During Donald Trump’s X space with Elon Musk, the former president said, “I won't mention the name of the company, but they go on strike, and you go, 'You're all gone.’” MIG Reports data shows voters are discussing potential labor strikes in the context of a struggling economy. American workers are growing more worried about the tension between appealing to leaders who are supposed to fight for the "little guy," while also implementing the policies that create poor economic conditions.

Conversations focus on unions, with themes centered around labor rights, economic policies, and the role of unions in advocating for middle-class and working families. Voters are frustrated but hope for reform and stronger support from political leaders.

Union workers express hope that strikes will lead to meaningful change, pushing the government and businesses to implement policies that better support them. There’s a desire for systemic reform, with a focus on long-term solutions. Workers want to address immediate economic stressors, but also broader issues of inequality and social equity.

In recent years, strikes have increased to levels like those in the 1990s, with almost 459,000 in 2023. And while most American voters sympathize with the struggle of union workers to earn a living wage in difficult economic times, they also worry about the cascading impacts of increased strikes.

Despite unions historically being associated with the Democratic Party, some are concerned that political leaders are willing to endure strikes and poor economic conditions for the working class if they can maintain power.

Fear and Worry About Strikes

Many voters fear the potential impacts of labor strikes. The dominant sentiment in these conversations is one of anxiety over how strikes could disrupt critical industries like manufacturing, healthcare, and education. People worry these disruptions could lead to job losses, higher living costs, and economic instability. There is fear that strikes might trigger inflation, increase taxes, and worsen unemployment, especially in an already fragile economic environment.

Many voters are particularly concerned about how strikes may affect their financial security and day-to-day lives. The immediate consequences of strikes could be severe, leading to an economic ripple effect impacting everything from small businesses to national economic stability. This worry is further amplified by a belief that political leaders may not adequately manage the fallout, potentially leaving ordinary workers and families to bear the brunt of the disruption.

Some of these concerns highlight the potential danger of unionizing more of the workforce for political purposes.

The UAW’s 2028 National Strike Should Center Medicare for All https://t.co/9u6l4pM9x1

— Nicole Fabricant (@nikifab77) April 1, 2024

The surge in strike activity in 2023 is driven by economic factors rather than ideological motivations. Workers are responding to stagnant wages, eroded benefits, unsafe working conditions, and the pressures of inflation. The discontent is exacerbated by soaring corporate profits and high executive pay.

Strikes are seen historically as a necessary tool for workers to address workforce power imbalances and demand fair treatment. However, despite the economic roots of these actions, some fear powerful elites may attempt to frame or manipulate the narrative around strikes for ideological purposes. This would further complicate public perceptions and debates.

Understanding and Support for Strikes

Despite apprehensions, there is also a strong undercurrent of empathy and support for labor strikes in voter conversations. Many people see unions as essential to defending workers’ rights. They believe strikes are necessary to address ongoing issues like poor working conditions, wage stagnation, and the erosion of labor protections.

Supporters feel, without the pressure exerted by strikes, labor issues would likely remain unaddressed, continuing to harm the middle and working classes. This group emphasizes the importance of unions in advocating for worker interests.

There’s a sense of solidarity among those who support strikes and economic justice. Discussions highlight the need for political leaders to align themselves with social justice causes. Voters increasingly support candidates who champion union rights and criticize those who favor corporate interests over the needs of the working class.

MIG Reports data shows increasing conversations about potential U.S. dollar decline, the Laffer Curve, and policy hypocrisy from Kamala Harris. Americans continue to discuss the Biden administration’s fiscal policies and the failure of the Inflation Reduction Act (IRA).

Some say the IRA impacted the U.S. economy positively, but many criticize its results as contradicting its promises. Negative discourse also extends to the Federal Reserve's monetary policy, where inflation, interest rates, and economic management strategies further polarize opinions. Overall, there is growing apprehension about America's economic future.

Many economists utilize the Laffer Curve as a general theory, though it is not an exact instrument. The Laffer Curve illustrates the relationship between tax rates and tax revenue, showing there is an optimal tax rate which maximizes revenue. If tax rates are too low, the government collects less revenue. If tax rates are too high, it can discourage economic activity, also decreasing revenue. The curve suggests both very low and very high tax rates can negatively impact revenue.

Concerns over the implications of analysis using the Laffer Curve highlight these facts:

• 2019 tax revenue per person was $12,628 while tax spending was $16,188
• 2023 tax revenue per person was $13,341 while tax spending was $18,406
• Tax revenue per person increased by approximately 5.65%
• Tax spending per person increased by approximately 13.70%

This increased government spending continues to widen disparities between tax revenue and tax spending. In recent comments, economist Art Laffer also suggested the U.S. dollar may jeopardize its status as the world’s reserve currency saying, “the U.S. government’s use of the dollar as a political weapon, through sanctions and other measures, has eroded international trust in the currency.”

Economist Art Laffer Slams US Economic Policies, Warns of Dollar's Decline as Global Reserve Currency - #Economics https://t.co/rRPRxNCTNT

— Bitcoin.com News (@BTCTN) August 10, 2024

Harris’s Hypocritical Fiscal Policy

Voter sentiment about the Inflation Reduction Act is negative. Many blame current economic struggles on this policy—including high inflation, increased IRS oversight, and elevated costs for goods and services.

VP Kamala Harris, who cast the deciding vote to pass the IRA, regularly attracts criticism in online conversations. People describe the IRA as a political maneuver that, contrary to its name, exacerbated inflation rather than mitigating it. Many people also view it as especially harmful to low-income workers.

Harris also generates extreme negativity for recent claims in a campaign speech that she plans to remove taxes on tips. People accuse her of plagiarism, pointing out that Donald Trump began promoting this concept back in June.

People point out that Harris’s deciding vote on the IRA directly contradicts her new promise. They highlight the policy’s IRS expansions to pursue taxpayers for not paying taxes. They cite that the IRS, under the Biden-Harris administration, rolled out a “tip reporting” program in February to improve tip reporting compliance.

Kamala Harris, who now claims to be against taxing tips, was the tie-breaking vote on the Inflation Reduction Act, which expanded the IRS so it could go after people not paying taxes on tips.

Incredible stuff. The most inauthentic, astro-turfed campaign in history. pic.twitter.com/9Nne61oJPi

— Bonchie (@bonchieredstate) August 11, 2024

Sentiment trends are unmistakably negative when discussing Biden-Harris administration fiscal policies. People associate Harris with increased financial hardship and increasingly accuse her of disingenuous flip-flopping.

The reliability of sentiment analysis is high given the volume and consistency of negative feedback. Common themes include accusations that the IRA was a disguised effort to push progressive agendas rather than control inflation.

Voters complain that targeting tips for tax revenue, as Harris has very recently done, impacts lower income households who rely on tip wages. People allege misallocation of funds under Harris toward initiatives like climate change and say overall tax burdens on middle-class families are increasing.

Partisan proponents of the IRA and the Biden-Harris administration cite lowered prescription drug costs and clean energy advancements as key benefits. Opponents argue these benefits are overshadowed by overarching economic downturn, characterizing the IRA as a net negative.

Trump Versus Harris Tax Policies

The concept of the Laffer Curve influences discussions on tax cuts and their impact on revenue and economic growth. Some also debate fiat currency and the Federal Reserve's role in managing the U.S. dollar. Public sentiment is divided on these topics, as some distrust the Fed's control over fiat money, advocating alternatives like Bitcoin. Many Americans view the Federal Reserve as increasing inflation and debt through money printing, though some also believe it is a stabilizer in financial crises.

Sentiments towards Kamala Harris regarding the economy is largely negative. Voters are skeptical about her promises to eliminate taxes on tips. They see the claims as politically motivated, pandering, and an attempt appropriate Trump's populist policy proposals.

Democratic VP nominee Tim Walz also faces criticism for how he handled Minnesota’s budget surplus. Voters say his tax hikes during surplus periods caused inefficient economic management.

The narrative around Trump's tax policies is nostalgic as voters recall his tax cuts. There is pronounced positivity toward middle-class and small business tax savings. Voters highlight Trump's previous economic measures, like the Tax Cuts and Jobs Act, as significant achievements that benefited the American workforce.

Trump's proposal earlier this year to eliminate federal tax on tips has been positively received by voters. Many suggest this is why Kamala Harris suddenly adopted the idea as well, despite looking hypocritical in doing so. People also lambast the media for how they report on Harris proposing no tax on tips versus how they reported Trump's initial proposal. One stark example gaining criticism is CBS news, which framed it as a tragic loss of tax revenue under Trump then, subsequently, a win for service and hospitality workers under Harris.

What an honest media we have.

SAME policy. Different candidates. pic.twitter.com/PJHcEB5M9y

— Wesley Hunt (@WesleyHuntTX) August 12, 2024

Trending directions indicate an increasing anxiety about the potential for recession. Americans worry about recent stock market crashes, heightened geopolitical uncertainties, and economic policies that perpetuate instability. Voters pay attention to economic indicators like unemployment rates and GDP growth. Any shifts are met with calls for urgent rate cuts to stimulate economic activity.

American discussions about the Biden-Harris administration’s economy are becoming more chaotic as the election nears. Discourse reflects discontent about inflation, government spending, and border control.

Inflation

Inflation is one of the top concerns among American voters. Many believe, regardless of CPI reports, that inflation has reached unprecedented levels under Biden's presidency. There is frequent anguish about increasing grocery prices, gas prices, and overall living costs.

A sense that "everything costs more" dominates many conversations about the economy. People are frustrated over inflation rates, blaming the Inflation Reduction Act (IRA) for failing to curb inflation. People say the IRA only increased government expenditures on initiatives that are non-essential and which Americans do not support.

Spending and Debt

Another significant area of lament is the national debt and fiscal policies. There are regular criticisms of federal spending, arguing Biden's administration has increased the national debt dramatically. Many also say the relief and infrastructure initiatives increasing this spending are not helpful.

This discourse is often intertwined with complaints about government inefficiency and corruption, particularly allegations that funds from the Inflation Reduction Act are being misallocated. Concerns about social welfare programs and their economic impact also feature prominently. Some say Biden’s policies are moving the country towards unsustainable socialist economics.

Discussion is Growing Turbulent

Following the assassination attempt on Donald Trump and Joe Biden dropping out of the presidential race, online discussion has become increasingly volatile. Particularly after July 7, discussion volume and sentiment has fluctuated significantly.

Economic Issues

• Before July 7, fluctuations in discussion volume and sentiment regarding the economy were minimal.
• After, discussion saw up to a 34% decrease, with volumes dropping from an average of 8,602 to as low as 5,670. However, the high after July 7 reached 8,920.
• Sentiment fluctuated more widely, with a 17% increase from an average of 43% to a peak of 50%. The low dropped to 39%, which is a 9.6% decrease from the pre-July 7 average.

Inflation

• Before July 7, fluctuations in discussion volume and sentiment regarding inflation were minimal.
• After July 7, discussion decreased 48%, with volumes dropping from an average of 2,864 to as low as 1,488. The discussion peak was 4,230.
• Sentiment varied with a 26% increase from the average of 43% to a peak of 54% and a low of 39%, which is an 8.6% decrease from the pre-July 7 average.

Border Problems Amplify Economic Problems

Border policy and its economic implications form another substantial part of the discussion. Online commentary frequently highlights dissatisfaction with the current state of border control, blaming the Biden administration for the illegal immigration crisis. Voters argue it burdens taxpayers and strains public resources. These points often include broader critiques of the administration's overall immigration strategy and the economic fallout from it.

Lack of Jobs, Disbelief About Jobs

Critics also voice concerns about job creation and employment. There is a significant amount of skepticism about official job creation statistics under Biden. People say the numbers are misleading. They say gains are from reemployment post-COVID lockdowns rather than genuine job creation. American workers often attribute rising unemployment rates and layoffs to Biden's economic policies, presenting a starkly negative view of the job market.

Government Jobs, the Sole Benefactor

However, not all conversations are critical regarding jobs. Some discussions acknowledge positive outcomes under Biden's administration, such as swift job recovery post-pandemic. Some also appreciate investment in infrastructure and clean energy, and international diplomacy that enhances economic stability. Supporters argue these initiatives have set a solid foundation for long-term economic resilience despite current challenges.

The American public continues to languish in negativity about inflation, a sustained cause for attention and concern. The reality of economic hardship for average citizens causes talk of high prices, financial insecurity, and uncertain futures.

MIG Reports data shows voters are unhappy and fear the country's economic trajectory. While sentiment is polarized, significant blame is directed at the Biden-Harris administration for worsening inflation and mismanaging the economy.

Mortgage applications are down, and loan delinquencies are up, causing many voters to express a sense of despair.

Mortgage applications dropped another 4%, despite rates being at their lowest level since February 2024. pic.twitter.com/jADX1k00u1

— TheStreet (@TheStreet) July 24, 2024

A Dollar Only Goes So Far

Conversations regularly turn to the noticeable increase in cost of living. Voters mention record high grocery prices, high gas prices, housing costs, and recent market crashes. They blame their financial struggles on runaway inflation and the resulting erosion of purchasing power. This, combined with wage stagnation, degrades quality of life.

The Inflation Reduction Act (IRA) is a specific point of contention. Many view it as misleading, criticizing it for exacerbating inflation rather than alleviating it. Those associating the IRA with "reparation-style payments for minority farmers" further fuels debate, as some use it as an example of misallocated resources.

Kamala Harris and Joe Biden receive much of the negativity and blame. Terms like "Kamala’s economy" and "Bidenomics" are used with "economic shambles" and "market downturn." People feel the Biden-Harris administration is causing their current economic woes.

Voters discuss Kamala Harris’s role as VP and often being the deciding vote in passing key legislation like the American Rescue Plan and the Inflation Reduction Act. They view her as a primary cause of the economic challenges they face.

Americans are Demoralized

Voter sentiment is predominantly critical and pessimistic. The use words like "failure," "crisis," "disaster," to describe the Biden-Harris economy. A prevailing sense of displeasure and frustration crosses party lines as Republicans and Democrats both feel the economic hardship. There is a sense of urgency and demand for change with calls to vote for Trump and save America.

The predominant sentiment is that current economic policies are failing. Voters deny Biden’s claims of fixing the economy, calling it an inflation crisis and expressing disillusionment. Most households are concerned about the future, with many comments forecasting continued financial difficulties and a looming recession.

Despite media and Democrats attempting to blame the economy on Trump-era tax cuts, voter call for more cuts. They also say things like, "drill baby drill," suggesting the U.S. tap into domestic oil. Many also say the economic situation could be improved by closing the border.

There are some defending the administration, emphasizing benefits like "capping insulin prices" and "creating good-paying union jobs." However, these voices are fewer and often drowned out by the overwhelming criticism.

Drowning in Debt

Federal Reserve data illustrates the extent of economic hardship Americans are facing. Since 2021, loan delinquency rates have increased across real estate, consumer, and credit card loans. This mirrors complaints average Americans have of rising costs of living and stagnant wages.

Voters blame the Biden-Harris administration for high interest rates and skyrocketing prices. The confluence of economic pressures including poor job prospects and reduced purchasing power makes it difficult for Americans to meet their financial obligations.

As charge-off rates, which is a percentage of defaulted credit, climb, banks are writing off more debts as uncollectible. This is a sign of financial distress that is echoed in public sentiment. The upward trends in the graph parallels voter criticisms, depicting the tangible effects of inflation on people’s finances.

The bleak economic outlook is supported by federal data, validating people’s fears of recession or even depression. 

Implications Going Forward

Rising delinquency and charge-off rates, especially in consumer sectors, suggest potential economic mismanagement. Inflationary pressures caused by monetary policy and reduced purchasing power cause many to demand new leadership. This situation is aggravated by high interest rates, making borrowing more expensive for individuals and businesses.

Increasing reliance on credit and the rise in delinquencies does not inspire confidence among voters. Their high living costs and potential employment challenges could increase loan defaults. This may also lead to a cyclical problem of decreased consumer confidence and economic slowdown.

With mortgage applications down, mortgage loan delinquency increasing, and sustained high real estate prices, American families will not easily afford a home. Business investments may also decrease, and a real estate market crash could spell disaster.

Americans believe worsening financial conditions for both consumers and businesses are critically urgent. Some say rising debt delinquency could be mitigated with better policy interventions. They call for a renewed focus on reducing inflation, stabilizing interest rates, cutting taxes, and improving the job market. Voters want a president who can address these concerns promptly and effectively.

Americans are increasingly feeling frustration and economic apprehension. With volatile markets, high costs for goods and services, and potential wars looming, average families are feeling their wallets pinched. Gas prices are a particular pain point for households across the country that require transportation for work, school, and daily life.

There is an overt longing for a return to economic stability and lower energy costs, often tied to memories of past administrations. People often view Trump as more favorable to domestic energy production, lower consumer prices, and better job prospects.

Against the current economic backdrop, there's growing apprehension about the affordability of gas prices. Americans frequently cite high fuel costs as a major burden on household budgets, further exacerbated by inflation.

A recurring sentiment suggests that Biden administration fiscal policies have majorly contributed to unbearable price hikes. Public discourse often places the blame on increased government spending and policy decisions, claiming they have led to inflationary pressures that spike gas prices. The inflation reduction measures, particularly those tied to major spending bills like the American Rescue Plan, are notably cast in a negative light. Voters say Biden’s policies have not effectively curbed rising living costs but rather fueled them.

There are several factors concerning Americans about gas prices in the near future:

• Inflation continuing to drive prices up across the board.
• Fees from credit card companies being passed on to consumers.
• OPEC setting centralized and ever-increasing prices.
• The potential for war depleting the U.S. oil supply.

Fees and Costs Passed to Americans

Conversations around credit card fees are interwoven with broader economic grievances. Many express despair and anger about surging interest rates and fees charged by financial institutions. They tie this to the broader economic situation and interest rates set by the Federal Reserve.

The sentiment about credit card fees oscillates between anger towards excessive charges and an understanding of corporate responses to regulatory and fiscal changes. Consumers feel squeezed both by high borrowing costs and the increasing cost of everyday goods like gas, creating a compounded stress factor on their financial management.

Sentiment toward companies like Visa and Mastercard seem polarized. There is a begrudging acceptance of corporate roles in the broader economic system—people view them as essential yet increasingly burdensome players.

However, when government policies are viewed as ineffective or detrimental to economic relief, consumers direct anger at these companies. For instance, high credit card fees are cited as a tangible manifestation of financial strain exacerbated by broader economic mismanagement.

Some call for credit card companies to absorb more of the economic stress to alleviate consumer burden. This sentiment stems from a belief that these companies have the capacity to offer more leniency given their massive profits.

The Role of Regulation

Another significant aspect of the energy debate is the role of regulatory policies. Many voters harbor disdain for what they perceive as overregulation, which they say stifles the energy sector and contributes to rising costs. There's a recurring narrative that deregulation, coupled with increased domestic oil production, would mitigate high energy prices and reinvigorate the economy.

Many lament the escalation in gas prices under the Biden administration. They believe Biden’s policies limit domestic oil production in a fruitless effort to shift towards renewable energy sources. The public frequently contrasts these current trends with the lower gas prices under Trump. They call for a return to "energy independence." This term itself serves as a nostalgic touchstone for many Americans, evoking sentiments of stability and lower living costs.

Politics Influences Opinions

Public sentiment about gas prices is also colored by political allegiances. High fuel costs combined with potential war heightens anxiety, feeding into the broader theme of national economic insecurity.

Republicans and conservatives want Trump back in office, viewing his energy policies as favoring traditional fossil fuels over green energy. Democrats and liberals are more likely to argue for a reduced dependency on gas in favor of electric vehicles.

Sentiments also reflect geopolitical dynamics, particularly the influence of oil-producing nations like Saudi Arabia and geopolitical rivals like Iran. Conversations frequently invoke the dependency on foreign oil, especially when discussing the potential for conflict or the strategic maneuvers of international actors.

The dialogue indicates a bipartisan concern over how external pressures and internal policies collectively shape gas prices and, by extension, the broader economic landscape.

Americans are rapidly growing fearful of recession, expressing anxiety and frustration about the economy. There are many online discussions focused on economic issues, fiscal policy, and monetary policy.

Rising inflation, government spending, and the Federal Reserve's interest rate decisions are at the forefront of these conversations. People voice concerns about economic stability and leadership as the economy becomes increasingly chaotic.

Voters trying to navigate these complex topics express a mixture of skepticism, blame, and a desire for effective solutions to stabilize the economy and ensure a prosperous future.

Goldman Sachs economists increased the probability of a US recession in the next year to 25% from 10%, but said there are several reasons not to fear a slump even after unemployment jumped https://t.co/H9GhymtaKZ via @economics @simonjkennedy pic.twitter.com/CfeXl6XF2Y

— Steve Matthews (@SteveMatthews12) August 5, 2024

Economic Issues

Discussion Trends

Many Americans are vocal about the significant rise in consumer prices for necessities like food, gas, and housing. They blame these increases on ineffective government policies from the Biden administration.

The "Inflation Reduction Act" is frequently mentioned as a failed attempt to control inflation, leading to widespread skepticism about the administration's ability to manage a complex economy.

Unemployment is another hot topic, with discussions highlighting recent data showing the highest unemployment rates in three years. There’s a pervasive notion that Americans are working multiple jobs, signaling economic distress. They share stories of the struggles many face to make ends meet. Additionally, housing costs are a significant concern, with frustrations over high mortgage rates and the lack of affordable housing options.

Sentiment Trends

Feelings about the economy are overwhelmingly negative. Many blame the Biden-Harris administration their economic difficulties. They use terms like "KamalaCrash" to express discontent with how Kamala Harris is handling recent turmoil.

Nostalgia for Trump’s economy is prevalent, as some believe he provided more favorable economic conditions. The discussions reflect a deep sense of disappointment, fear, and frustration, underscoring a longing for economic stability and effective solutions to address inflation and job market challenges.

Half of the U.S. is already in recession, the housing market is beginning to roll over, and everyone in the low and middle-income households who did not feel the pressure of high prices in the past due to the fiscal stimulus are now starting to feel the pinch. I recently…

— David Rosenberg (@EconguyRosie) June 28, 2024

Fiscal Policy

Discussion Trends

Fiscal policy is a major point of contention. There are heated debates over government spending, inflation, and economic management. The American Rescue Plan and Inflation Reduction Act are frequently cited as examples of excessive government spending contributing to the current economic woes.

Critics argue these policies have funneled money into initiatives that have done little to control inflation, instead exacerbating it. This perception is reinforced by claims that these acts have funded inappropriate or ineffective projects, contributing to public discontent.

Dramatic stock market plunges are another area of concern. The term "stock market crash" appears repeatedly, fueling fears of a broader economic recession. Employment trends and the job market are central to these discussions, with skepticism about the quality of jobs being created.

Sentiment Trends

The sentiment about fiscal policy is heavily critical, reflecting deep distrust in government actions and failures. There is a strong sense of betrayal and anger, with many feeling taxpayer money is being wasted on ineffective initiatives.

There is widespread criticism of political figures, particularly Vice President Kamala Harris. People accuse her of helping pass significant spending bills, causing economic deterioration.

People frequently mention "KamalaKrash,” painting recent events as caused by the Biden-Harris administration. Although there are mentions of positive steps, such as capping out-of-pocket prescription drug costs, these are generally overshadowed by negative sentiments. The threat of a broader economic downturn looms large, with many arguing current fiscal policies are setting the stage for an economic collapse.

Monetary Policy

Discussion Trends

There is widespread frustration directed at the Federal Reserve's leadership, particularly Jerome Powell. Many blame Powell for mismanaging the economy, calling for his replacement.

There is a sense of urgency for the Federal Reserve to adopt more transparent and proactive measures to address economic challenges. The discourse reflects a deep skepticism towards the Federal Reserve's actions, with accusations of collusion between government fiscal policies and monetary strategies exacerbating public distrust.

Some voters express concerns about international monetary policies, pointing out potential risks for the U.S. economy. They say events similar to those faced by other global economies like Japan could be heading for the U.S.

Sentiment Trends

People are largely critical of monetary policy, with widespread frustration directed at Jerome Powell. Voters are harsh and skeptical toward the Federal Reserve in general, accusing leadership of completely failing.

Many people show anger at the idea of collusion between government fiscal policies and monetary strategies, exacerbating public distrust. Voters want drastic changes to stop the economic bleeding as their purchasing power rapidly decreases.

Impact on Voting

The discussions around economic issues, fiscal policy, and monetary policy have significant implications for voting behavior. Dissatisfaction with the current administration and its handling of the economy may influence voter sentiment, potentially leading to a shift in political dynamics in upcoming elections. The public's longing for economic stability and effective leadership could drive support towards candidates who prioritize economic reform and fiscal responsibility.

Geopolitical Concerns

Geopolitical tensions, particularly in the Middle East and Eastern Europe, compound the economic concerns discussed online. The potential for international conflicts affecting domestic markets and further destabilizing the economy is a recurring theme. These concerns highlight the interconnectedness of global events and their impact on the U.S. economic landscape, adding another layer of complexity to public sentiment.

Recent online discussions about the American job market show widespread concerns and fear about the nation's economic health. As unemployment rates reach their highest since October 2021, public discourse has become dominated by anxiety over a recession, despair a stock market crashes, dissatisfaction with the Biden administration, and debates over labor market dynamics.

This analysis discusses the intricacies of how Americans are grappling with the current economic landscape, the perceived impacts of political decisions, and the implications for future voter behavior.

Why Americans are Worried

There is heightened anxiety across all groups surrounding the unemployment rate, which has surged to 4.3%—its highest since October 2021. This statistic has catalyzed debates about economic mismanagement and Biden-Harris policy failures.

Widespread references to the Sahm Rule underscore public apprehension about an impending recession. Terms like "unemployment rate," "recession," and "Bidenomics" flood discussions. There is a profound skepticism toward the economic strategies currently in place.

Another pain point for Americans is the trend of job growth being almost exclusively among foreign-born workers versus native-born Americans. This further fuels concerns about economic equity, labor market competitiveness, and even border security.

Emotional or Economic Depression

The national mood on the economy and jobs is overwhelmingly negative. People fear economic and global instability and are disillusioned with unrelenting claims from the Biden-Harris administration that they have succeeded on the economy.

"I cured the economy."

— Joe Biden (six days ago)pic.twitter.com/SMsXKVfljw

— RNC Research (@RNCResearch) August 5, 2024

The terms "Bidenomics" and “Kamalanomics”are thrown disparagingly at the administration, highlighting the extreme displeasure of voters. People are frustrated with wage stagnation, job losses, and rising national debt.

Nostalgia for Trump’s administration and better economic success for average Americans amplifies the negativity. People compare Trump’s economy, low unemployment rates, and robust job creation to a current feeling of hanging over the edge of a cliff. This sentiment extends to dissatisfaction with monetary policy decisions, such as the Federal Reserve's handling of interest rates, which many believe exacerbates economic woes.

Voter Impact

Negative feelings about the economy have significant implications for voter decisions and behavior. With elections on the horizon, the public's discontent about economic policies could influence political dynamics, potentially swaying voter preferences.

Discussions often speculate on the potential outcomes of a Harris administration. People use terms like "Kamala economic crash," discussing recent market turmoil and economic instability. There are clear anxieties about what the economy would look like under Harris's governance.

Voters will likely consider current economic indicators and their impact on everyday life as they make electoral decisions. The dialogue reveals people are deeply concerned about their futures and eager for leadership that prioritizes job security and effective economic management.

Broader Economic Concerns

Beyond employment, discussions touch on worries about broader economic issues such as rising inflation, stock market crashes, escalating national debt, the cost of potential wars. The increased unemployment rate has led to significant downturns in major stock indices like the NASDAQ and S&P 500, adding to financial anxieties.

Americans connect these concerns to global geopolitical tensions and fiscal policies, reflecting a complex web of factors contributing to economic distress. The public's call for policy change is accompanied by a demand for transparency and accountability in economic reporting, as evidenced by skepticism surrounding job report revisions.

MIG Reports data shows a very dismal economic situation for Americans in 2024 with much despair and blame focused on the Biden-Harris administration. In brevity, Americans are struggling. Reports from the Bureau of Economic Analysis’s (BEA) on American incomes, combined with voter conversations about the economy, paint a concerning picture.

Many Americans, especially free market capitalists and fiscal conservatives, blame hypocrisy in current policies. They say, despite claims that Democrats are a Party for the working class, under the Biden administration, the rich are getting richer. BEA data legitimizes voter allegations that Biden-Harris policies are worsening the conditions they claim to fight against.

Americans Depressed About the Economy

Many Americans, especially middle- and working-class, say their take-home pay is lower than it was pre-COVID. Inflation and the rising cost of living are major concerns, overshadowing nominal wage increases.

Critics of the Biden-Harris administration refer to the current situation as a result of "Bidenomics," and more recently "Kamalanomics." They cite economic mismanagement and a lack of desire from Democrats to enact policies to help struggling Americans.

Democratic supporters point to legislative measures like the Inflation Reduction Act as steps toward economic recovery. However, this group seems unaware of or unwilling to admit the true results and revisionism around the IRA.

Tax policy is a contentious topic as voters debate the impact of previous tax cuts versus current proposals. The conversation often centers on political accountability and policy effectiveness, with conservatives wanting accountability from Democrats and progressives accusing Republicans of ineffectiveness.

On both sides of the political aisle, there is negativity and despair about current economic conditions, despite Democrats claiming signs of recovery.

Inflation Squeezes Working Families

The press of rising inflation causes frustration and a sense of helplessness over declining financial well-being compared to pre-COVID times during the Trump administration. Many people say they are earning less in real terms due to higher living costs, particularly in essentials like gas, groceries, and housing.

Progressives attempt to justify the economy and praise efforts like the Inflation Reduction Act, but the predominant sentiment is disillusionment. Conversations are highly polarized, with critics blaming Biden for mismanaging the economy. Supporters point to job growth and other positive developments—however these apologists tend to be among the elite or commentary class, rather than working Americans.

Fiscal Policy Criticisms

Discussions about fiscal policy focus on Biden’s narrative about inflation, job creation, and the overall economy. Americans are split between optimism about recent improvements and criticism over inflation and rising costs.

Democratic supporters recite administration talking points on inflation reduction, job creation, and infrastructure investments. They refer to the Inflation Reduction Act as a positive step, telling Americans to look on the bright side.

Critics, however, argue inflation realities defy any claims about mitigation by the Biden administration. They say real financial burdens on families have increased, regardless of what government reporting and policy pandering claims. Everyday Americans frequently blame policy failures in areas like immigration and crime as contributing to their struggles.

Many Americans also compare the Biden economy with Trump’s economy. This is a recurring point because many nostalgically view Trump's era as a time of economic prosperity.

Why Americans Are Making Less

Rising Costs: Inflation has drastically increased costs. The price of essentials continues to rise to shocking levels. Americans frequently lament the cost of groceries, gas, housing, insurance, and childcare.

Stagnant Wages: In most sectors, wages have not kept up with inflation. Thus, even if they receive a higher paycheck, Americans suffer decreased purchasing power.

Economic Inequality: Many in the wealthier classes continue to accumulate financial gains. Meanwhile, middle- and lower-income brackets are struggling to make ends meet.

Uncertainty: Ongoing financial strain and a lack of savings or disposable income is putting pressure on American households. This creates anxiety and fear about the future and prospects for younger generations.

NIPA Data Analysis

Data from National Income and Product Accounts, which are gathered by the BEA, corroborate the feelings of financially strained Americans. MIG Reports analysis of this data, combined with voter conversations, reveals legitimate causes for American concern.

Income Inequality: Data clearly shows significant income inequality, with the top 10% of earners consistently holding a large portion of total personal and disposable income. This demonstrates that wealth and income gains primarily benefit the highest earners, leaving lower and middle-income families to flounder and struggle to pay their bills.

Stagnant Middle Class: Middle-income brackets, between 20-70%, are experiencing minimal changes in their share of income, indicating a lack of significant financial mobility. This stagnation causes a sense of financial insecurity and the middle class feeling they are not benefiting from overall economic growth.

Lower-Income Falling Behind: The lowest 10% of households have the smallest shares of personal and disposable income. This exacerbates ongoing challenges for the poorest families who cannot make ends meet. Despite slight improvements in disposable income, inflation costs hit this group the hardest, negating any gains.

Tax and Policy Implications: Disposable income distribution is slightly less unequal than personal income distribution. This suggests taxes and government transfers do have some redistributive effects. However, the impact appears insufficient to significantly alter the overall distribution of income, underscoring economic pressure on the lower classes.

Visualized Data and Analysis

When household spending growth outpaces GDP growth, it often indicates middle-class families are spending more due to rising living costs. This typically strains household budgets, especially if incomes do not increase at the same rate. These periods can lead to inflationary pressures, eroding purchasing power and straining household finances. Economic volatility, as seen in the fluctuations of the growth rates, creates uncertainty and can affect job security, impacting the stability of middle-class households.

The chart shows how inflation is impacting the cost of personal consumption expenditures (PCE), goods, and services over time. From early 2022 to mid-2024, both the PCE and services indices have consistently increased. This indicates prices for services like healthcare, education, and utilities are rising steadily.

Many Americans note they have been spending more overall, especially on services, without a change in quality of life. Services are a major component of daily expenses and things like healthcare and education are often not optional.

These inflation trends are foreboding for middle-class families as their cost of living is increasing. The rising costs of services, many feel, are outpacing meager wage increases, which reduces purchasing power and lowers quality of life.

The chart compares Real Personal Consumption Expenditures (Real PCE) with Nominal Personal Consumption Expenditures (Nominal PCE). It shows that, even if households spend more money than before, they are not necessarily getting more goods or services because prices have risen. This trend highlights the impact of inflation on purchasing power, making budgets tighter since dollars don’t buy as much as they used to.

The chart displays the distribution of personal income from 2015 to 2022, showing how different income brackets have changed over time. In 2022, a larger share of total income went to the top 10% of earners compared to 2015. This illustrates the widening gap between higher-income and lower-income households. Income shares for the middle and lower brackets remain relatively stable or decrease slightly. The top income bracket (90-100%) has seen an increase in their share, indicating the wealthiest individuals are capturing more of the overall economic growth. This trend highlights growing income inequality, where the rich are getting richer, and middle- and lower-income families are falling behind.

The chart shows the distribution of disposable income from 2015 to 2022 across different income brackets. The top 10% of earners have seen an increase in their share of disposable income over this period. This reveals more of the available income after taxes and transfers is concentrated among the wealthiest Americans.

Meanwhile, the share of disposable income for middle- and lower-income brackets has either stayed the same or decreased. These groups are not benefiting as much from income growth. This trend highlights growing income inequality, where wealthier households are capturing more disposable income, leaving less for the rest of the population.

This data backs ups lamentations from average American families who say they struggle to keep up with rising living costs. Many say the current economy is crushing their ability to save or spend on non-essential goods and services. Overall, this chart emphasizes the increasing concentration of wealth and the widening gap between different income groups.

Online conversations about Gen Z and Millennial Americans’ retirement prospects reveal anxieties about stability and future financial security. The younger generations harbor severe skepticism about their financial situations and the trajectory of the economy. They are critical of government and leadership actions, especially the Biden-Harris administration.

Retirement? I Can’t Afford Food

When thinking about the future, people talk about inflation, taxation, employment, and energy policies. One prominent concern is increasing inflation, which many attribute to legislation like the Inflation Reduction Act (IRA). Many view the IRA as exacerbating rather than alleviating inflationary pressures.

Others repeat government talking points that Democratic policies have been instrumental in curbing inflation. They reference statistics like the lowering of inflation to 2.5% over the past year.

Younger voters constantly worry about the rising cost of living. There is widespread sentiment that everyday expenses like gas, groceries, and housing, have outrageously unaffordable. Many attribute this surge in costs to the economic decisions made by the federal government.

Americans particularly criticize federal spending on various relief and infrastructure bills. These discussions prominently mention the adverse effects on average American households. They say financial strain is significantly hindering their ability to contribute to retirement savings and long-term financial planning.

Taxes are also a huge topic among younger voters, although many are split in their views on tax policies. Some express concern about increasing tax burdens, particularly related to Democratic plans to eliminate Trump-era tax cuts. People mention potential hikes and wealth redistribution through social programs, which they say disproportionately affect the middle and lower economic classes.

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Sentiment Patterns

Voter sentiment is mostly negative about the current economic climate. This is especially pronounced with criticisms of the Biden-Harris administration's handling of economic policies, inflation, and national debt.

Demographically, the critiques appear to span various regions and economic classes, with large numbers of middle-class and working-class Americans expressing dissatisfaction. Millennials and Gen Z voices are prominent, expressing concerns about the future. They mention things like student loan burdens, job market uncertainties, and the feasibility of homeownership and retirement savings plans.

Geographically, sentiments fluctuate across both liberal and conservative states. However, there does seem to be a national preoccupation with economic issues. While sentiments occasionally vary, the core concerns of rising costs and economic instability appear to be universal.