Prosperity for Some

You’ve probably heard, either through tweets from a certain President or in the press, that the U.S. economy is humming along at a healthy pace.  Stock indices are breaching record highs, unemployment statistics are near record lows, and the economy is growing at nearly a 3% annualized pace.  

Sounds great, right? I mean, for all intents and purposes, American workers should be happy with their newfound prosperity...

I think you see the “BUT” that is coming. 

There’s a bit of a glitch to all this “prosperity” business. The problem isn’t the economy, per se, but the unequal distribution of its current bounty.  In other words: prosperity is there, but only for some.  

A recent Gallup Poll found that a remarkable 40% of Americans say that despite being in one of the greatest (and now longest) economic booms in U.S. history, they are either running into debt or barely making ends meet.  

For those who are unfamiliar, the Gallup Poll regularly conducts public opinion polls and is conducted each year in April. 

The Poll also revealed that only 25% of employed households report that they are saving enough for retirement, and 18% admit that they have saved nothing at all.

Nothing at all. 

Those are some alarming figures.  Definitely not something you’d expect to see during a healthy economy.  

But it’s not all bad news. 

This year’s percentage of Americans rating the economy as “only fair” or “poor” has dropped significantly since the 2016 version of the survey.  And after digging deeper into the data, Gallup researchers found that 49% of respondents have at least one immediate worry – paying their rent or mortgage, for example, or their ability to make minimum payments on their credit cards. Another 14% have no immediate financial concerns, but worry if they’ll be able to pay for normal healthcare or the medical costs of an unforeseen major illness or accident.

How does all this play out in the next electoral cycle?  

Researchers note that most of the financially anxious people report voting primarily Democratic, while those who have few worries are largely Republican voters.  BUT, people who are worried about healthcare costs are split evenly down the middle, which means healthcare issues will be front and center in next year’s elections.

What do YOU think about these figures?  Where do YOU fall in this time of American prosperity?