Fresh results from the August Freedom Economy Index survey indicate that a substantial number of Americans are experiencing financial difficulties, with 70.5% of respondents stating they are financially “worse off” or “much worse off” than a year ago. This data is particularly concerning for the incumbent political party as it heads into the November elections, especially since respondents in purple “swing” states report being “much worse off” by a margin of seven points higher than those in red states.
Andrew Crapuchettes, CEO of RedBalloon, remarked, “It was Bill Clinton who coined the phrase, ‘it’s the economy, stupid.’ The latest Freedom Economy survey numbers look like most Americans have been in a personal recession for the past year.”
The survey, conducted among over 100,000 active employees and job seekers, reveals several key findings that underscore the prevailing economic dissatisfaction. Notably, 44% of respondents are not earning enough to cover daily expenses, with this figure being six points worse in blue states compared to red states. Baby Boomers are particularly impacted, losing financial ground the quickest among all age groups.
The survey further highlights that 93% of respondents experienced an increase in food prices over the last 30 days. Additionally, 74% reported higher gas prices, and 69% noted increased utility rates. Amid these rising costs, 63% of respondents stated it is now much harder to find a job than it was six months ago, with four in ten job seekers being unemployed for over a year.
Another significant finding is that less than half of employees with a college degree are working in fields related to their degrees. Furthermore, a large majority of job seekers are avoiding companies that emphasize Diversity, Equity, and Inclusion (DEI) policies, with 74.7% of employees stating that DEI initiatives have contributed to workplace division and contention.
Michael Seifert, CEO of PublicSquare, commented on the political implications of these findings: “Elections are won or lost on the economy. Asking the question ‘are you better off than four years ago’ is pretty standard in American politics. Based on our results, this doesn’t bode well for the incumbent party.”
Andrew Crapuchettes added, “Perhaps we are in a different kind of recession. The overall slowdown in population growth has created a people shortage, so in an economic slowdown, most keep their jobs, but the economic pain is real. That’s what we’re seeing in this survey.”
The Freedom Economy Index survey is a collaborative effort between PublicSquare and RedBalloon, now in its second year. The latest survey, conducted from July 29 through August 2, 2024, includes data from 765 respondents and holds a 4% margin of error at the 95% confidence level.
These findings paint a stark picture of the current economic climate and highlight the potential for significant political ramifications as the nation approaches the November elections. The widespread financial distress, particularly among swing state voters, could play a crucial role in shaping the electoral landscape.
