is very high, as opposed to just maintaining wealth with very low risk investments.

People just have to be careful in these times.

KidHorn

1 year ago

Reply to Business Man

Normally I would agree with you, but low risk bonds were paying almost nothing and high yield bonds are as risky as equities. Maybe with higher rates, things will change.

Business Man

1 year ago

Reply to KidHorn

Cheap money begets all kinds of risk. Agreed.

klausmkl

1 year ago

War is inflationary, WW3 is here. We haven’t seen anything yet. Our problem in America is that we are a spoiled Country filled with arrogant and prideful folks. Folks love fantasy in my Country. The problem with fantasy is that it always ends bad. We as Americans are so use to getting our ears tickled any truth is brushed aside as nonsense. We will reap what we have sown as a Nation. Retirement will be something in the History books, like the edsel.

Lisa_Hooker

1 year ago

Reply to klausmkl

A very nice ’58 Edsel convertible is worth almost $60,000.

Rbm

1 year ago

I guess most people want to blame whoever is in charge at the moment in these surveys. Personally i try to understand how we got to this point / steps being taken to correct the problem and what are the unforeseen consequences those actions.

Trying to plan my life accordingly.

KidHorn

1 year ago

Reply to Rbm

One of the reasons is the present administration has been at war with the oil and gas industries since day 1. Pushes up the price of energy, which in turn pushes up the price of everything.

Zardoz

1 year ago

Reply to KidHorn

To what end?

Rbm

1 year ago

Reply to KidHorn

True got a good idea of whats in store if we do nothing. Might be cheaper and less painful if we address it now. I Wonder where we would be if we embraced renewables during the carter adim. Think about it maybe no iraq 1/2 no 911 Afghanistan no huge national debt. Funny people blame presidents while congress has the biggest hand on the scale. Just think if we had no national debt maybe we could afford health care and ss.

Wonder how much of the economy ss medicare aaca and such supports. And if any of these systems faded out what would happen to our economy.

Dr Funkenstein

1 year ago

The American people voted for him (if you believe 2020 was an honest election). As H L Mencken said democracy is giving the people what they want, good and hard.

I wonder what the typical result would be if this question was asked in any year.

Bhakta

1 year ago

Not only in the US are people wise off. I am in Thailand and the costs of everything have jumped so much life due every common person is far more difficult than one year ago.

Rbm

1 year ago

Reply to Bhakta

i have talked to people from several countries and it seems to be a world problem.

KidHorn

1 year ago

Reply to Bhakta

The US does a good job of exporting our misery to other countries.

ohno

1 year ago

Reply to Bhakta

Trust me, a lot of people in the US aren’t ‘wise’ off. LOL.

nightrite

1 year ago

Well the Big Guy says he has our backs…ok, he has Hunter’s back.

bobcalderone

1 year ago

Reply to nightrite

Gotta look out for your son, even if he is a crackhead

Matt3

1 year ago

No surprise. Inflation is a regressive tax. I think that inflation will continue as that’s the best way for the government to operate and handle the debt. The only good thing about this is that voters will get what they voted for.

Fifty Percent Say They Are Worse Off Than a Year Ago

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