Poll: Obama better for Americans' wallets

Americans increasingly believe they will be better off financially if President Barack Obama is re-elected, according to a poll released Monday by Bankrate.com (RATE). The results are a bit of good news for the incumbent, who is trying to regain lost momentum since his recent lackluster debate performance.

The poll of more than 1,000 adults, conducted by Princeton Data Source, shows 29% of respondents believe Obama is better for them financially, compared with 20% who believe Republican challenger Mitt Romney would benefit them more.

A similar poll conducted in July showed the two candidates in a tie at 21%. The margin of error is 3.7 percentage points. Not surprisingly, 62% of Americans say their personal financial situation is an important factor in their vote.

"I was a little bit surprised to see the change that happened since we did the last survey," Claes Bell, a senior banking analyst with Bankrate.com, said, adding that the survey also found that voters who feel they are worse off financially are more likely to support Romney.

Both Obama and Romney, a former Massachusetts governor, are tied in many polls. The economy is at best a mixed bag for Obama. While unemployment recently fell below 8%, it is still high. The real-estate market is showing signs of improvement, albeit at a snail's pace. Many investors and business executives are worried about the fiscal cliff, though the Republicans deserve some of the blame for the looming draconian cuts to government spending as well.

Both candidates claim to be champions of the middle class, tough they both have vastly differing approaches to the economy. The Bush tax cuts are a case in point. Obama advocates extending them for a year for households earning less than $250,000 a year.   Romney favors making the reductions, passed in 2001 and 2003, permanent. Some leaders, such as New York City Mayor Mike Bloomberg, say both approaches are wrong and say the Bush tax cuts should be allowed to lapse because the U.S. cannot afford to keep them. They are scheduled to expire in 2013.

As the election draws closer, Obama will need to prove to voters that he has done the best he could with the cards he was dealt and if Americans stay the course better economic times lie ahead. That is a tough sell even in the best of times.

"The agenda and the election are being driven a lot by that personal economic fear," Matthew Singer, an assistant professor of political science at the University of Connecticut, told Bankrate.

Follow Jonathan Berr on Twitter@jdberr.