Many are still feeling the pinch of inflation while the fruits of growth disproportionately go to the better off

When Ronald Reagan beat Jimmy Carter in the 1980 presidential election, 10 short words proved decisive. After a period in which high inflation had eroded living standards, the Republican challenger for the White House asked voters: “Are you better off than you were four years ago?”

The simple question that resonated so strongly with US voters 44 years ago has resurfaced in 2024 as the race between the vice-president, Kamala Harris, and the former president Donald Trump goes down to the wire.