Are you better off than you were four years ago? Reagan’s famous 1980 campaign question concerns Biden – poll results provide the answer

July 5, 2024

“Are you better off now than you were four years ago?” This famous question was asked by Ronald Reagan in the 1980 presidential debate and is still relevant for elections today.

Recent polls show that many Americans are not feeling better under President Joe Biden’s administration. According to a February AP-NORC poll, only 24% of Americans are feeling better since Biden took office, while 41% feel worse and 34% feel the same. These numbers underscore the mixed feelings about economic progress during Biden’s presidency.

Do not miss:

Are you rich? According to Americans, this is the prerequisite for being considered wealthy.
The average American couple has saved this much money for retirement — How do you compare?

Economic challenges such as inflation, high mortgage rates and increased cost of living are central to these perceptions. The average 30-year fixed-rate mortgage has risen to 7.06%, significantly increasing monthly payments for homeowners. The price of the average home has risen to over $400,000, making home ownership more difficult.

Likewise, the cost of new cars has risen from $38,000 four years ago to $48,008, resulting in monthly car payments. Food prices have also risen sharply. The average American family now spends $270.21 per week, up from $160.35 four years ago.

This question has drawn mixed responses on social media platforms like Reddit. One user noted, “Yes, my life is better today,” but acknowledged the significant challenges younger generations face, such as rising prices and student loans. Another user commented, “Even if you can’t make much in areas with very high costs of living like New York or San Francisco, if you make six figures, so a total salary of 100 + 100 = 200k, you’re still pretty strapped for cash trying to buy a home there.”

Trend: Can you guess how many people retire with a $5,000,000 nest egg? – How does it compare to the average?

Personal stories also highlight different experiences. One user recalled using a stimulus check he received during George W. Bush’s presidency to buy a television that still works. Another mentioned using Trump and Biden’s stimulus checks to pay off his car debt, jokingly calling his vehicle the “Trump/Biden mobile.”

Before the pandemic, the economy had experienced growth for nearly a decade, but the COVID-19 pandemic has interrupted that momentum and made direct comparisons difficult.

As we look ahead to the 2024 election, the question “Are you better off today than you were four years ago?” will likely continue to shape voters’ opinions and campaign strategies. This Reddit conversation clearly shows the diverse experiences and perspectives of Americans regarding their economic well-being under different administrations.

As the election approaches, you should consult a financial advisor to assess your financial situation – are you better off now than you were four years ago?

Continue reading:

“THE SECRET WEAPON OF ACTIVE INVESTORS” Up your stock game with the #1 trading tool for “news and everything else”: Benzinga Pro – Click here to start your 14-day trial now!

Want to get the latest stock analysis from Benzinga?

This article Are you better off than you were four years ago? Reagan’s famous 1980 campaign question haunts Biden as poll results reveal the answer originally appeared on Benzinga.com