Gallup: Americans Pretty Glum on The Economy

By SBE Council at 24 October, 2024, 12:01 pm

by Raymond J. Keating -

During a debate with President Jimmy Carter in 1980, Ronald Reagan asked the American people, "Are you better off than you were four years ago?"

The answer clearly was "no" in 1980. That helped Reagan defeat Carter, and a robust economy played a big part in Reagan winning re-election in 1984 with 49 states.

As Gallup has noted in a report on new survey results, "The question lingers as a standard by which each presidential administration is judged, particularly when incumbents are seeking reelection, and has been asked by Gallup in most presidential election years since 1992."

Gallup reported this year's response:

"More than half of Americans (52%) say they and their family are worse off today than they were four years ago, while 39% say they are better off and 8% volunteer that they are about the same."

Not surprisingly, the results split dramatically according to political affiliation: "Democrats (72%) are much more likely than independents (35%) or Republicans (7%) to view themselves as 'better off.'"

Then consider Gallup's monthly Economic Confidence Index (ECI):

"Gallup's latest measurement of Americans' economic views, from an Oct. 1-12 poll, puts the ECI at -26 - one of the worst election-year readings, along with the 39% 'better off' reading from September."

And it also was noted:

"Forty-six percent of Americans describe current economic conditions as 'poor' and 29% as 'only fair,' while 25% say current conditions are 'excellent' or 'good.' Additionally, 62% say the economy is 'getting worse' compared with 32% saying it is 'getting better.'"

As Clinton political strategist, James Carville, reminded us all in 1992: "It's the economy, stupid."

But it also must be noted that the economy isn't necessarily political destiny, as in 2020, 55 percent of Americans said they were better off than they were four years earlier, and yet President Trump lost.

Raymond J. Keating is chief economist for the Small Business & Entrepreneurship Council. His latest books on the economy are The Weekly Economist: 52 Quick Reads to Help You Think Like an Economist, The Weekly Economist II:52 More Quick Reads to Help You Think Like an Economist and The Weekly Economist III: Another 52 Quick Reads to Help You Think Like an Economist.

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