As the year ends, the U.S. economy is the No. 1 issue on voters’ minds. While economic numbers from the federal government indicate a healthy and robust economy, it certainly doesn’t feel that way.
According to recent data from the Department of Labor, the United States added 199,000 jobs in November and hourly earnings were up by 4 percent.
Furthermore, the U.S. economy grew at an annual rate of 2.1 percent in the third quarter, down from 6.3 percent in the second quarter, well below the expected growth rate of 2.8 percent. The slower economic growth was blamed on supply chain disruptions, rising inflation, and labor shortages, never mind the apparent issues stemming from disastrous political leadership.
In addition to rising inflation, high housing costs are a significant concern for Americans. According to data from real estate investment firm CBRE Group Inc., average monthly payments on a new home rose to $3,322 in the third quarter, marking a staggering 90 percent increase since late 2020, when it hovered at just $1,746.
As sky-high interest rates and housing prices climb higher, the market has become increasingly unaffordable for potential buyers. To make matters worse, experts have recommended that buyers prepare themselves for a longer-than-expected period of higher interest rates instead of waiting for a market shift. We may see a series of rate cuts soon, but the current landscape is bleak.
Americans’ faith in the U.S. government is at 40 percent, which is incredibly low. Remember the statement, “It’s about the economy, stupid”? It’s always about the economy.
According to Emerson College Polling: “The economy remains the top issue voters are concerned about at 38 percent, while 15 percent find ’threats to democracy' as the most critical issue facing the United States, 11 percent find immigration to be the top issue, 9 percent health care, 7 percent crime, 6 percent housing affordability, and 5 percent education. Concern for the economy is higher among voters under 30: 44 percent find the economy to be the most critical issue facing the United States, followed by health care (14 percent), education (10 percent), crime (8 percent), and housing affordability (8 percent).”
Voters are primarily worried about rising prices. Inflation has been rising sharply this year, with the consumer price index increasing by 6.2 percent in October, the most significant increase in 30 years!
Voters are also alarmed about the economy’s long-term health, which tops the list of concerns for voters younger than 30. It’s never a good sign when America’s young professionals are losing faith in America’s economy.
In addition to financial woes, young voters are also worried about issues that America should have long managed to accomplish: affordability, health care, immigration, education, and safety.
The economic challenges faced by the United States are complex and multifaceted, requiring a comprehensive and long-term approach to solve. But we also need capable leadership!
In the coming years, politicians must make pragmatic decisions to address the country’s economic woes, including finding ways to sustainably boost economic growth, control inflation, and bolster the creation of meaningful jobs. The stakes are high, and the future of the country’s economy depends on the actions taken today.
With the 2024 elections approaching, the economy will remain a top issue for voters, and politicians will need to address the concerns of the American people to win their support.
Despite mainstream media reporting a stronger-than-normal economy, Democratic strategists see the writing on the wall. Voters are worried about the economy next year and will take that worry to the voting booth. A 90 percent increase in mortgage prices speaks for itself.
