High earners are feeling low

Americans earning six-figure salaries are increasingly concerned about the state of the economy, according to recent reports. Consumer sentiment among this group has reached historic lows, with those making over $100,000 feeling particularly anxious about their personal finances and the government's economic policies. This decline in sentiment could have significant implications for the upcoming midterm elections, as higher earners are a key driver of consumer spending.

Data from Morning Consult shows that the sentiment of households earning $100,000 or more has hit its lowest point in months. In late summer 2025, only 30.2% of these high earners felt their finances were improving, down from 32.5% at the beginning of the year and 45.2% in late summer. This sentiment drop is a cause for concern, as these individuals are among the primary contributors to consumer spending that keeps the economy afloat.

While lower-income workers are also feeling the strain of rising prices and stagnant wages, higher earners are experiencing a unique set of challenges. A recent analysis by the Bank of America Institute reveals that the year-over-year spending growth of the top 5% of earners has slowed and is now similar to that of middle-income households.

This slowdown in spending growth, coupled with the high cost of living driven by inflation, particularly from soaring energy prices, has led many high earners to question the effectiveness of the government's economic policies.

Interestingly, a growing number of high earners are identifying as part of the working class, with half of families earning over $155,600 admitting to this classification. This shift in perception may be attributed to the increasing financial pressures they face, as rising costs and stagnant wages erode their purchasing power.

As the midterm elections approach, affordability is becoming a top priority for voters across income levels. Higher earners, who have traditionally been among the most economically confident, are now increasingly disenchanted with the government's handling of the economy. This growing discontent among high earners could prove to be a crucial factor in the coming days, especially as swing state voters weigh the impact of economic policies on their daily lives and future prospects.