The U.S. job market is thriving, inflation has cooled, and consumer spending remains robust — yet voters don’t seem to care. A majority of Americans still believe the US economy is “on the wrong track,” according to a September poll by the Harvard Center for American Political Studies and Harris Poll.
Key Reasons for Voter Pessimism:
- Inflation’s Lingering Effects: Even though inflation has eased from its peak in 2022, prices are still around 20% higher than they were in early 2020. This continues to weigh heavily on household budgets.
- Cost of Living Concerns: A September NBC News survey found that 66% of voters feel their family’s income isn’t keeping up with the rising cost of living, fueling negative sentiment.
- Personal Experience vs. Data: According to Joanne Hsu, director of the University of Michigan’s Surveys of Consumers, many Americans base their economic outlook on their personal experiences or what they hear from others, rather than government reports or news stories, which can often paint a rosier picture.
Disconnect Between Economic Data and Public Perception:
- Job Market Resilience: Despite low unemployment rates, voter pessimism about the future job market has persisted, with many more concerned about day-to-day expenses.
- Consumer Sentiment: University of Michigan surveys show that Americans’ views of the economy have been more negative in recent years, though attitudes are slowly improving as inflation cools.
While each new piece of economic data might be seen as a win for Vice President Kamala Harris or former President Donald Trump ahead of the November election, most voters remain focused on how far their dollars stretch — and for many, it’s not far enough.
