President Bush took office just before a recession began and it's quite possible he'll end his term amid or after another recession. In between was the weakest economic expansion since World War Two and that has both parties asking, "Are You better off today?"
"Ask yourself a simple question, that is, 'Are you better off now than you were when George Bush took office?"
You'll hear a lot over the next nine weeks about family budgets and the struggling middle-class and whether the economy is better-off today.
"In a word, NO! Comparing a recession, uh, today, with 8 years ago, when you were in a boom, and that's a tough comparison, no matter how you slice it."
Tough comparison indeed. Remember gas at $1.49? It has more than doubled during George W.Bush's administration. Most recently, $3.68 a gallon. Medical costs are gobbling up an ever-bigger chunk of your hard-earned dollar. Think of it this way, more than 17 cents of every consumer dollar is spent on health care. Tuition and food prices are exploding as paychecks, after inflation, shrink. Economist Mark Zandi says the richer are a little richer. The poorer are a litter poorer. And everyone else?
"I think for the average American, they are treading water financially. Their incomes are about where they were eight years ago. And their net worth is about where it was eight years ago as well."
Historically, income rises. The Democrats blame White House economic policy. It's one reason many say John McCain must distance himself from Bush and choose a running mate strong on the economy. At the same time, the GOP warns against democrats, taxing and spending the country further in the whole.
Despite millions of foreclosures and a housing crisis, the average house is still worth more than it was in 2001.That's good news, if you have a steady job, are paying your mortgage, and haven't raided the home of vulgars' equity. So how are you doing? Are you better or worse-off?
You can let us know, at ireport.com/betteroff, tell us your story and you might see it on cnnmoney.com. . For CNN-Money, I'm Christine Romans