The United States is gearing up for its upcoming presidential election, with campaigns in full swing capturing attention both domestically and internationally. Yet, amid the political fervor, a pressing question lingers: Will the next president improve the lives of ordinary Americans facing economic hardship?
While politicians in Washington highlight “strong job growth” and “cooling inflation,” many Americans continue to struggle with the rising cost of living. The COVID-19 pandemic exacerbated economic challenges, with inflation reaching a 40-year high due to fiscal policies that some argue were misguided. Households have seen significant increases in everyday expenses, with food prices up by 33.7%, accommodation costs rising 18.7%, and energy prices soaring by 32.8% since early 2021, according to Fox Business.
A recent Federal Reserve survey revealed that over two-thirds of U.S. adults feel worse off due to inflation, with 19% stating they are “much worse.” Financial strain is evident as one in six Americans cannot pay all their monthly bills, and over half have no disposable income after covering expenses. Lower-income individuals are particularly affected, facing food insecurity, difficulty paying bills, and forgoing medical care.
The housing market adds to these challenges, with affordable housing in short supply. High home prices and mortgage rates not seen since before 2022 have placed homeownership out of reach for many. Renters also face increasing costs, with 23.2% of homeowner households “stretched worryingly thin,” according to Harvard University’s Joint Center for Housing Studies.
Consumer debt is on the rise as Americans borrow more to maintain their spending, with the Federal Reserve noting a peak in delinquent credit card balances since 2012. This debt burden highlights the financial vulnerability many face.
The wealth gap in the United States is widening, reaching levels not seen since the Great Depression. Federal Reserve data indicates that the top 1% of earners hold more wealth than the entire middle class, with the bottom 20% owning just 3% of household wealth. This significant inequality echoes sentiments from the Occupy Wall Street movement in 2011, where protesters highlighted the growing divide between the rich and the rest.
As the election approaches, the economic well-being of ordinary Americans remains a critical issue. Voters are looking to future leaders to address these persistent challenges and foster an environment where prosperity is accessible to all.
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Will the next U.S. president improve life for ordinary Americans?
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