Dave Ramsey: 52% of Americans Think the President Impacts Their Wallets — Is That True?
Written by
Laura Bogart
Edited by
Kristen Mae
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It’s hard to imagine, but a little over a month has passed since the 2024 presidential election, and after a close race, voters have decided to put Donald Trump back in the White House. Exit polls indicate that concerns about inflation and the economy heavily influenced voter decisions.
This finding aligns with insights from a Ramsey Solutions survey highlighted in a pre-election article. The survey revealed that just over half of Americans said their personal financial position has a “good” or “great” influence on how they vote. Moreover, 52% of people surveyed said they believed that the president has a major impact on their finances.
That’s a pretty bold statement — but is it true? Ramsey’s opinion on the matter may surprise you.
Not as Much as You Might Think
Dave Ramsey, known for his conservative leanings, doesn’t shy away from offering a balanced view. He’s quick to point out that neither Trump nor Vice President Kamala Harris is likely to be a financial “savior” for most Americans.
In a characteristically tough-talking interview with Cavuto Coast to Coast, Ramsey said that both candidates are “figuring out different ways they’re going to spend our money and send us further over the abyss. Neither one of them are supposing that we’re going to turn this deficit around.”
In other words, if you’re hoping for a president to wave a magic wand and create the perfect economy, you’re likely to be disappointed
The Economy: More Than Presidential Policy
Although many people view “the economy” as a monolithic force shaped solely by government policies, Ramsey and his team want to remind you that numerous factors influence how well the country fares financially — many of which are beyond a president’s control.
Issues like inflation, interest rates, crime, global conflicts and public health crises can significantly impact the economy. Sometimes, even with the best intentions, there’s little a president can do to accelerate economic recovery.
Your Own Financial Practices Matter
While the average person has minimal direct influence over the broader economy, Ramsey reminds us that we have significant control over our personal finances. Before the 2020 election, Ramsey told his Facebook followers, “What happens in YOUR house is more important than what happens in the White House, and it always has been.”
In essence, you can’t expect national economic policies to save you from your poor financial choices. Ask yourself: Are you using credit cards to pay for vacations instead of building an emergency fund? Have you left money on the table by not seeking career growth or exploring side hustles?
Ramsey argues that financial literacy and discipline are personal responsibilities. A new administration can’t teach you how to budget, invest, or save. Only you can do that, with plenty of time, dedication, and research into the right resources.
If your financial house isn’t in order, even the most booming stock market or flourishing economy won’t secure your financial future.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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