Alongside border security, the economy and inflation are quickly becoming some of the most important issues to American voters in 2024. Many people are worried about the rising costs of daily life — from food prices to insurance rates, utility bills, and home prices. There's a strong sentiment of frustration, with people feeling "crushed" by the skyrocketing costs.

Many people are saying they’re forced to cut back on non-essential spending to afford basic necessities. Voters are growing more worried about rampant inflation making everyday expenses difficult to manage. They also voice concerns about the potential for war and its economic consequences.

Across the country, there is a sense of apprehension about the future. People are becoming worried about a looming recession or economic crash. They express anxiety about the potential impact on Americans’ retirement savings and long-term financial plans.

Housing is a Particular Sore Spot

The rising cost of housing and rent is a significant concern for voters across the political spectrum. Some on the left believe rent control is a solution, while people on the right more frequently advocate for the development of more housing.

There are many reasons Americans feel frustrated with their housing costs. They cite reasons like cost of rent, home purchase prices, property taxes, insurance costs, preferential treatment for illegal aliens, and low supply.

Property Taxes and Insurance

A common complaint is that fewer and fewer Americans can afford to buy a home. But for those who do own, rising costs of property taxes and insurance are unavoidable. Voters talk about how property taxes, which are often based on the assessed value of a property, are making homeownership prohibitively expensive.

There are discussions about the methods used to determine property values for tax and sale purposes. A lot of people feel these valuation methods are flawed, leading to inflated tax values and unfair taxation. Many also complain about the high percentage of property taxes, depending on the state they live in.

The frustration over property taxes seems especially vocalized in states like New Jersey and New York. There is blame and dissatisfaction with politicians for how they've handled various tax increases. Many Americans say these actions can easily influence their voting decisions.

Drastically rising homeowner’s and renter’s insurance costs are also a contentious point of frustration for Americans. This is usually mentioned along with high rents, rising utility costs, and insufficient income growth.

As an example, people in Florida discuss skyrocketing insurance rates, which are driving away buyers and causing home prices to fall for sellers. New buyers cannot enter the market with skyrocketing insurance costs or the inability to obtain coverage like flood insurance.

Rent and Market Prices

The impact of high housing costs on quality of life and financial stability is a recurring theme in online discussions. People discuss the challenges of saving and investing when housing costs are high — and many say they fear they’ll never be able to afford a home.

A dominant topic is concern about home prices continuing to rise, even as interest rates rise — especially in markets like San Diego, Florida, and Idaho. Americans talk about how high prices, interest rates, and utilities often cause housing to cost more than 50% of their income.

There’s a growing discussion about the fact that wage growth has not kept pace with housing costs. This is a widespread negative point of view for most Americans, regardless of political affiliation.

Future predictions about the housing market and home prices are a popular topic. Both experts and laypeople speculate about how the housing market could look in the near future. There are fears that prices could continue increasing, pushing more people out of the market. But the inverse fear also exists with a potential market crash, causing many who bought at current interest rates to lose their homes.

Illegal Immigration

Within frustrations about high taxes, there’s discussion about how tax revenue is spent by the government. Many people are complaining about taxpayer-funded programs for illegal aliens and more government workers. They argue that taxpayer money should be used to improve public services like education, law enforcement, and assistance for veterans.

There's significant negativity about the use of government resources to support immigrants with housing, food, phones, and services. Many people decry benefits given to illegal immigrants when so many American citizens are struggling to make ends meet. The perception by many people is that politicians prioritize illegal immigrants over their own constituents.

A particular sore point for many voters is the fact that citizens who pay taxes are forced to cover their own expenses along with those of people who do not pay taxes at all. There is a sentiment that low housing supply is only exacerbated by the influx of foreign nationals into the country. Many suggest restricting immigration rates could potentially lead to lower housing prices.

Overall Inflation Costs

The entire discussion about housing costs in the U.S. is ensconced withing larger worries about the overall economy and demoralizing inflation. In general, there’s frustration at perceived unfairness in the American economy.

Voters on both the left and the right point out an unfair distribution of the tax burden. Democrats tend to point out the rich as needing to pay more. Republicans lament the tax burden on middle class Americans.

Increasing food costs, gas prices, interest rates, costly travel and services, and insufficient wages are all common points of dissatisfaction. The cost of groceries alone on many Americans is making it harder for them to maintain their standard of living. Nearly everyone expresses their concern about how long this trend will continue.

Furthermore, there's worry that climate and energy policies could lead to further inflation. Some believe the climate agenda could spark new price hikes on food, adding to the financial struggles of many Americans.

Criticism of the Biden Administration

A significant portion of people attribute rising costs to certain political figures or administrations. Democrats tend to blame the Trump administration, and Republicans tend to blame Biden. Regardless of whose fault it is, most people agree on the need for more effective government action to control rising costs.

Most Americans agree that prices were better under the Trump administration. However, the reasons why cause disagreement along partisan lines. Liberals argue that inflation is a global issue, not just a problem in the U.S. They suggest the pandemic disrupted supply chains and labor markets worldwide, leading to increased prices.

Conservatives point out that inflation was relatively low during Trump’s administration, which happened to be right before the pandemic. They argue that pandemic spending started the ball rolling, but the Biden administration has severely worsened the situation.

• Inflation is in the top five topics people have discussed in the last 30 days regarding Joe Biden.
• Along with border security, many people say inflation is a top three issue in the upcoming 2024 election.

In general, Democrats tend to view Biden’s economy more positively than Republicans. However, negativity has been growing on both sides. This sentiment among Americans is at odds with how the media and the administration talks about the economy.

• Fewer and fewer people believe the media’s framing of America’s economic situation.
• Republicans tend to be more negative toward the economy in 2024.
• It is likely that the disparity between how the media discusses inflation and how American voters feel is convoluting opinions on the subject.

Messaging Analysis

The issues that are of most importance to younger voters in this presidential election are primarily focused on financial stability and fairness. There are concerns about high taxes, especially property taxes, which they feel are an unfair burden on them. Younger voters feel that the government is taking more than it should from hard-working people and they're seeking changes to this system.

There's also disappointment in the perceived corruption and cheating within the government, particularly when it comes to the issue of tax evasion by wealthy individuals. This sentiment is closely tied to a desire for greater transparency and accountability in politics. Some of the top issues include:

• Economic Policy: Many young voters are worried about economic inequality and the financial struggles faced by many Americans.
• Mental Health: There's a growing recognition among younger voters that mental health is a critical issue that deserves greater attention and resources.
• Education: Young voters are particularly concerned about the state of education in the United States.
• Health Care: Access to affordable, quality health care is a top concern for many younger voters.

Talking About

Approval

Economic Issues

Analysis reveals a wide variety of sentiments among young people towards economic and financial issues. A dominant theme is a concern about high property taxes, especially in states like New Jersey and New York. There is a sense of dissatisfaction among young homeowners who feel overburdened by what they perceive as excessive taxes. Some are advocating for the elimination of residential property taxes, arguing that homes are personal property and should not be subjected to such taxes.

Another issue of concern for younger voters is the perception of state-specific economic conditions. Some refer to "loser blue states" and "winner red states," indicating a polarization of views along political lines. In this context, the "loser" states are seen as having high taxes and unfavorable business conditions, while pushing young business owners and workers to consider moving to "winner" states where they believe their economic prospects would be better off.

There is also discontent about how tax money is spent. Some younger voters believe funds are misused or diverted to unworthy causes, leading to suggestions that they might stop paying taxes. This indicates a distrust in how government handles fiscal policy.

Some express anger about perceived unfairness in the tax system, specifically pointing to wealthy people or corporations that utilize loopholes to avoid paying high taxes. This sentiment might be tied to broader concerns about economic inequality.

On the topic of personal finance, there's a sense of urgency about changing the conventional financial wisdom. Young people are questioning traditional advice, such as going to school, getting a job, paying taxes, and investing in the stock market, suggesting they feel these paths may not lead to financial security in the current economy.

There is worry among younger people about the rising costs in areas like New York, with some linking it to high taxes, crime, and immigration. There is a shared feeling among some young people that these conditions are pushing out long-term residents.

In summary, the economic concerns of younger voters revolve around high property taxes, the misuse of tax revenue, disparities in the tax system, changes in personal financial management, and the high cost of living in certain regions. Their views often align with their political leanings, impacting their perception of different states' economic condition.

Swing States – Economic Issues

Opinions on economic issues differ sharply based on political bias. There are recurring themes like taxes, housing, homelessness, and business climate, which seem central to most demographics.

Many users, especially those who identify as supporters of former President Trump, express concerns about high taxes. They believe high taxes are punitive to successful businesses and individuals, particularly in states like New York and California. They argue that states with lower taxes, such as Florida and Texas, offer a better business environment.

Affordable housing is also a critical issue. Some younger voters accuse Trump of being racist for allegedly refusing to rent to black people in the past. Others lament the high cost of rent and the financial struggles associated with it, suggesting that this is a significant concern among many young voters.

Homelessness is another recurring theme, with users expressing empathy for the homeless. Some younger people believe the problem has worsened under current leadership, suggesting dissatisfaction with the government's handling of the issue.

The issue of job opportunities also features prominently. Some younger voters accuse politicians of insider trading, suggesting a belief that the political elite is corrupt and self-serving. This sentiment could indicate dissatisfaction with perceived inequality in the job market and the economy at large.

Swing States

Joe Biden's call to the media on December 23, 2023, to "start reporting it the right way", drove increased media coverage, MIG reports show. However, new White House messaging in the press has failed to resonate across the electorate. An increase in reporting from traditional media precipitated an increase in online discussion; however, not all media consumers are not buying White House job-creation or increased-GDP narratives compared with their experience. MIG data currently indicates overall dissatisfaction with the economy, with voters focusing on high taxes (specifically property taxes), younger professionals being unable to save and invest, and a general dissatisfaction with government spending decisions.

Democrats, however, were more likely to side with Biden, indicating a partisan split over the issue.

Democrats

• Perceive the media's reporting on the economy as overly negative or insufficiently informative.
• Argue that the emphasis on inflation and supply chain issues overshadows the accomplishments of the Biden administration, such as labor market gains since the COVID-19 pandemic wiped out employment growth during the Trump administration, and GDP growth.
• Strong Economy/Labor Markets:

• Democrats are more likely to believe narratives about labor and GDP growth signaling a strong economy, citing declining unemployment rates and robust job growth.

Republicans

• Largely skeptical of Biden's economic policies and the overall state of the economy
• View Biden's direct address to the press as an attempt to control economic narratives and downplay inflation and supply chain disruptions.
• Argue that the media should hold the administration accountable rather than drive narratives with White House talking points.
• Strong Economy/Labor Markets:

• Tend to disbelieve labor market and GDP narratives, pointing to inflation and supply chain disruptions, and arguing job growth under the Biden Administration has simply been a recovery of jobs lost during the COVID-19 pandemic.

Independents

• Often lean towards pragmatism over partisanship and show mixed responses.
• Some echo Democrats' views, others align more with Republicans or express broader skepticism towards media narratives.
• Strong Economy/Labor Markets:

• Independent voters appear split, with their beliefs indexing to their personal economic experiences and media they consume.

Messaging Analysis

Top Messages Increasing Biden’s Support:

• Highlighting job growth
• Emphasizing rebounding GDP
• Pointing out stock market performance
• Underscoring infrastructure investments
• Promoting the president’s Build Back Better plan
• Increased support for middle class and low-income families

Top Messages Decreasing Biden’s Support:

• Emphasizing inflation
• Highlighting supply chain disruptions
  
• Focusing on labor shortages
• Discussing increased government spending
• Criticizing his handling of the economy during the COVID-19 pandemic
• Perceived overspending
• Potential tax increases

Biden's call for the media to "report it the right way" and the press lining up to drive White House talking points further underscores the deep partisan divide in the perception of the president’s economic policies and voters’ sifting of their own direct experience. The influence of media narratives on these perceptions is significant, highlighting the need for balanced and accurate reporting. At the end of the day, voters will have to weigh personal economic outcomes against partisan narratives and will balance GDP and stock market growth against the quality of life they enjoy.

Economic Issues

The current dominant theme emerging from the data is concern over taxes and the quality-of-life Americans enjoy for their hard-earned dollars. Discussion especially centers around property taxes and their impact on both individuals and businesses. Sentiment analysis shows frustration, particularly in higher-tax states like New York, Illinois, and California. This dissatisfaction is driving a shifting population and investment in states with lower tax rates, referred to as "winner" states, many in the Sun Belt, such as Tennessee, Texas, and Florida.

Age and stage of life appears to influence attitudes towards taxes. Younger respondents, particularly those just starting out in their careers, express concern about their ability to save and invest due to high tax rates. Older respondents, particularly those who are property owners, express dissatisfaction with high property taxes.

Regionally, the data shows a clear divide. People in states with high taxes are expressing greater dissatisfaction and are considering migrating to states with lower taxes. The trend is particularly pronounced in New York, where people express concerns about crime, high cost of living, and perceived political targeting of investors, in addition to high taxes.

Politically, there seems to be a divide along party lines. Republicans express satisfaction with tax cuts or rebates in their regions, while Democrats criticize spending decisions, such as National Guard deployments to the southern border, which they believe could be better invested in solving tax and insurance issues. Still, immigration may yet come to bear on the economy in squeezing rent and housing inventory. Housing inventory remains exceedingly tight and prices high, keeping younger buyers from home ownership.  

Analysis shows general dissatisfaction with high taxes across different demographic groups, with more Americans examining their life opportunities and outcomes in the face of their tax burden. Dissatisfaction is reflected in shifting investment trends and migration patterns, which could have significant long-term impacts on regional economies and elections.

Recent online discussions reflect a general dissatisfaction and frustration with the current economic situation, particularly around rising prices. There is a clear demand for more effective communication from the government and corporations about measures to manage inflation and stabilize prices. The online discussions provide a rich insight into the public sentiment and concerns regarding the current economic situation, particularly focusing on inflation and price changes. A few key themes emerge from these discussions:

Frustration over Rising Prices

Many online users express dissatisfaction with the continued increase in the prices of goods and services, with specific mention of gas prices and the subsequent impact on other sectors such as fast food and retail.

Lack of Trust in Corporations

There is significant sentiment expressing distrust towards corporations like Walmart and McDonald's, with users questioning why prices have not dropped now that gas prices have been lower for over a year.

Concern Over Real Estate Market

Concerns over the stability of the real estate market, particularly in high-value areas, are evident. Users are worried about the potential impact of environmental factors (like climate change) on property values and safety.

Uncertainty and Anxiety

There is a general sense of uncertainty and anxiety about the future, particularly concerning economic stability and the potential for increased inflation.

Skepticism Towards Biden and Media

There is skepticism towards the claims made by Biden and the media regarding the state of inflation. Users are eager for tangible evidence of improvement.

Messaging

Increasing Sentiment on Inflation Getting Better:

1. Tangible evidence of price decreases, especially in essential goods and services.
2. Positive news about economic recovery and job growth.
3. Clear communication from the government about measures taken to control inflation.

Decreasing Sentiment on Inflation Getting Better:

1. Continued increase in prices of goods and services.
2. Negative news about the economy or job market.
3. Lack of clear communication or perceived inaction from the government on inflation.

Talking About - Economic Issues & Inflation

Sentiment - Economic Issues & Inflation

American voters have an unhappy view about the job market and general state of the economy. Conversations online boil down to two indicators:

1. Distrust in the economic reporting
2. How the government spends money

Americans remain skeptical about the job reports, with claims that half of the jobs are "fake" and the other half being government jobs. They also express concern about the lack of new jobs for native-born Americans since 2018. This sentiment could be indicative of wider concerns about unemployment, underemployment, and the overall health of the job market.

Online conversations support this a pattern of the top discussions:

1. Concerns about job security and employment prospects, especially for native-born Americans
2. Doubts about the accuracy and reliability of government-provided statistics
3. Belief in the recovery and stabilization of the labor market
4. General interest in economic matters, with specific focus on employment rates and the health of the job market
5. The broader context of political discourse, with jobs and the economy being key issues in political campaigns and policy-making

Bipartisan Disapproval

Democrats' comments seem to focus more on dissatisfaction with the current tax system, advocating for reform and suggesting that wealthy individuals and large corporations are not paying their fair share. They also express concerns about how tax money is being spent, particularly with regard to funding wars.

Republicans' comments reveal a similar dissatisfaction with the tax system, but from a different angle. They mention the burden of taxes on the middle class and business owners, and they express frustration with how tax money is spent. They also seem to be against high taxes and are more likely to suggest tax cuts or reforms that reduce taxes.

Independents' comments are a mix of the above. They express frustration with the complexity of the tax system, the perceived unfairness of the distribution of tax burdens, and the misuse of tax money. They also discuss the impact of taxes on various groups, including the homeless and the self-employed. Some Independents seem open to both tax hikes for the wealthy and tax cuts for middle-income earners and businesses.

Media Narrative Support

Online conversations appear to be sustained by assistance from traditional approaches; online discussions peaked on Jan 10, Jan 18, Jan 25, Feb.

• Jan 10: several articles about Biden adding 14 million jobs
• Jan 18: Biden tweets about adding 14 million jobs
• Jan 25: several articles and Nancy Pelosi tweet about adding 14 million jobs
• Feb 1: jobs report bolstered by traditional media

Talking About - Jobs, Economic Issues (Joe Biden)

Approval - Jobs, Economic Issues (Joe Biden)

A recent Media Intelligence Group (MIG) report on public sentiment regarding the US economy reveals a nation split along partisan lines. Supporters praise the administration for allegedly reducing unemployment and achieving GDP growth. But critics blame Biden for rising inflation and interest rates that threaten the middle class.

One sentiment that crosses the political divide is that many people feel their financial situations are becoming strained in the current economy. The report highlights Americans worries about the impact of continuously climbing interest rates on mortgages and car loans.

Today auto loan defaults are surging, and mortgage rates hover around 7.5%. Households are struggling with the higher threshold for borrowing. Despite the administration touting positive economic indicators like a 4.9% GDP growth in Q3 2022, many of the voting population still express fear and uncertainty. MIG data shows that Joe Biden's approval rating dropped to a concerning 35% during the second week of October.

Biden critics point to inflation reducing real incomes and an accumulating public debt burden as indicators of economic mismanagement. But Biden supporters credit policies like the Inflation Reduction Act for spurring investment and job creation. In general, sentiment appears aligned with political affiliations but the overall sentiment towards the economy in 2023 is negative.