According to a Gallup poll released in February, 50 percent of American respondents say they are financially worse off than they were a year ago, The Hill reported on Monday.

The poll has asked the same question since 1976, and the only other times so many people reported dwindling fortunes was during the Great Recession era in 2008 and 2009.

The poll also showed low-income Americans are the most vulnerable. 61 percent of low-income respondents said they were worse off than one year ago, while the percentage for high-income people was 43 percent.

Observers say the collective economic ennui of the US has far-reaching implications on everything from consumer spending to US President Joe Biden's reelection hopes, said the report.

Many Americans don't think things will get better soon. Another Gallup poll shows a record 48 percent of the nation believes the stock market will decline in the next six months, and most respondents also expect inflation and interest rates to rise.