It's not unusual for less than 50% of the public to say they're "Better Off" financially
The one important fact that the recent CNN/ORC poll shows is that it is not unusual for less than 50% of the American population to say that they are “Better Off” financially under a Republican or a Democratic president.
The “Better Off” question is personal for each person and how each person answers the question is dependent upon how he views his socio-economic situation.
Since 1976, there have been two presidents under who greater than 50% of the public has said that they were “Better Off” financially.
Those two presidents were Ronald Reagan and Bill Clinton. The one thing that Reagan and Clinton have in common is that they were successful in strengthening the weak economy that they inherited from their predecessors.
During both presidents’ tenures, the average economic growth was greater than 3.0%. Reagan had an average growth rate (GDP) of 3.5%, while Clinton had an average growth rate (GDP) of 3.8%.
Reagan was able to get the unemployment rate down from a high of 9.7% in 1982, to a low of 5.5% in 1985.
During Clinton’s tenure, the unemployment rate dropped from 6.9% in 1993 to a low of 4.2% in 1999.
The economic boom resulted in 53% of the public, during Reagan’s second term in September 1988, saying that they were “Better Off” financially compared to 23% saying they were “Worse Off” financially, 23% saying things were the “Same” and 1% saying they had “No Opinion.”
During the second term of Clinton’s tenure in January 1999, there were 58% of Americans who said they were “Better Off” financially compared to 21% who said they were “Worse Off” financially and 21% who said things were the “Same.”
More Americans said that they were “Better Off” financially under Clinton than any other president since 1976.
As the economy continues to improve, more people are optimistic about how they are doing financially during President Obama’s second term.
Like Reagan and Clinton, Obama inherited a weak economy. In fact, less than 40% of the public said they were “Better Off” financially during Obama’s predecessor’s, former President George W. Bush, tenure.
Bush left behind two unpopular wars, a failing housing and job market, and a recession that eventually sent the unemployment rate up to a high of 10.0%.
Due to the passing of the stimulus package and the Federal Reserve not hiking interest rates, the country was pulled out of the recession.
The economic growth improved from a yearly average of 1.2% in 2011 to 2.4% increase in 2014.
The unemployment rate dropped from a high of 10.0% to 5.5%, and all of the jobs that were lost during the recession have been gained back along with additional jobs.
This has resulted in the number of Americans saying that they are “Better Off” financially increasing from 37% in May 2012 to 42% in April 2015.
Although President Obama has not hit the 50% mark on the “Better Off” financially question like Reagan and Clinton did, the chances are that he will considering the fact that the economy is still improving and he has over a year left in office.
The CNN/ORC poll included 1,018 adults who were interviewed by phone. The margin of error is +/- three percentage points.
The “Better Off” question is personal for each person and how each person answers the question is dependent upon how he views his socio-economic situation.
Since 1976, there have been two presidents under who greater than 50% of the public has said that they were “Better Off” financially.
Those two presidents were Ronald Reagan and Bill Clinton. The one thing that Reagan and Clinton have in common is that they were successful in strengthening the weak economy that they inherited from their predecessors.
During both presidents’ tenures, the average economic growth was greater than 3.0%. Reagan had an average growth rate (GDP) of 3.5%, while Clinton had an average growth rate (GDP) of 3.8%.
Reagan was able to get the unemployment rate down from a high of 9.7% in 1982, to a low of 5.5% in 1985.
During Clinton’s tenure, the unemployment rate dropped from 6.9% in 1993 to a low of 4.2% in 1999.
The economic boom resulted in 53% of the public, during Reagan’s second term in September 1988, saying that they were “Better Off” financially compared to 23% saying they were “Worse Off” financially, 23% saying things were the “Same” and 1% saying they had “No Opinion.”
During the second term of Clinton’s tenure in January 1999, there were 58% of Americans who said they were “Better Off” financially compared to 21% who said they were “Worse Off” financially and 21% who said things were the “Same.”
More Americans said that they were “Better Off” financially under Clinton than any other president since 1976.
As the economy continues to improve, more people are optimistic about how they are doing financially during President Obama’s second term.
Like Reagan and Clinton, Obama inherited a weak economy. In fact, less than 40% of the public said they were “Better Off” financially during Obama’s predecessor’s, former President George W. Bush, tenure.
Bush left behind two unpopular wars, a failing housing and job market, and a recession that eventually sent the unemployment rate up to a high of 10.0%.
Due to the passing of the stimulus package and the Federal Reserve not hiking interest rates, the country was pulled out of the recession.
The economic growth improved from a yearly average of 1.2% in 2011 to 2.4% increase in 2014.
The unemployment rate dropped from a high of 10.0% to 5.5%, and all of the jobs that were lost during the recession have been gained back along with additional jobs.
This has resulted in the number of Americans saying that they are “Better Off” financially increasing from 37% in May 2012 to 42% in April 2015.
Although President Obama has not hit the 50% mark on the “Better Off” financially question like Reagan and Clinton did, the chances are that he will considering the fact that the economy is still improving and he has over a year left in office.
The CNN/ORC poll included 1,018 adults who were interviewed by phone. The margin of error is +/- three percentage points.
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