On Aug. 15, Kamala Harris proposed providing up to $25,000 as a down payment for first-time homebuyers, creating significant online controversy. Voter conversations are polarized with support, skepticism, and outright criticism. Disagreements about addressing housing affordability and the current economic climate largely depend on political views.

Reactions to Subsidizing Down Payments

Support

Harris’s proposal for financial assistance for first-time homebuyers generates support within her base. They view the initiative as an essential and compassionate measure to address increased financial barriers to homeownership.

Mostly Democrats, this group argues assistance could alleviate significant upfront costs and increase access to housing for aspiring homeowners. Yet, the underlying sentiment also acknowledges persistent housing affordability issues under the Biden administration.

Optimistic Democrats praise Harris's vision to stimulate housing production. They talk about affordability, down payments, the housing crisis, inflation, taxes, financial burdens on Americans, and current economic policies.

Opposition

Critics of Harris's proposal say providing such financial aid would inevitably increase housing prices. This, they say, negates any supposed benefits of subsidizing down payments. This group discusses inflation, government intervention, and market distortion.

Some also criticize the specifics of the policy, saying it does not discriminate based on citizenship. This, many conclude, would mean illegal immigrants would be eligible for the home downpayment subsidy.

Kamala Harris wants to give $25,000 to illegal aliens to buy American homes. This will only further exacerbate the housing shortage in our country. It's a disgrace.

We should be making it easier and more affordable for American citizens to buy homes.

— JD Vance (@JDVance) August 16, 2024

Skeptics say an influx of funds for buyers increases demand pressure but does not increase supply. As a result, sellers would likely increase asking prices, proportionate to the government subsidy.

Doubts about the efficacy of providing taxpayer funds to first-time homebuyers compounds fear of inflation and the country’s broader economic situation. Critics say this excessively interventionist proposal would exacerbate existing financial burdens for everyone, rather than alleviating pressures for first-time buyers.

It’s Been Done Before

Many Americans doubt the feasibility of Harris's claims, with some calling it a "campaign lie." People ask questions like, "where is the money coming from?" and "government can't solve this" regarding housing affordability.

People worry that finding funding for very large $25,000 grants will increase taxes and worsen national debt. If this happens, low-income and working-class Americans would end up with a heavier burden, despite Harris’s assertions that her policies aim to assist them.

Much of the conversation discusses historical precedents and similar failed government interventions. Voters draw parallels between Harris's progressive proposals and past economic crises like the 2008 Great Financial Crisis. They caution against repeating previous mistakes of government intervention in the housing market.

Those who embrace free market economics say "artificially boosting purchasing power" leads to economic bubbles. They say the result would be long-term affordability issues rather than short-term solutions.

Stimulus Drives Inflation

Critics point to historical examples of government spending spurring increased inflation. Research from MIT shows government spending was a major cause of 2022 inflation spikes. The U.S. government's large-scale fiscal interventions during COVID are linked to heightened inflationary trends as they injected funds into the economy when demand was already recovering.

Many also worry about fraud which could end up exploiting the renter class. The fraud rate in government programs varies, but the Paycheck Protection Program (PPP) experienced notable fraud issues. Estimates suggest between 1% to 15% of PPP funds may have been fraudulently obtained. The speed at which the program was implemented and challenges in oversight during disbursement allowed for increased fraud.

In general, emergency and rapidly deployed funds are more susceptible to fraudulent claims. The exact fraud rate can depend on the specific program and preventative measures. However, fraud rates often rise to 10% in government programs.

Harris’s Economic Record with the IRA

Discussions about the Inflation Reduction Act (IRA) also highlight skepticism about its effectiveness. People say the IRA is largely responsible for recent inflation surges. Voters believe it exacerbated inflation. rather than reducing it. They say it was misleading in its goal and point out that Harris was the deciding vote to pass it.

A recurring theme in conversations is that excessive government spending drives inflation. Americans understand higher prices and financial strain on working families often comes from the government printing and spending money. There is also a growing cynicism toward establishment and government actions.

Many special view Harris’s policies as more about societal control than economic well-being. This housing subsidy proposal and Harris’s recent retail price control proposal often elicit accusations of communism.

However, despite rampant criticism, some still view the IRA as lowering prescription drug prices. This group tends to view it as positive, though acknowledging skepticism regarding the overall impact of the legislation.

MIG Reports analysis of online conversations about rising bankruptcy filings coincides with wider economic worries. Bankruptcies have surged by 16% over the 12-month period ending March 31, 2024. This indicates American conversations about economic, social, and political concerns are more than worries. Voters express economic distress, financial instability, and fear the impact of government policies on their livelihoods.

The recent 16% increase in bankruptcy is similar to rates seen at the end of 2023. In the prior four years, bankruptcies were at their highest during COVID lockdowns. Despite coming down for the next three years, bankruptcy filings are now increasing again. Many attribute this to economic mismanagement by the Biden-Harris administration.

• U.S. Courts data shows there were 467,774 new bankruptcy cases filed during the cited 12-month period, compared to 403,273 in the previous year.
• Business bankruptcies saw a significant jump of more than 40%, rising from 14,467 cases in 2023 to 20,316 in 2024.
• Non-business bankruptcies, which involve individuals, also increased by about 15%, from 388,806 cases to 447,458.

Families and Businesses are Struggling

Americans continue to grow more concerned about financial instability, including due to rising bankruptcy rates. Conversations mention the challenges families and small business owners face along with economic stress, financial insecurity, and debt relief.

The plight of small businesses, often cited as especially vulnerable to economic fluctuations, underscores broader concerns about market volatility and consumer behavior shifts.

Voters discuss the role of government policies, with many skeptical of the effectiveness of stimulus packages and economic recovery plans. Phrases like "too little, too late" and "lack of support" indicate a sense of frustration about the government’s meager responses to economic challenges.

Political accountability also emerges as a significant theme. Americans link the increase in bankruptcies to perceived failures in government leadership and economic management. Voters criticize “Bidenomics” and the Biden-Harris administration for its policies causing inflation, using terms like "government failure," and "poor leadership." This dissatisfaction leads to a broader call for reform and changed leadership.

The Mood is Sour on the Economy

The national emotional tone is one of anxiety, frustration, and skepticism. People feel overwhelmed and worried about their financial futures. They wonder how they will afford basic living costs, completely giving up on saving for the future or retirement. There is a sense of betrayal by the political establishment and those who continue to grow wealthier.

Anger and distrust coexist with smaller pockets of hope and resilience. Some conversations highlight a commitment to community support. Despite the larger economic struggle, Americans still talk about "supporting local businesses" and "community strength" reflecting a proactive attitude despite the challenging economic climate.

May Gallup reporting shows approximately 65% of Americans think U.S. economic conditions have worsened since 2020, and a similar amount have a negative perspective toward the future. MIG Reports analysis based on online conversations shows a similar 64.64% of Americans have reduced confidence in the U.S. economy.

• The -35 index rating in Gallup’s report means, on a scale of +100 to -100, sentiment leans negative.
• On a 1-100 scale, it translates to 65% reduced confidence—mirroring MIG Reports weighted analysis within 1%.

Voters Consistently Lack Confidence in the Economy

MIG Reports analysis uses online voter conversation volume regarding the U.S. economy along with sentiment tracking. In this weighted analysis, the aggregate confidence levels show:

• 64.64% of conversations express decreased confidence in economic prosperity
• 23.05% reflect a neutral stance
• 12.31% convey increased confidence

These figures highlight the prevailing skepticism and concern Americans feel about the U.S. economic trajectory. Only a minority of voters maintain confidence or have an optimistic view of the government's current economic management.

MIG Reports data also shows voter views are largely influence by the actions of the Biden-Harris administration—particularly the Inflation Reduction Act (IRA). Discussions that focus on confidence in economic prosperity are largely among Democratic establishment supporters.

The narrative emerging from these online conversations is one of serious concern about the economy. Most Americans are losing confidence in the economy, the government, and their own futures. While some still hold a neutral or positive outlook, most have become skeptical of the administration, calling for more effective economic governance.

Bidenomics is Decreasing Confidence

American doomerism on the economy stems primarily from rising inflation, increasing costs of living, and a belief in government mismanagement. Many voters believe the IRA has failed to alleviate the economic pressures they face. Instead, they say it has exacerbated inflation through increased government spending.

Conversations focus on "inflation," "rising costs," "spending," and "prices." People also direct frustration and anger at policies they view as disconnected from the public's interests. Sentiments such as "killing us without killing us" encapsulate the dire emotional mood around inflation’s impact on low-income households. This negativity further fuels widespread economic pessimism.

Some Say Hope is not Lost

The 23.05% of conversations which remain neutral on the economy express realism. These Americans acknowledge the challenges posed by inflation but recognize the potential benefits of government intervention.

One potential measure people mention is capping insulin prices and allowing Medicare to negotiate drug prices. However, many remain uncertain about the long-term effectiveness of such policies. This leads to a mixed feeling of hope and skepticism. This group focuses on "jobs," "investment," "energy," and "climate." They acknowledge the IRA's goals but have reservations about its implementation.

A Few Believe the Talking Points

The smallest percentage of Americans—12.31%—voices support for of the IRA and other government initiatives. They tout Biden-Harris success reports like job creation in the clean energy sector, lower healthcare costs, and efforts to rein in corporate power.

These conversations often use keywords like "success," "jobs," "lower costs," and "investment" to emphasize the positive impacts of the Biden administration's policies. Supporters argue these measures are instrumental in building a more resilient economy and improving the lives of middle-class families.

Americans are feeling the pressure of drastically rising car insurance rates, particularly in addition to broader economic struggles. MIG Reports analysis shows online conversations predominantly focus on inflation, taxation policies, and the failures of Biden-Harris polices, including illegal immigration.

Auto insurance rates in the US have increased by 42% over the past 2 years.

That's the biggest 2-year spike since 1977, per Charlie Bilello.

— unusual_whales (@unusual_whales) June 17, 2024

Inflation Concerns

The top keywords in car insurance discussions include inflation, taxes, premium, cost of living, and affordability. Americans voice concern about sharply increasing costs of living, which directly influence their ability to afford essential services like car insurance. Many people vent frustrations about how rising consumer prices affect their overall financial situation. There is widespread sentiment of anxiety about economic stability.

Voters connect their personal finances to broader political themes, citing government spending and tax policies as roots of inflation. This is a constant topic of conversation online, as people express deep frustrations. They discuss the financial strain on families, emphasizing the current trajectory of the economy is untenable for working-class Americans.

Voters Blame Democrats

Americans take critical tone toward government policies, particularly targeting the Biden administration and Democratic policies. People talk about policies like the Inflation Reduction Act (IRA) and other decisions that contribute to economic distress and debt, rather than easing it.

Voters are calling for accountability in government spending, angry about wasted tax dollars. Phrases like "kill us without killing us" signify the desperation many feel and the emotional weight of economic hardship. Inflation “kills” financial stability and livelihoods, impacts mental health and quality of life, and even causes direct physical harm in the worst of situations.

Criticism of the IRA links government actions to adverse economic consequences, framing policies as harmful to middle-class Americans. Distrust of leadership extends to discussions about tax burdens as people fear increased taxation on working individuals from Democrats who criticized Trump’s tax cuts.

Illegal immigration also receives blame as a secondary cause of inflation. People decry tax dollars being spent on unhelpful border programs, illegal immigrant welfare, and increased job competition. These wider pressures all contribute to higher costs for things like car insurance.

Immigration Concerns

Voters also discuss the impact of illegal immigration on national security and community safety, with some linking these issues to rising car insurance rates. They suggest illegal immigrants contribute to escalating crime rates and other societal challenges. This generates knock-on economic consequences such as rising car insurance rates.

Numerous states do not allow illegal immigrants to obtain driver’s licenses, which may also be a cause of increased insurance rates.

• Alabama
• Arizona
• Arkansas
• Florida
• Georgia
• Indiana
• Iowa
• Kansas
• Kentucky
• Louisiana
• Maine
• Michigan
• Mississippi
• Missouri
• Montana
• Nebraska
• North Carolina
• North Dakota
• Ohio
• Oklahoma
• Pennsylvania
• South Carolina
• South Dakota
• Tennessee
• Texas
• West Virginia
• Wisconsin
• Wyoming

Many believe an increased number of uninsured drivers distributes the cost of covering uninsured accidents to those who do have insurance. With rising crimes among illegal immigrants who are in a new country and culture, language and education barriers can create greater risks on the road. For many voters, this remains a plausible contributor to their ballooning insurance costs.

Discussion trends indicate fears about immigration frequently intersect with anxieties about economic stability. While some participants do not directly link illegal immigration to the rising costs of car insurance, there is an implied connection in the broader context of economic worries.

People do associate economic stress with illegal immigration and strained public services. The sentiment suggests a belief that increased illegal immigration burdens local communities and safety resources. This contributes to a heightened risk environment which causes things like increased insurance premiums.

Current social discourse about Medicare premium hikes is critical of the healthcare system and political environment. Americans consistently focus on the financial burden rising Medicare costs impose on families, particularly those caring for elderly relatives.

The most prominent discussion centers on sharply increasing premiums, with many saying it’s becoming difficult to provide adequate care for aging parents. The conversations are filled with terms like “cost,” “affordability,” and “financial burden,” which highlight anxieties about the sustainability of Medicare in its current form.

Americans Can’t Afford to Care for Parents

Accompanying financial concern is skepticism toward politicians and their actions. Voters do not trust their current political leaders, particularly the Biden-Harris administration. Many are discussing reports that Kamala Harris is using taxpayer funds to hide Medicare premium hikes from voters before the election.

Voters believe the government is more focused on protecting political interests than addressing serious livability challenges for average citizens. People are frustrated with what they view as political manipulation, where critical information about healthcare costs is being obscured or misrepresented to avoid electoral consequences.

JUST IN: The Harris-Biden administration is reportedly using taxpayer funds to hide Medicare premium hikes from voters before the election.

Voters over the age of 65 should pay close attention to the CON GAME the Harris campaign is running on them with taxpayer dollars.

"In a… pic.twitter.com/8nAz7IPTE3

— Kyle Becker (@kylenabecker) August 14, 2024

There are also critiques of perceived inadequacies in the current Medicare system. People share personal experiences of struggling with high out-of-pocket expenses, deductibles, and gaps in coverage. They say these issues are not being adequately addressed by existing policies.

Growing disillusionment permeates conversations, with many feeling Medicare is failing to meet the needs of seniors and their families. This frustration is compounded by the belief that politicians are not genuinely concerned with improving the system. Voters say Democrats like Harris are focused on maintaining a façade of progress while the situation deteriorates.

A Bad Idea Gets Worse

People say the Inflation Reduction Act (IRA) claims to make healthcare more affordable, but it actually increases costs for those on Medicare. They cite several reasons:

Higher Premiums Due to New Protections

The IRA introduces new protections like a $2,000 cap on out-of-pocket drug costs. This is meant to prevent people from paying too much for their medications each year. However, to fund these new protections, Medicare may have to raise monthly premiums. This means, while some costs are controlled, the amount people pay each month for Medicare would rise. For families already struggling with rising healthcare costs, this could feel like another financial burden.

Complexity and Uncertainty

People worry changes will add complexity to an already confusing system. The prospect of premiums rising, even with caps in place, creates uncertainty about future healthcare expenses. Families trying to budget for the care of aging relatives might feel even more anxious as they are unsure how much they will need to pay each year. This is exacerbated by the potential for premium increases tied to new benefits.

Skepticism Toward Political Promises

The IRA’s provisions also feed into existing disapproval for political leaders like Kamala Harris. Many already distrust politicians, fearing they manipulate policies for electoral gain. The IRA, for which Harris was the deciding vote, creates promised benefits Americans view as hollow or overshadowed by the reality of higher premiums. This reinforces feelings that Harris and others implementing such policies are not transparent. Voters believe they prioritize their own political gain over truly easing the financial burden on families.

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.

Viral tweets about parents who are unable to afford back-to-school supplies sparks conversations about economic issues, household finances, and school costs. MIG Reports shows parents are agitated and discussions are charged with political overtones in scrutinizing economic policies and their impacts.

34% of parents said they plan to take on debt to afford back to school supplies this year, and 16% said they plan to take on up to $1,000 in debt, per Credit Karma.

— unusual_whales (@unusual_whales) August 12, 2024

These discussions come within larger debates and worries about inflation, household expenses, debt, and the results of political policies. Younger voters are especially worried about their financial prospects.

The inability to afford back-to-school shopping is especially true for young parents – 39% of Gen Z and 37% of millennials.

Read more: https://t.co/IPL4WdZXol

— unusual_whales (@unusual_whales) August 9, 2024

New Conversation, Same Problem

Voters continue to compare the Trump’s economy with the Biden-Harris economy. Discussions juxtapose memories of low inflation, cheap gas, and secure borders during Trump's presidency against complaints of high inflation, unaffordable gas prices, and open borders under Democrats. This matches recent trends blaming Joe Bide and Kamala Harris for two key policies:

• The Inflation Reduction Act, which increases inflationary pressures
• Open borders and unchecked migration harming American families

Voter engagement on economic topics confirms existing political schisms in sentiment. In general, Americans are dissatisfied with the economy, but causes and solutions are often determined by political beliefs. Nostalgia for past times is acute in conversations about living costs and financial insecurity for middle-class and working families.

Low Income, Low Expectations

People are talking about the financial burden placed on low-income families who cannot afford back-to-school expenses. Americans worry about the rising cost of essential items and the consequences for families already struggling to make ends meet.

Government allocation of resources being disproportionately directed toward illegal immigrants is a point of contention. U.S. citizens say welfare programs offer free housing, healthcare, and monthly stipends to people who should not even be in the country. This causes resentment as local communities continue to sink deeper into debt.

Voters blame to government saying things like, "Americans they put into tents with their policies suffer.” Many feel the Biden-Harris administration cares more about people who enter the country illegally than its own citizens.

Parents describe their struggles, lamenting the unaffordability of necessities like backpacks and school clothes. These expenses force many families into credit card debt just to buy school supplies. Sentiment in these discussions is predominantly negative, reflecting frustration and financial strain.

• National Retail Federation data shows back-to-school costs for American families have increased from just under $700 in 2019 to nearly $900 in 2024.

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.