Half of the public says they are worse off financially now than a year ago as inflation continues to decline but remains high.

Only 35% of citizens said they are better off financially than they were a year ago, according to a Gallup poll conducted from Jan. 2-22.

STATE OF THE UNION 2023: FACT CHECK OF BIDEN ECONOMIC CLAIMS

By income level, a majority of those who make less than $40,000 a year said they are worse off at 61%, while a plurality of those who make between $40,000 and $99,000 a year, at 49%, and those who make more than $100,000, at 43%, said they are worse off than a year ago.

The polling figures are the worst since 2009, when 54% of the public said they were worse off now than they were a year ago.

However, most people tend to be optimistic about how they will fare in the future, with 60% saying they believe they will be better off financially a year from now than they currently are.

The numbers continue the trend of lowering spending power since President Joe Biden took office, with a plurality, at 41%, of those surveyed saying they were worse off than the previous year when asked in January 2022.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

Biden touted his economic record during his State of the Union address Tuesday evening while conceding inflation remains high, adding that "inflation has fallen every month for the last six months, while take-home pay has gone up." The most recent inflation figures from December 2022 show a 6.5% year-to-year inflation rate down from the peak of 9.1% in June 2022.