Despite the booming job market and decreasing inflation rates, voters still believe that the economy is in a poor state. A recent poll conducted by the Harvard Center for American Political Studies and the Harris Poll revealed that the majority of registered voters believe the economy is on the wrong track. Pollster Micah Roberts noted that most voters base their views on the economy on their daily experiences, such as the rising cost of groceries, rather than official government reports.
The data, whether positive or negative, is expected to be spun in favor of Vice President Kamala Harris or former President Donald Trump in the upcoming month. However, these reports are unlikely to sway the opinions of most voters, who base their views on how far their income stretches compared to recent times. Despite the low unemployment rate, many Americans feel that their income is not keeping up with the rising cost of living.
A survey conducted by Roberts for NBC News found that 66% of registered voters believe their family’s income is not keeping pace with the cost of living. This sentiment is reflected in the University of Michigan surveys, which show that a significant number of Americans attribute their worsening financial situation to higher prices. However, as inflation begins to cool, consumer sentiment is gradually improving.
According to surveys conducted by the University of Michigan dating back to 1978, consumers have been more pessimistic about the US economy than historically average. Those with negative views of the economy often base their opinions on personal experiences or what they hear from others, who tend to also have negative perspectives. Conversely, individuals who rely on news outlets for information about the economy are more likely to have a more optimistic view.
Overall, the average American forms their opinions on the economy based on observations of the world around them, rather than waiting for official reports or news coverage. Despite positive economic indicators such as the job market and inflation, many voters still feel that the economy is struggling to keep up with the cost of living. This disconnect between official data and public perception highlights the complexity of measuring economic sentiment and its impact on political discourse.
