How your vote could affect inflation and rising house prices

Last year, almost every millennial woman in our audience told us that the job market and the economy (think inflation and student debt) are important campaign issues for them. And most voters feel the same way: A Gallup poll found that 85% of American adults said the state of the economy was “extremely” or “very important to their vote.” And some candidates run on their ability to change it.

The state of the economy

News events can Impact on our wallet. Think: stocks saw one 20% decrease in the first half of the year and the war in Ukraine led to an increase in gas prices (resulting in record high Prices in US).While President Biden ponders it Lifting tariffs on China help bring down rising prices. And although politicians can do something to relieve your bank account (e.g. the Fed increased interest rates trying to fight rising prices), they don’t have much control over the day-to-day economy. This is partly due to things like national and global events, private and public companies, and demographic changes (think more women entering the workforce after World War II) can all play a role a role in shaping the economy.

But inflation isn’t the only thing at play here. In 2021 the housing market was boomingwith the average home price explodes. Mortgage rates then peaked that summer levels in over a decade many potential home buyers are urging (look at you, millennia) to rent instead. But that’s not all – rental rates across the country have also skyrocketed. In NYC, Boston, Miami, Orlando and Austin rent increased 25% or more between 2021 and 2022.

But rising rents aren’t the only dollar sign on voters’ minds. Enter student debt. ICYMI: President Biden canceled up to $20,000 in state student debt for Pell Grant recipients and up to $10,000 for borrowers earning less than $125,000 per year (or $250,000 for households). That’s a much-needed relief for some millennials who average nearly $100,000 in debt, according to an Experian study. Although it’s worth noting that some economists disagree on this the economic impact von Biden’s plan to forgive some student debt. Some say it could lead to higher inflation, while others say the impact will be minimal.

Regardless, one thing is certain: the state of the economy is the top priority for Americans.

Power Player: Who is actually in control

At the state level, your controller (the position exists in 19 states and acts like a Treasurer), governorand State Senators and MPs influence economic decisions. At the national level, it depends on your elected Senator and Representative. Plus, of course, the President and the Fed. (Learn more about these and other positions here.)

race to watch

Here are three races where economic issues could play a major role:

the skimm

Although elected officials can’t make inflation go away, they can help mitigate rising costs. And as most voters say, this is the most important issue for them. Whoever is elected to office can make a difference.

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