Many Americans Say They Haven’t Benefited From Trump’s Economy
(Bloomberg) -- A majority of Americans reports that their financial situation has not improved since the 2016 presidential election, despite low unemployment and a booming stock market.
More than six in 10 Americans said that they’re no better-off financially than they were two years ago, according to a Bankrate.com report released Wednesday. Low earners, women and those of retirement age were most likely to report that they are no wealthier than before.
The Bankrate.com poll was conducted on Sept. 25-30 by research firm SSRS, using a national sample of 1,001 people. The study echoes the findings of a recent survey by investment advising company Stash, which found that 44 percent of Americans reported their financial situation had not improved, and an additional 20 percent said their financial prospects had worsened.
“We know there’s a disconnect between the broad economic metrics we’ve seen day-to-day and the lived personal experience,” said Bankrate’s senior economic analyst Mark Hamrick. “There’s still more work to be done to improve Americans’ financial condition.”
A whopping 78 percent of Americans earning less than $30,000 a year report that their financial situation has not improved over the last two years, while 27 percent said their financial situation has actually worsened.
Americans of retirement age reported the lowest rate of financial improvement of any generation surveyed. Seventy-six percent of Americans 65 and older feel their financial situation has not improved over the past two years, while 18 percent said it has gotten worse.
Women were also less likely than men to report financial gains. Sixty-seven percent of women said they haven’t benefited from Trump’s economy, compared to 56 percent of men. Meanwhile, 19 percent of women have seen their financial situation worsen, in contrast with 15 percent of men.
As the midterm elections approach, Americans’ sense of financial disenfranchisement and inequality could mobilize voters. “The president has taken credit for the performance of the U.S. economy, which puts him at a precarious situation,” said Hamrick. “The majority of the populace is now saying, ‘Show me the money.’”
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