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.

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.

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.

The evolving landscape of digital currencies brings together perspectives from many voting groups. From conservative, small-government voters to progressive, anti-establishment advocates, many Americans are bullish on digital assets. However, as governments explore the implementation of Central Bank Digital Currencies (CBDCs) or other forms of regulated digital currencies, crypto advocates are vocal in expressing their concerns, and skepticism.

CBDCs are digital assets that use blockchain in a similar way to Bitcoin or Ethereum. However, CBDCs are also owned and controlled by the government. Because digital assets are completely trackable and transparent, many fear a government issued digital currency would threaten financial autonomy.

Many in the crypto community fear the actions of figures like Fed chair Jerome Powell and SEC chair Gary Gensler. They suspect politicians and government officials who have an investment in protecting the financial system status quo will work to impose greater strictures on cryptocurrencies. They also fear the potential of these figures to push a government controlled digital currency, despite their claims that the U.S. has no such plans.

Why Americans Like Decentralized Currencies

The traditional banking system in the United States, sometimes called “TradFi,” is often viewed through a lens of skepticism and distrust. Many Americans mention private banks and the Federal Reserve in relation to corruption, lack of transparency, and political scandals. A growing number of Americans suspect TradFi institutions of being complicit in unethical behavior.

Cryptocurrencies like Bitcoin, on the other hand, are seen by some as a potential antidote to the corruption and inefficiency of traditional banks. The decentralized nature of cryptocurrencies promises a level of transparency and freedom from central authority. This appeals to Americans who are disillusioned with conventional financial systems.

However, this optimism can sometimes be tempered by volatility in crypto markets and regulatory uncertainty in the U.S. for digital currencies. Many who view the Federal Reserve, the SEC, and the IRS negatively voice concerns about government overreach. Crypto supporters often cite these agencies as a key reason for their support of decentralized finance.

The traditional banking system is highly regulated, which portends providing a level of security and protection for consumers. However, many voters view this regulatory framework as overly bureaucratic, slow to adapt to new technologies, and exploitative of Americans’ finances.

In contrast, the relatively unregulated nature of cryptocurrencies presents both an opportunity and a risk. Many say the appeal lies in crypto's innovation and the promise of financial sovereignty.

American Views of a Potential CBDC

Much of the crypto community prioritizes privacy and sovereignty over government sponsored consumer protections. These advocates, often supporters of privacy-focused coins like Monero, perceive CBDCs as tools for enhanced government surveillance.

Pro-crypto voters argue a state issued digital currency would erode financial privacy by enabling real-time tracking of individual transactions. Privacy advocates vocally resist and criticize the potential implementation of CBDC.

Many are also skeptical about involving regulatory bodies like the SEC in the crypto space. Recent controversies around figures like Gary Gensler and Joe Biden have fueled distrust. Many believe regulatory bodies unfairly favor certain crypto projects who play ball with regulators and stifle genuine innovation.

Crypto has a strong base among libertarians who advocate for minimal government intervention in personal finances. There are also many anti-establishment Democrats and progressives who want to oppose big banks and promote financial inclusion. Across political divides, crypto voters see blockchain assets as tools for financial freedom and decentralized ownership. CBDCs, being state controlled, are seen as antithetical to these ideals.

Democrats Emerge as Adversaries to Crypto Voters

Democrats take a cautious approach towards cryptocurrency, often advocating for strict regulations. They emphasize the need for robust regulatory frameworks, which the claim will protect consumers. Democrat politicians express a desire prevent financial crimes and ensure the benefits of crypto are equitably distributed. However, this stance is often diametrically opposed to the principles of sovereignty and ownership that many in the crypto community subscribe to.

Republicans are widely perceived as more pro-crypto than Democrats. They tend to view blockchain technologies as an embodiment of free-market principles and innovation. They are more likely to advocate for a regulatory environment fostering growth and minimizing government interference. For this reason, even Democratic crypto voters voice support for pro-crypto Republicans.

Cryptocurrency has rapidly evolved from a niche technological curiosity into a global financial phenomenon, rapidly increasing in interest to American voters. Some reports suggest 40% of Americans own crypto in 2024, which is a 10% increase since 2023. The debate over whether tighter regulations should be imposed on the crypto industry has become a pivotal issue, potentially influencing political alignments.

How Different Demographics View Cryptocurrency

Millennials and Gen Z are generally more tech-savvy and open to adopting new technologies, including cryptocurrencies. They view crypto as an innovative financial tool offering decentralized control, financial inclusion, and the potential for significant returns on investment.

This group tends to be skeptical of heavy-handed regulations. They favor a balanced approach to protect investors without stifling innovation. Young voters often argue excessive regulation could drive crypto activities underground or push them to more crypto-friendly jurisdictions.

Libertarians and free-market proponents also view cryptocurrency positively. They see it as a means to promote individual freedom and financial sovereignty. They appreciate the decentralized nature of cryptocurrencies, which aligns with their ideology of minimizing government intervention in personal and financial affairs. This group is almost universally skeptical of tighter crypto regulations.

Individuals from traditional financial backgrounds and older generations often have a more skeptical view of cryptocurrencies. They may perceive crypto as volatile, risky, and lacking in intrinsic value. Concerns about fraud, money laundering, and the absence of regulatory oversight further fuel their wariness.

Older voters are more likely to be in favor of tighter regulations. They argue stringent regulatory frameworks are necessary to protect investors, ensure market stability, and prevent illicit activities.

Progressive and socially conscious voters have a nuanced view of cryptocurrency. Many acknowledge its potential to democratize finance and provide financial services to the unbanked. However, they are also concerned about environmental impacts. They support some regulations like environmental and social protections. However, this group likely would not support regulations that hinder cryptocurrency’s goal of financial inclusion.

Pro and Anti-Crypto Political Figures

A pervasive sentiment among the American crypto community is one of skepticism and distrust towards politicians and government officials who criticize crypto and advocate for stricter regulations. Many of these figures tend to be aligned with the Democratic Party, causing pro-crypto voters to express disapproval.

Gary Gensler

May crypto investors criticize SEC chair Gary Gensler's intentions and actions. They say Gensler's SEC has adopted an overly stringent approach, categorizing nearly all cryptocurrencies as securities. This regulatory stance is seen as stifling innovation and placing undue burdens on crypto companies. There are also concerns about impartiality and fairness in the regulatory process.

The decision-making process for approving Spot Ether ETFs has also drawn significant attention. Gensler's role as a pivotal vote in a 5-person panel underscores the weight of his influence. Many view this as an opportunity for Gensler to either redeem himself or further entrench his reputation as an obstructive force against crypto.

Politician Stances

In general, Republicans are seen as more pro-crypto than Democrats. Politicians like Donald Trump and Senator Cynthia Lummis receive praise for their advocacy of cryptocurrency. Despite Trump’s historical comments expressing skepticism towards crypto, his recent attempt to court the pro-crypto voting constituency seems well received.

Politicians like President Joe Biden and Elizabeth Warren frequently face criticism for their anti-crypto stances. Elizabeth Warren especially is known as an anti-crypto crusader who ignites the ire of many in the crypto community.

• Overall approval for crypto among Americans is relatively strong, reaching a high of 55% in the last week.
• Donald Trump also regularly gains higher support on crypto than Joe Biden, averaging 52% in the last week to Biden’s 50%.

Democratic Politicians Are Losing the Crypto Vote

Many Democrat voters who are pro-crypto express significant disillusionment and frustration towards Democrat politicians who oppose or seem indifferent to cryptocurrencies. Voters view these politicians as hindering financial innovation and inclusion.

There is a call among Democratic voters for political realignment based on crypto policies. They advocate for supporting candidates who are explicitly pro-crypto, even if it means crossing party lines. Pro-crypto Democratic voters acknowledge that Republicans are generally be more pro-crypto. They suggest crypto should transcend partisan politics and become a central voting issue.

Pro-crypto Democrat voters are also engaging in strategic advocacy and lobbying efforts to influence policy. They actively participate in discussions and campaigns aimed at educating and persuading both the public and lawmakers about the benefits of cryptocurrencies.

Potential Election Impact from Crypto Voters

A growing crypto voter constituency is poised to impact the 2024 election, especially for Democrats who push for stronger regulations. The rising prominence of cryptocurrency and the evolving regulatory landscape seems to be making this an increasingly important issue.

Pro-crypto voters are likely to support candidates who advocate for a more lenient regulatory framework that encourages innovation within the crypto space. Crypto enthusiasts often view increased regulation as an impediment to the decentralized ethos of cryptocurrencies.

This group is likely to vote for candidates who promise to minimize government intervention in the crypto market. The narrative around figures like Gensler, Biden, and Warren, could further galvanize this group against regulatory-heavy candidates.

Younger voters who are tech-savvy and more likely to engage with cryptocurrencies may support candidates who are open to integrating blockchain technology into broader economic systems. They might favor candidates who propose innovative uses of crypto and blockchain while ensuring consumer protection, striking a balance between innovation and regulation.

Because Republicans have been more favorable towards less regulation, they can likely attract pro-crypto voters who fear heavy-handed government intervention. Voters who are wary of cryptocurrencies due to their volatility and association with fraud may support candidates advocating for strict regulations or even restrictions on cryptocurrency trading. However, this group does not seem to prioritize crypto policy as highly as pro-crypto voters.

A recent pivot by the Securities and Exchange Commission (SEC) and the Biden administration regarding the approval of an Ethereum ETF (Exchange-Traded Fund) has the crypto community buzzing. On Wednesday, speculation suddenly started whirling that an ETH ETF, which many saw as an extreme long shot, was rapidly becoming a sure thing.

The shift comes amid a broader regulatory landscape in which pro-crypto Americans feel adversarial towards Gary Gensler’s SEC and anti-crypto Democrats. This rivalry includes the contentious FIT21 Act, which aims to clarify the regulatory framework for cryptocurrencies and digital assets. A surprisingly bipartisan vote to approve FIT21 sent the rumor mill churning.

Have Democrats Actually Changed Their Minds?

Cryptocurrency enthusiasts and libertarians are mostly positive about the SEC's pivot from decidedly against crypto to sparking rumors an ETH ETF is imminent. This group has long advocated for the mainstream acceptance of digital assets, viewing the potential approval of an Ethereum ETF as a step towards legitimizing cryptocurrencies.

However, most remain skeptical that recent wind changes come from genuine support for crypto. They voice suspicions that Democratic politicians rather seek to avoid upsetting voters prior to the 2024 election.

Banks May Own Politicians

Many people praise the FIT21 Act and criticize regulatory figures like SEC Chair Gary Gensler. They perceive his outspoken opposition to FIT21 as an attempt to stifle innovation and pander to banks. Some even view the SEC and Biden administration’s newfound acceptance of crypto as an indication they are receiving pressure from banks. There is speculation that banks want to participate in crypto gains – and that politicians respond more to banks than voters.

Voters May Make Themselves Known

Others highlight the importance of crypto in the upcoming presidential election. Instead of pressure from banks interested in joining the crypto upside, this group believes crypto voters could be a decisive factor for Biden's campaign. This is especially true as the president continues to hemorrhage support from pro-Palestine Democrats and blue-collar Americans.

• Wednesday’s rumors Gensler would approve an Ethereum ETF likely account for his brief bump in approval over the last few days.
• Gensler’s approval reached a high of 53% as conversations gained steam about bipartisan votes and the possible ETF approval.

Partisan Views of the Issue

Many see recent shifts as a rebuke of what they perceive as overreach by regulatory agencies under the Biden administration. Comments from GOP figures and their supporters often frame the issue in terms of economic freedom and innovation. The enthusiastic support from Republicans reflects a broader GOP strategy to position themselves as champions of financial innovation and deregulation.

Progressive and Democratic voters tend to be more critical of the SEC's new position and the FIT21 Act. They echo concerns raised by SEC Chair Gensler about potential regulatory loopholes and undermining investor protections.

Financial industry professionals and analysts have a mixed but generally cautious perspective. They recognize the potential benefits of a regulated Ethereum ETF but are also mindful of the complexities involved in integrating cryptocurrencies into the traditional financial system.

Biden Admin and Crypto

The relationship between American crypto holders and the Biden administration has been fraught with tension. The prevailing sentiment towards Biden and Democrats is overwhelmingly negative. Crypto enthusiasts on the left and the right express frustration and anger, perceiving the administration's stance as overly restrictive.

Many crypto holders feel the administration, through Gary Gensler's leadership at the SEC, is creating unwarranted roadblocks. There is a palpable desire among crypto holders for a change in leadership at the SEC. His stance is often described as anachronistic, with critics arguing existing securities laws, which are nearly a century old, need updating.

Recent bipartisan votes suggest discontent with Democratic crypto policies is not confined to a single political ideology but spans across the political spectrum.

Playing Catchup with Crypto Voters

Many suspect President Biden is shifting his stance on crypto to accommodate younger voters – who largely disapprove of him. With broader political shift towards more crypto-friendly regulations, people attribute this to an attempt to win over voters.

The administration's perceived hostility towards crypto is increasingly viewed as a contributing factor to his disapproval. Especially given the high level of engagement with digital assets among younger demographics.

In addition, political figures like former President Donald Trump, have begun to embrace crypto more openly. Trump's campaign even accepts crypto donations. This move, which is perceived as an attempt to appeal to the crypto community, seems to be welcomed.

Despite some expressing skepticism that Trump truly embraces crypto, most seem willing to believe he won’t actively fight against it. The Biden administration, by contrast, continues to solidify its reputation of being antagonistic towards crypto holders. It remains to be seen whether voters will accept a pro-crypto pivot from Biden as readily as they have from Trump.

Kentucky Rep. Thomas Massie recently garnered attention by introducing a bill aimed at abolishing the Federal Reserve, calling it the "End the Fed" bill. The bill sparked a range of reactions among voters and political commentators.

A poll Massie posted on X attracted more than 115,000 participants with 86.6% responding in favor of ending the Federal Reserve. Massie’s announcement of his bill the following day then sparked energy and excitement among anti-establishment voters.

Should I introduce a bill to abolish the Federal Reserve?

— Thomas Massie (@RepThomasMassie) May 15, 2024

Arguments Against the Federal Reserve

Many Americans argue abolishing the Federal Reserve (Fed) would restore economic control to individuals and states. There is a strong wish that ending the Fed would also lead to the abolition of federal taxes, allowing states to manage their own financial affairs better.

Much of the conversation centers on the idea of returning to the gold standard, suggesting many supporters believe in the intrinsic value of gold over fiat currency. Vocal cryptocurrency supporters also frequently speak up in favor of abolishing current financial systems, including the Federal Reserve.

Some voters draw parallels between the current financial system and historical examples of debased currencies, say it reminds them of, “Rome nipping off pieces of silver from every tax coin."

Support for Massie’s End the Fed Bill

Libertarians and fiscal conservatives form a significant base of support for Massie's bill. These groups have long criticized the Federal Reserve for its role in monetary policy, which they believe contributes to inflation, economic instability, and undue government influence over the economy.

Most libertarians see the Federal Reserve as an unconstitutional entity which distorts free-market economics. They draw parallels between Massie and Ron Paul, a former congressman known for his staunch opposition to the Fed.

There are vocal accusations that the Fed only serves the interests of the wealthy elite at the expense of ordinary citizens. Many also feel completely helpless and at the mercy of runaway inflation – a subject which plays into larger negative sentiments about the economy and jobs.

Massie's supporters often express disillusionment with the Federal Reserve's recent actions, such as printing stimulus checks and raising interest rates. They see the bill as a necessary step in addressing what they perceive as financial mismanagement and economic manipulation.

Apprehension About the Bill’s Practicality

While some moderate conservatives are sympathetic to the notion of reducing Federal Reserve power, they express concerns about the practical implications of abolishing the institution.

This group questions what would replace the Federal Reserve and who would manage interest rates and monetary policy in its absence. Rather than total abolition, they advocate for significant reforms to increase transparency and accountability within the Federal Reserve.

Those who express skepticism or seek further clarification about the implications of abolishing the Fed frequently ask questions like:

• "What will Ending the Fed do?"
• "Who would set interest rates after the Fed is abolished?"

These voters are not necessarily opposed to Massie's proposal but are concerned about the practicalities and potential fallout of dismantling such an entrenched institution.

Opposition to Ending the Fed

Many voters who support government institutions are deeply skeptical or outright opposed to the "End the Fed" initiative. They often cite concerns about economic stability and the lack of viable alternatives.

This group fears abolishing the Federal Reserve could lead to economic chaos. They argue that while the Federal Reserve is not perfect, it plays a crucial role in managing the economy.

However, some critics emphasize the need for a more informed debate on the issue. They suggest proponents of the bill lack a deep understanding of economic history and the complexities of monetary policy.

The Senate voted overwhelmingly to repeal SAB 121, which requires banks to place crypto assets on their balance sheets. The 60-38 vote suggests a bipartisan pushback against the SEC's approach to digital assets but is also generating discussion and disagreement.

Overall, Americans seem to feel a blend of optimism about technological innovation, concerns about regulatory overreach, and a growing recognition of digital assets' potential impact on the economy and society.

There is a noticeable call to promote pro-crypto representatives regardless of political affiliations. Most voters seem to believe the real battle is between corporations and the people, rather than a simple red versus blue political divide when it comes to crypto.

Americans Are Growing Bullish on Bitcoin

A substantial increase in cryptocurrency ownership shows 40% of American adults now own crypto. And the growing number of crypto holders worry stringent regulations could hinder innovation and drive crypto businesses out of the U.S. They argue legislation should involve more input from industry experts to ensure balanced and effective regulation.

Some people discuss potential risks and benefits of crypto. There are concerns about government control over digital currencies and how it might impact individual freedoms. Cryptocurrency is also highlighted as a hedge against inflation and currency devaluation, a topic that is particularly negative for the Biden administration.

Several high-profile Democratic senators, including Sen. Booker, Sen. Casey, Sen. Tester, and others, broke from the Party’s typical stance. The notoriously anti-crypto Biden/Gensler/Warren alliance seems to be facing a shift among Democratic voters towards a more pro-crypto stance.

Republicans May Become the Party of Crypto

Despite a bipartisan vote in the Senate, there are disagreements about whether crypto is truly a bipartisan issue. Some suggest Democrats fear losing donors more than they embrace cryptocurrency.

No crypto is most certainly is not a “bipartisan issue”.

Biden is a democrat, Gensler is a democrat, Elizabeth Warren is a democrat. The entire push to harm this industry has come from democrats.

The fact that a tiny handful of dems got afraid of fundraising numbers & voted… https://t.co/XQ9HqkYp9T

— Bruce Fenton (@brucefenton) May 17, 2024

Most of the politicians who are perceived as enthusiastically pro-crypto are Republican. This pushes many voters to conclude that Democrats, despite their words, are not ardently invested in digital assets.

A tweet from the popular crypto publication Bitcoin Magazine highlights its CEO David Bailey for working with Donald Trump's campaign to shape a Bitcoin and crypto policy agenda. This seems to encourage voices advocating for a president supportive of Bitcoin.

JUST IN: Bitcoin Magazine's CEO David Bailey has been working with Donald Trump's campaign to develop their #Bitcoin and crypto policy agenda.

It's time for a pro-Bitcoin President 🇺🇸 pic.twitter.com/TQs5S0bf38

— Bitcoin Magazine (@BitcoinMagazine) May 11, 2024

Former President Trump has recently spoken of himself as the best and only option for voters who prioritize the issue of cryptocurrency. He said, “If you’re for crypto, you better vote for Trump.”

“I’m good with Crypto. If you’re for crypto you better vote for Trump.” pic.twitter.com/3ScdE0TfPR

— Autism Capital 🧩 (@AutismCapital) May 9, 2024

Backlash Against Anti-Crypto Politicians

Meanwhile, politicians like Elizabeth Warren and Joe Biden face widespread criticism for their stance on crypto. Many people feel that anti-crypto policies are detrimental to financial inclusion and innovation, along with worsening already poor economic conditions and fiscal policy.

Supporting anti-crypto policies could materially impact Biden's support, especially among younger and independent voters who are more likely to own crypto. There is a sentiment that Biden could lose votes in the presidential election over the issue of crypto, even from voters who might otherwise voter for him.

Americans seem largely negative towards Elizabeth Warren and Joe Biden regarding their anti-crypto policies. Gary Gensler the SEC Chairman also faces criticism for his comments and policies regarding crypto regulation.

There is also a vocal push from Bitcoin supporters who are warming to the idea of a pro-Bitcoin president, criticizing Biden’s promise to veto pro-crypto resolutions.

Accusations of Hypocrisy and Elitism

Another common criticism toward politicians like Elizabeth Warren and Joe Biden is their crypto policies are "anti-freedom." There are accusations of communism, hypocrisy, and suggestions that they want to maintain their positions in a modern plutocracy.

Many voters mention Warren's wealth and accusations of insider trading. They believe she is aligned with major financial institutions like JP Morgan and is intent on shutting down non-governmental blockchain activities.

Those who view crypto as an opportunity to bring financial opportunity to all and inclusion for the unbanked are some of the harshest critics of rich politicians who push for tighter regulations on digital assets.

Economic Issues

The concept of Universal Basic Income (UBI) has been increasingly popular in recent years as the world grapples with rising living costs, the potential displacement of workers due to automation, and objections to income inequality. UBI is a government program providing every adult citizen with a set amount of money regularly. This stipend is given regardless of a person’s income or employment status. The goal is to provide a basic safety net, reducing poverty and providing financial security.

MIG Reports analysis of online commentary shows people's concerns about taxes, the perception of government misuse of tax money, and the struggle of ordinary citizens to meet their obligations. Many voters are raising questions about the fairness of tax systems, with some claiming they are being “taxed to death.” Many also assert that wealthy Americans are able to evade taxes through loopholes or illegal means.

There is a sense of disillusionment with the government as people complain, "What are you people in government doing with our money?" This signifies a lack of transparency and trust in how tax money is being used. It also suggests a disconnect between the government and the people, with the latter feeling overburdened and underrepresented.

Conversations also touch on the complexities of the current tax system. Some voters find it difficult to navigate, potentially falling into debt as a result. There are also concerns about changes to the tax system during an election year, suggesting a link between politics and financial policies.

Interestingly, some are advocating for illegal activities such as tax evasion and hacking as a form of resistance to unfair treatment. This indicates a level of frustration and distrust, as well as a willingness to resort to breaking the law to alleviate financial burdens.

Overall, American voters are grappling with financial pressures and a mistrust of government handling of taxes. It suggests people are in favor of reforms – whether UBI is a good solution in people’s minds is less clear.

• MIG Reports data indicates sentiment about Economic and Banking Issues is relatively stable.
• However, discussions around more nuanced topics like Monetary Policies and Minimum Wage are more likely to swing.
• This is likely due to lower volume and potentially heated, emotional topics along with newer instruments, such as UBI.

Minimum Wage

Recent discussions of a $20 minimum wage for fast-food workers in California also highly polarizing., There are strong opinions emerging from both supporters and detractors of a higher minimum wage. The situation is further complicated by broader conversations about UBI and the affordability of living, particularly in high-cost areas like California.

Proponents seek to debunk arguments against raising the minimum wage, asserting concerns about businesses being unable to afford the increase are unfounded. This group often frames the increase as a matter of fairness and social justice. They say large corporations can afford to pay their employees more.

Opponents of the wage increase believe it will lead to job losses and business closures. They argue small businesses will struggle the most to afford increased payroll costs. This, they say, will lead to layoffs or even bankruptcy. Critics also suggest the cost of wage increases would be passed on to consumers, leading to higher prices and negating any benefits for workers.

There’s also discussion of the impact of wage increases on poverty levels. Some argue that even with a $20 minimum wage, many workers will still struggle to make ends meet, particularly in areas with a high cost of living. They believe that a more comprehensive solution, like a UBI, may be necessary to truly address poverty and income inequality.

Lastly, there is a narrative of anticipation and observation. Some are keenly watching to see the real-world impacts of the wage increase on employment rates, business performance, and workers' quality of life.

Monetary Policy

The role of the Federal Reserve, interest rates, and the economic impact of UBI also factors into the discussion. This conversation emerges against the backdrop of Fed Chair Jerome Powell's announcement that interest rate cuts are not imminent. The announcement sparked various reactions across the financial and political spectrum.

Some voters express skepticism and frustration towards the Federal Reserve's actions, questioning its ability to manage the national debt. They speculate it could potentially reach a staggering $50 trillion by 2024. However, Powell's stance also raises questions about the feasibility and implications of UBI.

Some argue implementing UBI would require borrowing more federal dollars, inevitably exacerbating the national debt. This is a contentious issue, as many struggling Americans desire immediate financial support, which hampers managing the long-term economic health of the country.

Because UBI is deeply intertwined with broader economic policies and politics writ large, particularly those concerning the Federal Reserve and interest rates, it is likely UBI will remain a divisive topic, especially given previous government aid during COVID.

Recent trouble for certain regional banks has caused some Americans to express their concerns about how banking and interest rates are impacting the economy. A year ago Silicon Valley Banks collapsed, generating fears of another 2008-style financial crisis. This is mentioned today, along with huge losses for New York Community Bank as fearful discussions resume.

The general sentiment towards banks, especially those involved in political and economic decision making, appears to be driven by skepticism and concern.

The Fed and Potential Dollar Collapse

Some Americans express concern over increasing inflation, national debt, and the role that banks and politicians may play in exacerbating the situation. There are also mentions of alleged corruption involving politicians and their bank accounts.

There is also scattered talk about the Federal Reserve, with some Americans expressing doubts about its policies and actions in managing the economy. There are specific concerns about the potential for a U.S. dollar collapse and the role that the Federal Reserve may play in this. Some voters believe that the Federal Reserve and other banks are working together against the interests of small investors.

People concerned with the American financial system often mention Jerome Powell, the chair of the Federal Reserve. Some praise his caution in monetary policy and his approach to interest rates. However, there is also significant criticism, accusing the Federal Reserve of being a private banking system that lies and works against the interest of the average person.

• Banking sentiment online hit a 30-day low of 46% on February 11.
• The 30-day high was 49% on February 26, with relatively high discussion just over 1,000.

Fear About Potential Bank Failures

There is also general concern about the stability of the world financial system. People speculate about the potential for more bank failures and the possibility of the dollar losing its status as world reserve currency. They mention the national debt and the potential for a dollar collapse, pointing to warnings from large institutions like Bank of America.

There's also discussion about inflationary challenges and disagreements about the best monetary policies to maintain stability. People appear to be aware of the complex global economic dynamics at play.

Discussion about potential bank failures often arises alongside concerns about the level of risk-taking by banks, the adequacy of their capital buffers, and the effectiveness of regulatory oversight.

Basel III

Online discussion also touches on banks' opposition to the higher capital requirements proposed in Basel III. Users claim that banks have spent a lot of money lobbying against these regulations.

There is a common thread in the conversation suggesting banks are using their financial power to manipulate politics and the market. Some mention Basel III to make the point that banks have spent a significant amount of money to bribe politicians in their favor regarding legislation. There seems to be a significant level of distrust and skepticism towards the banking sector and its role in shaping regulatory requirements.

Bitcoin Speculation with Increased Financial Skepticism

Many people also discuss the issue of "too big to fail" banks and record-low sentiment following the 2008 GFC. They discuss the moral hazards created by government bailouts for banks. More recently, the discussion has also focused on the potential effects of digital currencies like Bitcoin and fintech companies on the traditional banking system.

Amid Bitcoin hitting new all-time highs, some speculate that digital currencies are a solution that threatens traditional banks. Some also argue about the role of banks and financial institutions in the cryptocurrency market. They compare Bitcoin with traditional banking systems, stating that the latter is corrupt and benefits only large institutions.

There seems to be distrust in the current financial system and the Federal Reserve. These voters suggest the adoption of a CBDC might face resistance from those in the public aware of its implications. Some mention that corruption and money laundering within the banking sector could be mitigated by the transparency and traceability of digital currencies.

It’s not obvious whether political affiliation influences voter opinions about the U.S. banking and financial system. These discussions tend to be skeptical of both government and large corporations, which may be appealing to both right- and left-leaning voters.

While the segment of American voters involved in talk about banks and digital currencies is not overwhelmingly large, most Americans feel the squeeze of rising costs and the discussion is likely indicative of an underlying concern among those who are following current and potential conditions.