As the 2024 presidential election approaches, American voters are closely examining President Biden’s handling of the economy. A recent poll conducted by the Washington Post highlighted several key issues, with skyrocketing grocery prices and surging mortgage rates topping the list. These challenges have left many Americans feeling frustrated and uncertain about their economic future.
One major area of concern is the housing market. With mortgage rates reaching levels not seen since the early 2000s, individuals are finding their dreams of homeownership delayed. Despite working full-time jobs, many struggle to afford housing, leading to a sense of instability. Existing homeowners are also reluctant to sell their properties, opting to hold onto their low mortgage rates from the past 15 years. Consequently, the shortage of available homes for sale has worsened, exacerbating the housing supply crisis.
The National Association of Realtors (NAR) estimates that the United States is currently facing a shortage of 1.5 to 5.5 million homes. Lawrence Yun, NAR’s chief economist, expressed concern, stating, “Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation.”
Local businesses are also feeling the impact of these economic challenges. Some customers are cutting back on their spending as prices rise, resulting in a decrease in business for establishments like Milwaukee barber Ceree Huley. While he refrains from directly blaming President Biden for the decline in customers, some voters, like Huley’s customer Zontayveon Mosley, are considering voting for former President Trump in the hope of better economic policies.
However, not all voters are looking to the past for alternatives. Some are considering voting for neither Biden nor Trump, perceiving them as similar candidates. Others, despite facing rising prices, are still willing to support Biden and believe that he will address these challenges.
The impact of inflation under President Biden’s tenure is evident across various sectors. Overall inflation has surged by 16.6%, with grocery prices up by 20%, dining out costs rising by 18%, and energy expenses increasing by a significant 38%. The rising prices of fuel oil and gasoline have also significantly affected the cost of living for many Americans, with increases of 45% and 52% respectively.
As the election draws nearer, it is clear that voters are paying close attention to the economic issues affecting their daily lives. The outcome of the race will likely be shaped by how the candidates address these concerns and propose solutions for a brighter economic future.
