Americans Feeling Better Financially

The last debate was about foreign policy, and while it was interesting, it probably won't affect the election much either way. We have long known that this election is about jobs and the economy, which should surprise no one, since many Americans are still hurting from the Bush recession. The Republicans have blocked nearly all attempts by the Obama administration to improve the economy and create jobs. They did this because they wanted to shift blame for the recession economy onto President Obama -- and they thought they could do that if the economy didn't get better.

It doesn't look like that strategy is working for them -- at least not well enough to put all of the blame for the economy on President Obama. Repeated polls have shown that most people, even four years later, still place the blame for the recession squarely on the shoulders of President Bush -- not President Obama. And now there is a new poll that shows Americans are viewing their own financial situation more positively.

A new Gallup Poll, taken on October 22nd and 23rd of a national random sample of 1,065 adults, showed that for the first time since before the recession more people said their financial situation had improved in the last year than said they were worse off. About 38% said there were better off, while 34% said they were worse off and 26% said their financial position had not changed. This improving view of personal finances can only help the president in the coming election.

But the real boost for the president comes in the answer poll respondents gave to the next question on the poll -- whether they would be better or worse off a year from now. About two-thirds (66%) of all respondents said their financial position would be better next year than it is this year -- a higher number than at any other time in the Obama administration.

Traditionally, this is good news for a sitting president. Reagan was re-elected in 1984 with only 53% saying that, and Clinton was re-elected in 1996 with about 66% expecting to be better off the next year. And losing presidents had lower percentages -- with Carter having 36% in 1980 and George H.W. Bush having 51% in 1992.

It looks like Willard Mitt Romney is fighting against not only the last Republican president still being blamed for causing the recession, but also against a rising tide of financial optimism among a significant majority of Americans.