Debt Has Become a Political Issue in Biden’s Economy
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Key Takeaways
- American attitudes towards their financial struggles are largely negative, with critical drivers being inflation, corporate greed, and political dissatisfaction.
- There are many references to Joe Biden and economic struggles in swing states, suggesting a potential geographic pattern where voters may feel the most impact.
- Other demographic trends are more difficult to ascertain as topics of rising costs and financial struggles are evident across all groups.
Our Methodology
Demographics
All Voters
Sample Size
47,000
Geographical Breakdown
National
Time Period
7 Days
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.
Recent reports of increasing credit card debt and delinquencies are indicative of continuing economic hardships for Americans. Debts are reaching higher highs in quarterly reporting for both Q4 2023 and Q1 2024. Specifically, delinquency is increasing for maxed‑out borrowers. There’s a feeling of unavoidability towards debt in MIG Reports data, which also shows increased discussions over time with a decrease in sentiment.
On the topic of personal finances, which includes credit card debt and late payments, there are numerous viewpoint trends and demographic patterns.
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What Americans Are Saying
Discussion trends mainly orbit around the surge in prices, especially for consumer goods like food and fuel. Most Americans say these significantly contribute to their financial distress. Inflation realities, rising housing prices, and cost of living are prominent in these discussions.
Terms like “inflation” and “corporate greed” frequently appear in voter discussions, indicating dissatisfaction with the current economic situation under Biden’s administration.
General sentiment within these discussions leans negative. Most people express frustration, anxiety, and dismay over rising costs. They also decry the lack action by corporations and the president.
A noteworthy pattern across multiple discussions is the relationship between price rises and political leadership. Many voters routinely blame the political establishment for their financial woes – especially the current administration. However, a very vocal segment of voters denies any correlation between the two.
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Demographic Trends
Rising costs and financial struggles are a common conversation across age groups and socioeconomic status. Detailed nuances between demographic patterns aren't explicitly clear from the data. However, recurring references to Joe Biden and swing states, suggest a potential geographic pattern of swing state voters feeling a greater impact from rising prices.
There are many mentions of credit card debt rising, indicating Americans’ increasing reliance on credit to manage their expenses. Late payments on car loans, rent, or mortgages, indicate increased financial distress for many demographic groups.
Those in lower-income brackets or in precarious work situations might be hit harder by the rising costs of essential items like food and energy. Similarly, demographics living in areas where housing prices are falling, amid an inflationary economy, may find themselves struggling with contradictory economic pressures more than their counterparts in other states.
Consumers sometimes blame corporate greed for price hikes, linking increased profit margins for large supermarkets to inflation. This is also a talking point frequently presented by the Biden administration, suggesting voters should place more blame on corporations than on politicians. Others feel increased prices are a result of improved quality, indicating a split in sentiment regarding the cost of goods.
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