Americans Can’t Afford Homes, They’re Not Buying Rate Cuts
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Key Takeaways
- Skepticism about rate cuts dominates public sentiment, calling them politically motivated.
- A minority of voters see rate cuts as a positive step toward economic growth and housing affordability.
- Rising costs of living, inflation, and economic inequality are central concerns, fueling a narrative of distrust toward the government.
Our Methodology
Demographics
All Voters
Sample Size
12,000
Geographical Breakdown
National
Time Period
1 Day
MIG Reports leverages EyesOver technology, employing Advanced AI for precise analysis. This ensures unparalleled precision, setting a new standard. Find out more about the unique data pull for this article.
Days prior to Fed Chair Jerome Powell’s announcement of a 0.5% rate cut, many reports speculated about the impending announcement. Americans just before the announcement, Americans were expressing outright skepticism and frustration at the idea.
Today, the national mood reflects widespread dismissal, with many questioning the government’s motives and doubting the effectiveness of Fed interventions. While there is scant support for the rate cut—though not wholesale support for the Fed—it is overshadowed by concerns interventions are politically motivated. Many say government actions primarily serves corporate and political interests rather than struggling Americans.
The Federal Reserve cut interest rates massively, just 48 days ahead of the election. Thank god for the independence of the Fed! 😅
— Vivek Ramaswamy (@VivekGRamaswamy) September 18, 2024
Funny how some of us last year predicted exactly this would happen.
Americans Not Buying It
Skepticism is the dominant theme across both housing and economic conversations. MIG Reports analysis shows 66.7% of voters view the rate cuts as a political maneuver designed to boost the economy ahead of upcoming elections.
In housing-specific discussions, skepticism focuses on the belief that rate cuts will benefit corporations more than ordinary families. Across multiple data sets, concerns about affordability, rising housing costs, and inflation surface repeatedly. This fuels feelings that the government is out of touch with the everyday challenges facing Americans.
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Supportive-ish Tones
Though skepticism is dominant, there is a smaller but notable group—around 21% to 31%—who view the rate cuts positively. These voters say interest rate cuts are a necessary step to stimulate economic growth and help families.
However, even within this more optimistic group, concerns about broader economic issues and banking turmoil remain. This suggests fragile public trust in government initiatives.
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Day Late, Dollar Short
The conversations also consistently highlight inflation, economic inequality, and housing affordability. Americans across various online discussions express frustration at the rising cost of living. They voice frustration about everything from groceries to healthcare rising in costs and becoming unaffordable.
Many argue government and Fed intervention, including rate cuts and housing assistance proposals, fail to address the root causes of these problems. Some say these supposed “fixes” often worsen problems by benefiting corporations and government more than average citizens. This sense of economic insecurity reinforces a narrative of distrust, where political decisions are perceived as disconnected from the needs of ordinary people.
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