A number of recent studies underscore the concerns that Americans will be thinking about as they cast their votes on Tuesday. These polls’ findings are not encouraging for Democrats.
According to a Bankrate survey, 43% of respondents think their financial situation has worsened since two years ago, while only 18% say it has improved. The majority of respondents in the first group believe the Democrats are to blame for the current economic difficulties. 69% of those who said their financial situation was worse blamed Biden, including 30% of Democratic respondents, while 71% blamed Democrats in Congress.
84% of voters say the economy is their main issue, according to a new survey from ABC News and The Washington Post, and Republicans have a double-digit lead over Democrats in terms of confidence in handling the economy. The latter party’s candidates have staked their claims on secondary and tertiary topics including abortion and thwarting election fraud.
According to a third survey by the Job Creators Network, 29% of company owners felt the same of Democrats, while 55% of entrepreneurs believed Republicans would “do more to help small businesses.” The pattern persisted among female-owned firms, and an even greater proportion of minority-owned businesses expressed a preference for Republicans, indicating strong support for Republicans even among groups with which they have previously had difficulty.
Americans seem to be most concerned about the economy, and they believe that a Republican administration will be the greatest remedy for their problems.
Citizens always want to maintain what they think is excellent and modify what they feel is making life difficult. The chairman of President Lyndon Johnson’s Council of Economic Advisers, Arthur Okun, developed the Misery Index, which is just the country’s unemployment and inflation combined. However, the Misery Index might also provide some insightful data on American voters’ pre-election attitudes.
As Republicans and Democrats present their final arguments in the fight for control of Congress, pundits and observers have been fixated on the unfiltered poll results. What role does American life’s current status play? According to the Daily Wire:
“In the only general election debate between President Ronald Reagan and President Jimmy Carter, the former candidate asked one of the most important questions ever posed to the voting public: “Are you better off today than you were four years ago?” The Great Communicator went on to win one of the biggest election landslides in history a few days later.
Why was the question so poignant to millions of Americans? To borrow a second quote, this time from a top adviser to President Bill Clinton: ‘It’s the economy, stupid.’”
A higher score in the Misery Index indicates a more wretched people. For instance, the misery index for September 2022 is 11.70, which is equal to the product of 3.5% unemployment and 8.2% inflation.
Daily Wire provides a retrospective:
“Scrolling through a visual representation of the metric will quickly indicate the metric’s usefulness as a heuristic for predicting tide changes in American electoral politics. The stagflation witnessed under the tenure of President Jimmy Carter caused a surge in both unemployment and inflation ahead of the ascension of President Ronald Reagan, who oversaw consistent declines in economic misery before his successor, President George H.W. Bush, assumed power, granting Republicans an unusual three consecutive terms in the Oval Office
Three decades later, misery levels remained low throughout the tenure of President Donald Trump until the lockdown-induced recession, which caused a sudden increase in unemployment as workers were sent home under public health mandates. However, when President Joe Biden entered office, unemployment gradually recovered even as inflation soared, leading to a rapid increase in the overall misery level.”
Americans seem to be incredibly aware of the growth in economic hardship as they get ready to cast their votes. After all, since rising prices can affect every aspect of the economy while unemployment primarily affects the unemployed, inflation may actually pose a greater political challenge than widespread unemployment. More than any other element, economics consistently addresses the comfort or discomfort of daily existence.
More on this story via The Republic Brief:
Messaging from the Biden administration has portrayed an extraordinarily rosy view of the economy that is clearly misaligned with voters’ experiences. When the most recent unemployment data showed an uptick from the previous month, the commander-in-chief took the finding as proof that the “economy continues to grow and add jobs.” When the most recent inflation data showed that price levels remained near four-decade highs, he commented that the report “shows some progress,” Daily Wire reports. CONTINUE READING…