Economy dominates US midterm election as voters worry about costs

Summarised from 2 outlets · Updated 29 Oct, 16:35 · Archive

Economic concerns, particularly over inflation and housing costs, are shaping American voters' decisions in the midterm elections on 3 November.

Economic concerns are shaping American voters' decisions in the midterm elections on 3 November. Most Americans hold a pessimistic economic outlook, according to CNBC's All-America Economic Survey of 1,000 registered voters conducted in mid-October. Affordability is described as 'the central issue' in the forthcoming elections, with housing costs proving particularly troubling across the political divide.

Two-thirds of US adults say they are very concerned about housing costs, according to the Pew Research Center, including 76 per cent of Democrats and 53 per cent of Republicans. The median price of an existing home was $417,500 in September, nearly 54 per cent higher than in September 2019, according to the National Association of Realtors. High home prices and borrowing costs have put homeownership out of reach for many prospective buyers, whilst many renters devote a substantial share of their income to housing.

However, experts suggest the election results may have limited impact on the cost-of-living crisis. Greg Ip, chief economics commentator at The Wall Street Journal, states that 'there isn't a ton that anyone can do about it, regardless of who wins the midterms'. He notes that factors such as wars abroad affecting energy prices lie outside congressional control, and that congressional control does not directly affect presidential decisions like tariffs.

Economy dominates US midterm election as voters worry about costs — Image: France 24

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How it is being reported

A tale of two economies: How America's cost-of-living crisis is shaping US midterm electionsThe economy is the number one issue for most American voters, as they worry about high food and energy costs. But can the results of November's midterm elections really impact the cost-of-living crisis? "There isn't a ton that anyone can do about it, regardless of who wins the midterms," says Greg Ip, chief economics commentator at The Wall Street Journal.France 24 · 29 Oct, 16:13
Midterm elections: How affordability and the economy could impact votersSeveral economic issues could impact midterm elections voters. Here's what to expect on Nov. 3.CNBC · 27 Oct, 19:22

In this story: United States · CNBC · Brookings Institution · Pew Research Center · National Association of Realtors · The Wall Street Journal · Greg Ip · William Galston

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