Key Highlights

  • Bankrate survey indicates that personal finances of most Americans have not improved under President Trump
  • Nearly three-quarters say their personal finances have not improved since Trump took office in January 2017
  • Assessment “can be blamed only partly” on COVID-19 outbreak

During President Trump’s first three years in office, the American economy experienced a “boom.” Most Americans indicated they’ve been unfazed by this recent recession at the same time that most indicated their personal finances are not better now than when Trump moved into the White House, according to a newly released survey from Bankrate.

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Take a look:

  • 17% of Americans indicate their personal finances are better now than when Trump became President
  • 45% said their personal finances are “about the same”
  • 29% of Americans indicated their personal finances are worse now
  • 42% of Americans assess Trump’s leadership of economy overall as “poor” or “very poor”
  • 35% assess Trump’s leadership of economy overall as “good” or “very good”
  • 53% indicated their personal finances are about the same since the COVID-19 outbreak
    12% indicated their personal finances have improved during COVID-19 pandemic
  • 35% indicated their personal finances have worsened during COVID-19 pandemic

Obviously, people’s perceptions of Trump’s stewardship of the economy vary by income, gender, age and political affiliation. However, “Beneath the banner headlines involving the trajectory of the national economy, there are numerous diverging paths – including those faring better and those faring not as well, or worse,” said Mark Hamrick, Bankrate senior economic analyst.

Check out income as a data point, for example. Income inequality continues to persist. Nearly one in four of highest earners (+$80,000/year) indicated their finances have improved under Trump while only 15% of lower wage earners (-$30,000/year) say the same.

Now, take a look at gender, age and race. 21% of men indicated their finances are better since January 2017 while 13% of women say their finances are the same. 79% of women say their finances haven’t improved under Trump and 68% of men say the same. 81% of Boomers (ages 56-74) and 82% of Silent Generation (75 years and older) indicated their finances have not improved under Trump’s administration while 60% of Gen Z (ages 18 – 23) indicated the same. 19% Caucasians indicated their finances have improved since January 2017 while only 13% of Black Americans and 9% of Latin X Americans indicated their finances had improved under Trump’s economic leadership.

Comparing pre and post-pandemic economies under Trump’s leadership, one might conclude that consumers have been kept afloat economically during the COVID pandemic by the federal government’s response in terms of stimulus checks, unemployment benefits, mortgage forbearance relief and business loans, uneven as they have been. But, Bankrate’s Hamrick said, “…the high degree of prevailing uncertainty dictates the need to focus on saving for an emergency while paying down debt.”

 

Thanks to Bankrate.com and BloombergNews.

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