With polls showing that Americans rank the economy as their most pressing concern in the November 5 election, both Vice President Kamala Harris and former President Donald Trump are making last-minute pitches to convince voters they know how to ensure the nation’s financial prosperity.
At the same time, many factors that affect the nation’s economic performance are beyond the president’s control, from shocks like Russia’s invasion of Ukraine to the pandemic’s supply-chain snarls, which contributed to the highest U.S. inflation in 40 years.
Although experts largely give the current economy high marks, most Americans don’t agree, with 52% telling Gallup that they feel worse off today than four years ago. That’s partly due to partisan differences — Republicans are much more likely than Democrats to say they’re struggling more than in 2020, Gallup found — but economists say it’s also linked to lingering pain from the global disruptions caused by the pandemic.
“It’s inflation, stupid!” wrote Bernard Yaros, U.S. lead economist at Oxford Economics, in an October 24 report, borrowing from political strategist James Carville’s famous coinage. “Inflation is the foremost issue voters are concerned about, and how it is perceived will determine the election.”
Here are five key factors that could weigh on voters’ decisions as they cast their ballots.
Inflation: A low rate, but prices remain high
Inflation across the country has cooled…
