Inflation, Taxes, Job Competition: Americans Face a Tough Economy
July 10, 2024.png)
Key Takeaways
- Current American economic sentiments are deeply tied to inflation, taxation, and job security, reflecting widespread frustration and distrust in Biden’s economy.
- These topics not only shape public opinion but also influence voter behavior, presenting opportunities for political campaigns to sway undecided voters.
- Many Americans think about the Trump-era economy with nostalgia and longing, hoping to return to policies enacted during that time.
Our Methodology
Demographics
All Voters
Sample Size
73,000
Geographical Breakdown
National
Time Period
6 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.
MIG Reports data shows recent online discussions about economic hardships with inflation as a critical point of anxiety. Several key topics are frequently discussed among Americans as they react to their current economic struggles.
Many Americans are feeling significant cost increases day to day—particularly for essential items like food, gas, and housing. A lot of people point out this inflation disproportionately affects the middle and lower classes. Sentiment is frustration with anxiety about financial stability and the future.
.png)
.png)
Top Concerns for Americans
One of the big worries voters discuss is taxation. There is growing frustration about the fairness of the current tax system. Some critics—often on the left—say it favors the wealthy and large corporations at the expense of the middle class.
Higher taxes, particularly under Democratic policies, make people feel burdened as they are already struggling. Both working-class Democrat voters and right leaning voters have complaints about taxes on the middle class.
Employment and job security are also significant themes. People worry about corporations outsourcing American jobs, as in the case of Zoom cashiers in New York City. They also talk about the impact of union policies on job availability for blue collar workers.
Job concerns are intertwined with fears about the sustainability and dignity of the American middle-class workforce. Many middle- and working-class Americans worry about losing their jobs or not being able to find a job.
High inflation remains a top concern as well. Voters believe inflation rates are unacceptable and unsustainable. The rising cost of living, particularly groceries and housing, puts a significant strain on household budgets.
High interest rates also create a barrier for most Americans to purchase homes. This further adds to economic anxiety. Many voters also express displeasure with high gas prices, which have a cascading effect on their overall cost of living.
.png)
Dissatisfaction with Bidenomics
American families feel frustration, distrust in leadership, and a desire for change. Trump supporters are particularly vocal about reversing current policies they believe are detrimental to the economy. They dislike Biden policies they see as affecting fuel prices and border security.
Many argue Biden administration policies are increasing economic strain by exacerbating inflation and increasing layoffs. There is a distinct shift among some undecided voters and potential Biden defectors. They express sharp dissatisfaction with how Biden has handled the economy.
Talk about tangible economic outcomes which a second Trump administration might bring is increasing Trump’s support. Exasperated voters reminisce about the successes of his previous administration. They cite lower taxes, reduced regulation, and economic growth and appear to be attracting undecided voters and others dissatisfied with Biden.
Another positive discussion point is Trump’s proposal to exempt tips from tax. Many Americans hope for a return to policies that benefit the middle class. They want leaders who will address specific pain points like inflation and job security.
Conversely, Biden’s support drops with any spotlighting on his economic failures. Reminders of persistent inflation, high taxes, and a poor job market disheartens voters about his capability to manage the country's economy.
Stressing the immediate and visible impacts of pressing economic issues on everyday life resonates with those feeling the pinch in their own finances.
.png)
.png)
.png)
.png)
.png)
.png)
.png)
.png)
.png)