Claman Countdown panelists Kenny Polcari and Andy Brenner react to the Federal Reserve’s news conference.
American voters had the economy on their minds when they voted, they said Trump is the President-elect he returned to the White House following his victory over Vice President Kamala Harris.
Economic problems often worries voters, and the 2024 election was no different. Fox News Voter Analysis (FNVA), conducted in partnership with the Associated Press, found that voters rated the economy and jobs as the most important issues facing the country, according to 39% of respondents, the highest number of immigrants (20%) and abortion ( 11%).
Additionally, FNVA found that 63% of voters polled rated economic conditions as “not very good” or “poor,” compared to 37% who said they were “very good” or “good.” That carried over to voters’ assessment of their family’s financial situation, as just 13% said they were “advanced,” compared to 56% who were “strongly held” and 31% who were “lagging behind.”
The findings come after the US economy experienced its most significant deflationary cycle in four decades over the past few years, with prices rising nearly 20% over the past four years, causing interest rates to rise to their highest level since 2001. . the pace of price growth.
WHY ARE BUYERS NOT MONEY IN THE ECONOMY WHEN INFLATION IS COOL?
The economy and jobs were the most important issues in the election, Fox News Voter Analysis found. (Michael Nagle/Bloomberg via Getty Images/Getty Images)
Although inflation has slowed, and the labor market remains stable, the impact of rapid inflation on the domestic budget has kept its economy afloat. personal finance and the backdrop of the wider economy when it comes time to vote.
Troy McGuire, founder of Fintech.TV, told FOX Business that the financial crisis is the main reason the economy has become a major issue in the election: “One word: Inflation. The failure of the Biden-Harris administration to get inflation rates recession and persistently high interest rates are putting real pressure on people’s paychecks.
“Immigration was also a factor, and Trump cleverly combined this message as he was hurting the economy because of the resources he was using,” McGuire said. “So, the bottom line: when it hurts people’s pocketbooks, they will want a change. Whether part of the country liked it or not, Trump was also a known asset, and that helped him. People remembered his successful economic policies and they felt that he could direct. the economy went in the right way too.”
HOW DO CONSUMER PRICES COMPARE DURING THE BIDEN AND TRUMP ERA IN THE PAST 4 YEARS?
Consumers are facing prices that are almost 20% higher than they were in four years following a historic cycle of inflation. (Photo by Spencer Platt/Getty Images/Getty Images)
Ted Jenkin, founder and business consultant at oXYGen Financial, said the heavy burden of credit card debt and strain. student loan borrowers showed the economic challenges faced by households.
“And Americans own more than $1.1 trillion credit card debt and 50% of all student loan borrowers have yet to repay, the ability of many American families to meet their monthly obligations is becoming increasingly difficult,” Jenkin told FOX Business. “The economy was the No. 1 problem. many people fall behind financially.”
EL-ERIAN: INTEREST RATES, INFLATION GOING IN THE RIGHT WAY, BUT LOW PRICES ARE ‘INSTANT’
Trump’s victory came as voters became increasingly nervous about their finances. (Michael Nagle/Bloomberg via Getty Images/Getty Images)
Grant Cardone, CEO of Cardone Capital, told FOX Business in an interview that while inflation is a contributing factor, the lack of revenue growth to outpace inflation was the most important factor.
“Inflation is a good ghost to blame for everything, but the thing that drives inflation is growth, and we don’t have growth,” Cardone said. “If my income doesn’t grow, I can’t afford expensive products or services. Products and services have to be expensive for people to do well.”
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