by Michael Snyder, The Economic Collapse Blog:
The health of the economy has been one of the primary determining factors in many presidential elections, and it will be the same this time around too. Of course that is really bad news for Joe Biden, because the American people absolutely hate what is happening to the economy. Even though the media is constantly telling us that the economy is doing just fine, the vast majority of the population is not buying into the propaganda. Hordes of small businesses are failing, retailers are shutting down thousands of stores, and poverty is exploding all over the nation. But inflation is the biggest reason why Americans are so dissatisfied with the economy. According to one recent survey, it is “far and away” the biggest issue for American voters…
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Inflation is “far and away” the biggest issue for Americans heading into the 2024 election, but economic outlooks and President Biden’s approval rating vary by race and ethnicity, according to a new Harvard CAPS/Harris poll.
That survey found that 58 percent of Americans consider the economy to be weak, and only 34 percent think that it is on the right track…
When asked how strong they think the economy is today, 42 percent of respondents said it was strong while 58 percent perceive the economy as weak, according to the online survey of 1,660 registered voters conducted May 15-16, 2024.
Just 34 percent of respondents said they believe the economy is on the right track, although that answer varied significantly depending on whether the respondent was a Republican or Democrat — 13 percent and 59 percent, respectively.
Other surveys have come up with similar results.
According to a recent ABC News/Ipsos survey, 85 percent of U.S. adults consider inflation to be an important issue…
U.S. adults trust former President Donald Trump over President Joe Biden on the issue of inflation by a double-digit margin, according to a new ABC News/Ipsos poll this month, which found that price increases remain a top concern for voters, with less than six months to go until Election Day.
In all, 85% of poll participants said inflation is an important issue, making it the second-highest priority among adults surveyed. The top priority, the economy, also relates to individuals’ perceptions of price increases.
On each of those issues, the economy and inflation, adults surveyed by ABC News/Ipsos said they trusted Trump over Biden by a margin of 14 percentage points.
Why are we seeing poll results like this when inflation is supposedly not even a problem?
Right now, headlines all over the country are bolding declaring that inflation is under control.
You can believe that if you want, but the truth is that the cost of just about everything has been soaring in recent years…
Gas prices are currently sitting at a national average of $3.45 per gallon, down from $3.50 last week as low demand and increasing supply provide relief at the pump, AAA said. But overall, today’s prices are still 45% more expensive than in January 2021, when it cost $2.38 per gallon to fill up.
Electricity costs are up about 29% since Biden took office.
It also costs more to buy a car (20.4% increase), maintain it (30.5%) and insure it (51.3%) than it did four years ago.
Housing costs have become particularly painful.
Just check out these numbers…
The real estate firm Zillow reports that since January 2020, the monthly mortgage payment on a typical U.S. home has nearly doubled. It’s up 96% in just four years.
According to Zillow, a typical buyer will now pay nearly $2,200 a month, with a 10% down payment. Meaning, homeownership now costs well above the 30% of median income that was once thought to equate to “affordable” housing cost in America.
And with the 30-year fixed-rate mortgage hovering around seven percent right now, there’s not a whole lot of light at the end of this tunnel.
Small businesses are also being crushed by inflation.
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