A majority of Americans say they are worse off today than they were four years ago, a new Gallup survey found.
Poll results released Friday show 52% saying they're worse off, another 39% saying they're better off, and 8% saying they're about the same as they were in 2020.
Among presidential election years, Gallup said the findings are most similar to those in 1992. That year, Bill Clinton won the White House by defeating incumbent George H. W. Bush.
"Ronald Reagan famously asked in a 1980 presidential debate against then-incumbent President Jimmy Carter, 'Are you better off than you were four years ago?' 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's Mary Claire Evans wrote.
"With a majority of Americans feeling they are not better off than four years ago, economic confidence remaining low, and less than half of Americans saying now is a good time to find a quality job, the economy will be an important consideration at the ballot box this year. As inflation persists and economic concerns dominate voters' minds, the upcoming election may hinge on which candidate can best address these pressing issues."
The responses in the latest Gallup poll, conducted Sept. 16-28, show a definite partisan slant, with Democrats (72%) much more likely than independents (35%) or Republicans (7%) to say they're "better off."
Gallup's monthly Economic Confidence Index (ECI), which ranges from minus-100 to plus-100, was at minus-26, according to the pollster's latest measurement of Americans' economic views conducted Oct. 1-12.
During the past three years, Americans have said inflation is the most important financial problem facing their family, according to Gallup.
That suggests inflation likely underlies voters' perceptions that the economy is poor, even with generally low unemployment, steady economic growth, and record stock and housing values.
Gallup reported that 46% of Americans describe current economic conditions as "poor" and 29% as "only fair." Just 25% say current conditions are "excellent" or "good."
Also, 62% say the economy is "getting worse" compared with 32% saying it's "getting better."
Gallup said the economy in general terms (21%) and inflation (14%) are two of the specific issues most commonly mentioned as the most important U.S. problem. Immigration (21%) and the government (17%) also are mentioned.