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We’re over three years into Bidenomics — and many Americans are not feeling very good. Half say their overall financial situation has gotten worse since the 2020 presidential election, according to a recent Bankrate survey.

Republicans were twice as likely as Democrats to say their situation is worse since the last general election (67% versus 31%).

With the 2024 presidential election less than a year away, one thing’s for sure: The economy will be top of mind for almost all voters. Nearly 90% of respondents said the economy would be critical in deciding their vote.

It’s easy to understand why Americans may not have the rosiest financial outlook. Buying a home feels impossibly expensive. Over half of Americans live paycheck to paycheck, and household income fell for the third year.

The rising cost of living has strained Americans’ pockets — and their feelings about the economy. Many feel their income hasn’t kept up with their expenses, making it harder to achieve financial security.

But who exactly is to blame? Many Americans point to three things: Joe Biden, Congress, and the Federal Reserve.

Almost half (45%) who say their financial situation hasn’t improved blame Joe Biden, 35% said it was because of Congress, and 27% said the Federal Reserve. Republicans were more likely to blame Biden for their financial woes than Democrats.

Almost 40% of those whose finances have improved in the past three years credit Joe Biden, while only 14% give credit to Congress and 14% credit the Fed.

There’s a deep dive along party lines when giving credit where credit may be due. Six in 10 Democrats whose money improved in the past few years attribute it to Biden, compared to only 13% of Republicans.

​​“The plight of the economy over the next 12 months may help to dictate whether it was wise, or not, for President Biden to trumpet the branding of ‘Bidenomics,’” says Mark Hamrick, senior economic analyst at Bankrate. “But there’s still a long way to go before Election Day.”

Political polarization and the lack of cooperation on economic issues also contribute to a sense of pessimism. When Americans witness partisan gridlock, it can erode confidence in the ability of policymakers to address economic challenges effectively.

“Given sensitivity about the cost of living, whether inflation improves or doesn’t, between now and the election will take on added importance,” Hamrick says.

Remember that someone’s feelings about the economy can vary based on their circumstances and experiences. Economic outlooks differ from person to person, depending on their job, income, or location.

Republicans are largely unhappy with the state of the economy under the Biden Administration. They’re twice as likely to say their overall financial situation has gotten worse than Democrats, according to the survey. 

The divide in perception between Republicans and Democrats in key areas of their financial lives is tangible: 

While you wait for Election Day, there’s plenty you can do to improve your money, including: 

If you feel pessimistic about the economy, focus on what you can control. 

While you may not have control over larger economic factors, you can take charge of your finances. Create a budget, review your expenses, and prioritize saving. This can help you feel more in control of your financial situation and provide a sense of security.

Opinions expressed are author’s alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.