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August 25, 2008
Posted: 04:50 PM ET
FROM CNN’s Jack Cafferty: Ronald Reagan had some success with this question a few years ago and things weren’t nearly as crummy then as they are now: Are you better off now than you were 4 years ago? But this time it’s been 8 years. Think about it: unemployment is rising. The rate stands at 5.7% and we have lost 463,000 jobs since the first of the year. And so is inflation. It’s accelerating at a faster rate than it has in 17 years. Gas prices are up 34% in the last year. Oil was around $26 a barrel when President Bush was inaugurated… it touched $147 a few weeks ago. More than 1 million homes are now in foreclosure. Here are some national comparisons between today and where things were 8 years ago: Americans’ wages have actually gone down since the last recession ended. And we are spending 14.1% of our disposable income on debt; that’s higher than it was in 2001. Americans are pretty glum about the future, too. The Conference Board’s Consumer Confidence Index stood at almost 85% in 2001; now it’s just below 52%. Also, a new CNN/Opinion Research Corporation Poll finds 75% of those surveyed think the economy is in bad shape; that’s compared to just 43% who felt that way a year ago. So as the conventions get under way and the campaign for the White House heats up — voters have a lot to think about. Here’s my question to you: With the election 71 days away, are you better off now than you were eight years ago? Interested to know which ones made it on air?
Anthony from Wildwood Crest, New Jersey writes: Stacy from Virginia writes: Gary from Asheville, North Carolina writes: David writes: John from Atlanta writes: Chris from Valley, Alabama writes: Filed under: 2008 Election US Economy
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Jack Cafferty sounds off hourly on the Situation Room on the stories crossing his radar. Now, you can check in with Jack online to see what he's thinking and weigh in with your own comments online and on TV. Send your comments on the "Cafferty File". Jack's Book
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