The current economy will likely play a major role in this year’s elections as Americans pay more for gas and groceries than ever before.
Inflation still rests at a 40 year high and the potential for a recession in 2023 appears to exist.
As prices rise, consumers are keeping their wallets closed. It’s also having an impact on the stock market.
Financial adviser Aaron Fagan told CNY Central that the markets have been rocky with interest rates, so the stock market looks less attractive.
One person shared that their 401k has been hit since Biden took office, saying 20-25% of their money is lost.
Another resident blames the government, saying their overreaction of raising interest rates after keeping them suppressed is why the stock market is being influenced.
Politics could play a role in changing the way things look economically, but different politicians mean different things for people.
Fagan explains that Republicans taking offices would mean less regulation of energy and more support for rural areas and farms. Democrats taking office could mean clean energy and a focus on things like healthcare.
The tech industry likely won’t see help, because both parties want to impose restrictions.
The issue will come if the votes split everything, making it so one party in specific doesn’t have control. People may not be on board with one side or the other. However, split politicians can lead to nothing getting done.
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