The latest Freedom Economy Index survey results indicate severe economic distress among Americans, with potential implications for the November election. Conducted jointly by PublicSquare and RedBalloon, the survey found that 70.5% of respondents consider their financial situation "worse" or "much worse" than a year ago, with purple swing states reporting even more severe financial distress. Andrew Crapuchettes, CEO of RedBalloon, remarked on the findings, stating, "The latest Freedom Economy survey numbers look like most Americans have been in a personal recession for the past year." This sentiment is particularly pronounced in swing states, where respondents report being "much worse off" by 7 points higher than those in red states.
The survey reveals several alarming trends that could influence voter behavior. Notably, 44% of respondents report insufficient income to cover daily expenses, with this figure rising even higher in blue states and among Baby Boomers. The cost of living continues to climb, with 93% of respondents noting increased food prices in the last 30 days, 74% reporting higher gas prices, and 69% experiencing increased utility rates. Job market challenges are also evident, with 63% of respondents stating that finding employment has become significantly more difficult in the past six months. Alarmingly, 4 in 10 job seekers report being unemployed for over a year.
The survey also highlights a misalignment between education and employment, with less than half of college-educated employees working in fields related to their degrees. Michael Seifert, CEO of PublicSquare, emphasized the potential political ramifications of these findings: "Elections are won or lost on the economy. Asking the question 'are you better off than 4 years ago' is pretty standard in American politics. Based on our results, this doesn't bode well for the incumbent party." The survey also touched on workplace culture issues, revealing that a large majority of job seekers avoid companies emphasizing DEI policies, with 74.7% of employees reporting that DEI has caused division and contention in the workplace.
Crapuchettes suggested that the current economic situation might represent a new type of recession: "The overall slowdown in population growth has created a people shortage, so in an economic slowdown, most keep their jobs, but the economic pain is real. That's what we're seeing in this survey." The Freedom Economy Index survey, now in its second year, sampled over 100,000 active employees and job seekers from RedBalloon's national database. With 765 respondents, the survey has a 4% margin of error at a 95% confidence level. As the November election approaches, these economic indicators could play a crucial role in shaping voter decisions, with widespread financial distress potentially presenting significant challenges for the incumbent party.
