SIMONE DEL ROSARIO: IT COMES AS NO SURPRISE.THE ECONOMY IS THE TOP ISSUE FOR VOTERS THIS ELECTION, WITH 79% OF RESPONDENTS IN THIS PEW RESEARCH SURVEY SAYING IT WILL BE VERY IMPORTANT TO THEIR VOTING DECISIONS.
AND LIKELY VOTERS SEEM TO FAVOR REPUBLICANS FOR THE JOB, FROM BRINGING DOWN INFLATION TO DEALING WITH TAXES AND CREATING JOBS.
THAT’S ALSO NO SURPRISE, IN PART BECAUSE DEMOCRATS HAVE HAD THE REINS THE PAST TWO YEARS. AND ESPECIALLY IN HARD TIMES, THE PARTY IN POWER LOSES FAVOR IN THE MIDTERMS.
SO HOW HAS THE ECONOMY FARED SINCE VOTERS LAST CAST THEIR BALLOTS?
LET’S TAKE A LOOK…BACK TO NOVEMBER 2020, LESS THAN A YEAR INTO THE PANDEMIC, WITH MOST OF THE COUNTRY NEARING ANOTHER LOCKDOWN.
GAS WAS $2.14 A GALLON, RECOVERING FROM PANDEMIC-DESTROYED DEMAND. WHEREAS TODAY, AMERICANS WILL SPEND AROUND $3.77 TO DRIVE TO THE POLLS, A 76% INCREASE.
6.9% OF AMERICANS WERE UNEMPLOYED BACK THEN, WHILE TODAY’S 3.5% MATCHES A 5-DECADE LOW.
AND THOUGH ACTUAL HOURLY WAGES HAVE GONE UP NEARLY THREE DOLLARS,
REAL WAGES, WHICH ARE ADJUSTED FOR INFLATION, ARE DOWN MORE THAN 3%.
POINT BLANK, PAY HAS FAILED TO KEEP UP WITH CONSUMER PRICES, WHICH HAVE RISEN 8.2% IN THE PAST YEAR.
A DOZEN EGGS IS NOW DOUBLE WHAT IT COST DURING THE LAST ELECTION, AND HERE’S WHAT YOU’RE FACING IN THE MARKET FOR A NEW CAR.
INFLATION IN 2022 IS HIGHER THAN THE COUNTRY HAS SEEN IN FOUR DECADES, BUT JUST TWO YEARS AGO, INFLATION WASN’T EVEN A THOUGHT.
NOW THE FEDERAL RESERVE IS HIKING INTEREST RATES TO TRY TO COOL PRICES, A CRUNCH THAT’S HAD A HUGE IMPACT ON HOME BUYING.
THE WEEK OF THE ELECTION IN 2020, THE AVERAGE 30 YEAR FIXED MORTGAGE RATE WAS 2.78%. NOW IT’S 2.5 TIMES HIGHER, AT 6.94%.
THE AVERAGE PRICE OF A HOME IS ALSO DRAMATICALLY HIGHER, FROM SUB 400-K TO 525.
WHAT’S THE DOLLARS AND CENTS OF IT ALL?
A 20% DOWN PAYMENT IS 25 GRAND MORE EXPENSIVE.
AND A MONTHLY MORTGAGE PAYMENT HAS MORE THAN DOUBLED IN TWO YEARS TIME.
WHAT ECONOMIC ISSUE MATTERS MOST TO YOU AS YOU CAST YOUR VOTE? LET ME KNOW IN THE COMMENTS.
Tags: 2022 Elections, Bureau of Labor Statistics, Democrats, Economy, Election, Federal Reserve, GDP, Housing Market, Jerome Powell, Jobs, Recession, Republicans, Stock Market, U.S. Dollar, U.S. Economy