Joe Biden’s 2024 campaign gets good news: Vast economic misery is decreasing
With eight months to go before Election Day, a deeply troubling number of Americans say they are struggling to pay their bills. But vast hardship appears to be decreasing substantially, at a good time for President Joe Biden.
As of this month, 36 percent of Americans reported having difficulty paying their usual household expenses, according to new data from the U.S. Census Bureau. That figure is quite high, but it’s a five-point decrease from October, when more than 41 percent of respondents reported experiencing financial hardship.
The new figures, released Thursday, highlight Biden’s biggest challenge as he gears up for his reelection bid against former President Donald Trump: Americans are still experiencing economic misery on a massive scale. By many measures, though, the economy is broadly improving — the labor market remains strong, and wages have been outpacing inflation. That improvement appears to be finally showing in the Census data.
The Census Bureau launched the Household Pulse Survey early on in the Covid-19 pandemic to measure how Americans’ lives are being impacted. Since August 2020, the bureau has asked survey respondents how difficult it has been in the past week to pay for typical household expenses, including food, housing, car payments, medical expenses, and student loans.
The percentage of Americans struggling to pay their bills skyrocketed as the federal government terminated pandemic aid programs.
For a time following the outbreak of the pandemic, starting under Trump, policymakers in Washington expanded unemployment benefits; sent stimulus checks; paused student loan repayments; and forbade states from removing terminating Medicaid enrollees’ coverage.
In March 2021, Biden signed the American Rescue Plan, authorizing a round of $1,400 stimulus checks and expanding the child tax credit. The percentage of Americans experiencing financial hardship quickly plummeted to 26 percent — the lowest figure recorded as part of these surveys.
Since then, the temporary safety net expansion has been rolled back piece by piece. The percentage of Americans experiencing financial hardship steadily increased, reaching a new high of nearly 41 percent in October 2022.
The census survey results did not meaningfully improve over the following year. In fact, in October 2023, the percentage of Americans having trouble paying their bills peaked at more than 41 percent, according to Rolling Stone’s analysis of the data.
Those numbers have helped explain why Biden’s approval rating on the economy is underwater, and why he is locked in such a close race with Republican frontrunner Trump, despite the former president currently facing 91 criminal charges. A recent poll conducted for the Financial Times found Trump has an 11-point advantage over Biden in terms of which candidate voters trust most to handle the economy. Economic confidence remains strikingly negative.
The latest Census survey shows that fewer Americans are currently struggling to pay their bills now than in the fall. To be clear, financial hardship remains elevated and is still slightly higher than it was when Biden took office.
If the numbers continue to improve, though, Biden’s 2024 chances might, too.
FAQs
According to the 2024 Financial Literacy Survey by GOBankingRates, 13% of Americans do not currently bring in enough money to cover their bills, and 46% barely bring in enough to cover their bills.
What happens if I don't answer the American Community Survey? ›
About 1 in 38 U.S. households per year receives an invitation to participate in the American Community Survey (ACS). Individuals can complete the questionnaire for their household either online or on a paper form. Those who do not complete the survey may receive a personal visit from Census Bureau staff.
Is the census American Community Survey legit? ›
Is the American Community Survey legitimate? The American Community Survey is a legitimate survey conducted by the Census Bureau. Unlike the every-10-year census, this survey continues all year, every year. We randomly sample addresses in every state, the District of Columbia, and Puerto Rico.
Can I refuse a census survey? ›
Am I required to fill out my 2020 Census form? Participation is mandatory, as described in Title 13 of the U.S. Code. Refusal to respond can result in a fine. However, no one has been prosecuted for failing to respond to the census since the 1970 Census.
Are Americans falling behind on bills? ›
More Americans are falling behind on their credit card bills. About 8.9% of credit card balances fell into delinquency over the last year, according to the Federal Reserve Bank of New York — a sign that a growing number of borrowers are feeling the strain of rising prices and high interest rates.
Are people having a hard time paying bills? ›
The headline figure in the research, that 7.4 million - or one in seven people - were struggling to pay bills and debts, has come down from 10.9 million in 2023.
Why did I get a census survey in 2024? ›
This survey is being conducted as part of a small-scale testing program aimed at gathering initial data about proposed enhancements for the 2030 Census design.
Do I really have to fill out the American Community Survey? ›
Yes, you are required by law to answer the American Community Survey (Title 13, U.S. Code). Your response will help your community get its fair share of federal funding. The data help determine how more than $675 billion is distributed to states and communities every year.
Are you legally required to respond to a census? ›
Yes, your response is required by law. Title 13 United States Code, Sections 131 and 182, authorizes this collection. Sections 224 and 225 require your response. The U.S. Census Bureau is required by Section 9 of the same law to keep your information confidential and can use your responses only to produce statistics.
What happens if you don't do the census? ›
If no response is returned — or if the answers are incomplete — the Census Bureau will follow up to get the information. The final population tally is used to divvy up more than $675 billion annually to states for all sorts of programs. By census law, refusal to answer all or part of the census carries a $100 fine.
There´s no report of anyone been prosecuted for not opening the door to a Census taker, but nongovernmental campaigns that insist on a complete count of Page 4 all communities will use local organizations that have the trust of the community to encourage participation.
What is the penalty for census American Community Survey? ›
Because it is a mandatory survey, it is governed by federal laws that could impose a fine of as much as $5,000 on those who flagrantly refuse to participate. To date, no person has been prosecuted for refusing to answer the ACS.
Can census answers be used against me? ›
Your answers can only be used to produce statistics—they cannot be used against you in any way. By law, all responses to U.S. Census Bureau household and business surveys are kept completely confidential.
Does the census ask about income? ›
Questions as they appear on the form
We ask two questions that cover each type of income that you receive, as well as your total income. These statistics create a profile of the type and distribution of income in a community.
What is the penalty for not responding to the census? ›
What is the penalty for not responding? The census law (Title 13, United States Code, Sections 221 and 224), coupled with the Sentencing Reform Act of 1984 (Title 18, Sections 3551, 3559, and 3571), provides for penalties of up to $5,000 for failure to respond.
Are Americans hurting financially right now? ›
After inflation, high interest rates, unattainable housing prices and other economic factors, 50 percent of U.S. adults say their overall personal financial situation is worse than it was in November 2020, according to October 2023 Bankrate polling.
Why are so many Americans struggling with debt? ›
Results showed that nearly one-third of respondents found it difficult to pay their recurring debts on time, with 65 percent of those citing insufficient income as the primary reason.
Are Americans struggling to pay rent? ›
Rent reached historic highs in 2021 and 2022, the Joint Center for Housing Studies of Harvard University report found. And currently, more Americans are burdened by rent than ever before. Harvard defines "cost-burdened households" as those that spend more than 30% of income on rent and utilities.
Are Americans getting into more debt? ›
During the first quarter of 2024, household debt and delinquency rates were on the rise, according to new data from the Federal Reserve Bank of New York.
