I’m a Financial Expert: 4 Reasons the Economy Is the Top Concern for the 2024 Election
Written by
Laura Gariepy
Edited by
Jenna Klaverweiden
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In November, we’ll elect the 47th president of the United States. The two candidates have been battling it out over hot-button issues, like immigration, healthcare and foreign policy.
However, the nation’s most pressing problem may be its ailing economy. While some states are faring better than others, two financial experts GOBankingRates spoke with said the economy is the top concern for the 2024 election. Keep reading to learn why.
What’s Wrong With the Economy?
Expert commentators said these four main things contribute to American voters’ dissatisfaction with the economy.
Inflation
“In the last four years of working with hundreds of middle-class Americans with their personal finances, I’ve seen the economic stress reach a boiling point. The average American has seen their housing, childcare, healthcare, higher education and cost of goods continue to rise at a rate they struggle to keep up with. The middle class is working hard to ‘outearn’ these economic issues and desperately want legislation that will help,” said Nicole Stanley, founder and head financial coach at Arise Financial Coaching.
Stagnant Wages
“While the unemployment reports consistently show ‘growth,’ what they don’t show are people who are over-employed, people who have abandoned the job search and stagnant wages,” Stanley said. “Wages have not kept up with the rising cost of college, housing, medical [care], childcare and the overall cost of living in America.”
While many states have significantly increased their minimum wage in recent years, the federal minimum wage is still $7.25 per hour.
Student Loan Debt
“With an estimated 43 million Americans struggling with student loan debt and inflation still affecting families in key areas, [voters] have a vested interest in student loan forgiveness and policies alleviating the weight of student loan payments,” Stanley said. “It’s not difficult to see that the student loan crisis is a keystone in the election when President Biden is working against the ‘election clock’ to forgive as much [debt] as possible and introduce or overhaul student loan forgiveness programs and policies before November 5.”
The Housing Crisis
“In addition to the student loan crisis, we are also dealing with an unsustainable housing market. Middle-class Americans are struggling to achieve the ‘The American Dream’ because of the weight of student loan debt and unaffordable housing,” Stanley said.
John Pham, founder of The Money Ninja, explained the cause of the crisis: “There is a significant lack of housing inventory. Current homeowners who were fortunate to lock in low mortgage rates do not want to sell, leaving potential buyers competing for a smaller number of properties. High demand and low supply is a recipe for escalating home prices. On top of this, most buyers will need to finance their new homes with the highest interest rates in the past 20 years.”
So what can the government do?
“While Biden has addressed predatory practices and has introduced legislation to regulate hedge funds and ‘big money’ out of the housing market, when will Americans see this actually played out?” Stanley said.
Pham suggested that “creating incentives to build more affordable housing units and gradually reducing borrowing rates could help potential homebuyers.”
The Urgency To Address These Issues
“[These] are issues that have been battled over in almost every election in the last 20 years, but it feels more pressing in 2024 because the economy is affecting everyday Americans more than ever. Without addressing these issues with urgency, more Americans will fall into poverty, elect to delay key milestones in life (college, marriage, children) and be unable to retire with dignity. If America truly wants to shine and have a prosperous future, addressing these economic concerns should be a top priority for both candidates and parties,” Stanley said.
What You Can Do in the Meantime
Unfortunately, none of the problems above can be solved with a snap of the fingers — no matter who wins the upcoming election. Policy formation and implementation take time, so we’ll have to take a “wait and see” approach.
However, there are ways to save money in a bad economy. For instance, you can try these things.
- Scale back your discretionary spending, such as dining out or signing up for subscription services.
- Use coupons or look for deals when you shop.
- Buy store-brand or secondhand goods whenever possible.
- Negotiate lower rates with your internet provider, cellphone company or auto insurer.
Remember that earning more money will improve your budget too. Consider looking for a higher-paying job, starting a side hustle or selling some unused belongings.
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