From abortion to immigration, there are a number of factors Americans are considering when preparing to cast their vote for president. But one factor typically weighs above them all: the economy.
Bankrate's pre-election survey asked about some of the top concerns for prospective voters.41% of Americans rank inflation as their top economic concern heading into the 2024 election, with Republicans (56%) more likely than Democrats (28%) to prioritize it.
Meanwhile, 55% believe the U.S. economy is on the wrong track, while 32% say it’s headed in the right direction.
When it comes to opinions on which presidential candidate would better manage the economy, former President Trump has a slight edge over Vice President Harris.
"On the economy, former President Trump gets the support of 45% of those answering the question versus 40% for Vice President Harris," said Hamrick. However, a significant 15% either chose neither or did not know.
"As we know, we're getting closer to the election, and maybe it might be that some people are still making up their mind (who decide the election)," Hamrick added.
Despite the focus on presidential candidates, Hamrick emphasized that their power over economic outcomes is often overestimated."
It tends to be the case that we attach more importance or more potential power to presidential candidates than they actually have with respect to their control over the economy," he said. Instead, institutions like the Federal Reserve play a crucial role. "The Federal Reserve, which is independent by law, is working to bring down inflation, and that process is slowly working, although prices remain elevated."
Interestingly, public opinion on the state of the economy also varies significantly by political affiliation.
"A majority of Americans say they believe the economy is on the wrong track; that is Americans taken together," Hamrick pointed out. "But 83% of Republicans say the economy is on the wrong track, compared to just 27% of Democrats."
The upcoming election will not only determine the presidency but also control of Congress. "If there is a party sweep on either side, then that gives that president the ability to essentially put policy initiatives through legislation that they want to get passed," Hamrick explained. Conversely, a divided government would make it much more difficult to pass new policies.
"That might be, in the view of many people, the best outcome," he reflected, highlighting the American public's varied perspectives on ideal governance.
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