With the White House race heating up, voters closely examine President Biden’s handling of the economy as they consider their presidential election choices. The escalating grocery prices and soaring mortgage rates are at the forefront of their concerns.
Voters Weigh In
Amid rising costs, Daniel Busby of Las Vegas, who didn’t vote in the 2016 and 2020 elections, remains undecided about supporting Biden in 2024.
Housing Dreams on Hold
I’m unable to produce a response, he told The Post how their dream of buying a home is on pause, saying, “We work full-time hours, but we still can’t afford things. You think, ‘I work full time. I should be able to afford a house. I don’t want to come home one day and then realize I have to pack up and leave. It’s that sense of stability we’re missing.”
Mortgage Rates Skyrocket
The housing market has slowed down due to skyrocketing mortgage rates, the highest since the beginning of the century. From November 2021 to now, the average rate for a 30-year fixed mortgage has escalated from 3.1% to 7.4%, as per Freddie Mac’s data.
Why Homeowners Aren’t Selling
This increase has led to most existing homeowners preferring to keep their low mortgage rates from the last 15 years rather than selling their homes. Consequently, only 1% of Americans sold their homes in the first half of 2023, exacerbating the shortage in housing supply.
Housing Inventory Gap
The US housing sector continues struggling with consistently low inventory, with an estimated shortfall of 1.5 to 5.5 million homes, per the Biden Administration and the NAR. “Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” stated Lawrence Yun, NAR’s chief economist.
Barber’s Economic Insights
Milwaukee barber Ceree Huley observed a noticeable drop in customers at his shop on Thursdays since the COVID-19 pandemic. Speaking to The Washington Post, he mused, “I don’t know what the reason they’re not here… A lot of people are going to do it to themselves.”
Customer Absence
He speculated on the impact of increased prices, wondering, “Or are they hiding from the costs of the prices that went up 10 dollars or 5 dollars? That could be a factor, too.”
Ceree Huley, while feeling the economic pinch, doesn’t point fingers at Biden.
Trump’s Potential Return
His customer, Zontayveon Mosley, who is considering voting for Trump in 2024, criticized Biden’s foreign aid policy. “Like giving billions of dollars to support others, when we have people that can’t eat, we have people that can’t pay bills, it’s just insane to me,” he expressed.
“Trump is a better businessman”
“I feel like most Black people just lean towards Democrats. But I don’t know. Entering the workforce and making money, I own a home. I’ve got to worry about interest rates and all of that. I feel like Trump is a better businessman.” Mosley added, noting the difficulty for the average person to keep up.
Neither Biden nor Trump
William Robinson shared with the outlet his intention to vote for neither Biden nor Trump in 2024, perceiving them as similar. In contrast, some voters are ready to support Biden again, even with higher prices.
Loyal Voter Faces Economic Reality
One voter from Phoenix told The Post about her weekly visits to three grocery stores to combat rising food costs. She, who voted for Biden in 2020 and persuaded her colleagues to do the same, now faces their playful taunts over her choice.
The New Normal?
“They tell me things like, ‘Look at the gas. It hasn’t gone down at all since your Biden came into power.’ Your Biden, they tell me,” she shared. “They say the same with a box of eggs or a gallon of milk. ‘Now that your Biden is around, the prices are up, and the salaries don’t match it.’”
“And what can I say? Yes, it’s true,” she added. “Everything has gone up in price.”
Biden’s Inflation Impact
Since President Biden took office, the cumulative impact of inflation has led to a notable rise in costs across various sectors for American consumers. Overall inflation has surged by 16.6%, according to the Bureau of Labor Statistics.
The Cost of Living in Biden’s America
This includes a 20% hike in grocery prices, 18% dining out, and a significant 38% increase in energy costs. Fuel oil and gasoline prices have soared by 45% and 52%, respectively.
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