PHILADELPHIA (KYW Newsradio) — Inflation, housing costs and the price of health care are top of mind for voters ahead of Election Day, and new data suggests most Americans believe the economy is on the wrong track.
Inflation is the most important economic issue across all demographics surveyed by Bankrate for their latest Politics and Economy Survey. "Four in 10 Americans tell us that inflation is their top economic issue in the presidential election,” said senior economic analyst Mark Hamrick.
Government reports show inflation cooling off — “So much so, that the Federal Reserve has begun taking its foot off the brake in lowering interest rates," said Hamrick. But prices are still higher than they were a year ago, and voters have that in mind as they look ahead to Election Day.
“When we dig beneath the surface, I think what we see is there are some longer-term or structural affordability issues that are weighing on the minds and pocketbooks of Americans,” he said. “Chief among them are health care costs and affordable housing."
Hamrick found 42% of Americans think electing Donald Trump president again would be better for their personal finances, compared with 38% who believe the economy would be handled better under a President Kamala Harris.
Hamrick says that is a flawed way of thinking. He explains that a president's ability to improve the market is limited.
"If the president were able to resolve inflation, we wouldn't be talking about it right now. President Bident would have pulled that non-existent lever,” said Hamrick.
“It is the Federal Reserve’s mandate to work toward stable prices and maximum employment, and it is the main cop on the beat."
Hamrick says a president should be respectful of the Federal Reserve's political independence so it can do the work that needs to be done.