The question of whether Americans are better off than they were four years ago has become a central theme in political discourse, with both President Joe Biden and former President Donald Trump urging voters to consider their personal experiences [620837b1] [2319e7af]. However, the answer to this question is complex and varies depending on several factors, including geography, profession, age, race, and lifestyle [620837b1] [2319e7af].
Hourly workers, especially those in the food service and hospitality industries, have seen significant wage gains to help offset inflation [2319e7af]. But retirees and full-time caregivers have not been able to take advantage of the same economic opportunities [2319e7af].
Homeowners have seen their wealth grow amid soaring home prices [2319e7af]. But prospective buyers have had to contend with rising rents and interest rates [2319e7af]. White households have benefited more from record stock prices compared to Black and Hispanic households, which have fewer investments in the stock market [2319e7af].
While wages have grown for low-wage workers, they have remained stagnant for many white-collar workers [2319e7af]. However, over the past year, wages have started to increase faster than prices after about two years of consumers seeing their buying power decreased by inflation that was going up faster than their wages [2319e7af]. Nonetheless, consumers largely find themselves with the same buying power they had four years ago [620837b1].
Under President Biden's administration, the unemployment rate has fallen from 6.4% to 4% [2319e7af]. However, worker leverage is weakening, and housing affordability is near a 10-year high, with the affordability gap widening [2319e7af]. Rents have increased by 31% since the start of the pandemic, while homeowners have seen their net worth soar due to higher home valuations [2319e7af].
Food prices have risen by approximately 25% over the past four years, disproportionately affecting lower-income households [2319e7af]. Gas prices are still above their pre-pandemic levels [2319e7af]. However, prices are expected to decrease throughout the summer and fall as they typically do [2319e7af]. Additionally, US oil production has reached its highest level on record in the past year, which could contribute to downward pressure on gas prices [2319e7af].
In summary, the economic progress in the US over the past four years has been mixed, with different groups experiencing varying levels of improvement [620837b1] [2319e7af]. While some have seen wage gains, increased wealth, and a strong job market, others have faced challenges such as stagnant wages, housing affordability issues, and rising costs of living [620837b1] [2319e7af]. The impact of these economic factors is influenced by factors such as race, profession, and geographic location [620837b1] [2319e7af].