The economic balance after four years of Joe Biden’s administration is mixed. October 31, 2024 | 2:39 min”It’s the economy, stupid!” With this slogan, Bill Clinton won the US presidential election in 1992. What was initially intended as an internal slogan to motivate campaign staff developed into the mantra of the election campaign.
More than three decades later, it is clear that for people, the topic of the economy and their own financial situation also plays an important role in this election campaign.
Trump or Harris – who will win the fight for the White House? Antje Pieper was on the move in the hotly contested swing states in which the election will be decided.10.10.2024 | 44:16 minutes
USA: Credit card debt at record high
A look at credit card debt shows that for many people there is currently not enough money to live on. Short-term financial bottlenecks become visible here. America has long been the land of credit cards – on average, everyone here has more than three. But people have never been as indebted as they are now.
Credit card debt for US citizens
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Wages also increased in the comparable period. However, the money is apparently not (anymore) enough. People are trying to push the increased financial burden into the future, hoping for better times.
Kamala Harris talks about her economic ideas during the US election campaign. If she wins the election, she wants to relieve the middle class with tax cuts and promote home ownership. August 17, 2024 | 2:27 min Donald Trump also recognized the issue during the election campaign. The Republican presidential candidate announced at a campaign event that he wanted to limit the penalty interest rates charged by credit card providers to “around ten percent,” at least temporarily. Without giving details of how this will be implemented.
Inflation burdens citizens
Price increases in particular, including as a result of the corona pandemic and the war in Ukraine, are putting a strain on American households. The costs of transportation, which include gasoline, vehicle insurance or purchasing a car, have increased by almost a third since 2020. Food prices also rose by 24.1 percent. Also housing costs, which have increased by 21.8 percent.
Price increase since 2020
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Families in particular suffer from high house prices and rents. In addition, the increased costs of child care are causing them problems, explains the American economist and influencer Kyla Scanlon.
People can no longer afford what they used to be able to afford.
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Kyla Scanlon, economist and influencer
“Buying a house, having children, that’s the core of the American dream,” Scanlon says. She comes to the conclusion: “We must redefine what the American dream is.” This leads to stress, confusion and fear among the population.
What does inflation mean?
Inflation describes the prolonged increase in the price of goods and services. Put simply, it means that consumers can buy less for the same money than before. The inflation rate indicates how much higher or lower inflation is compared to the same month in the previous year.
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Low unemployment rate
Other economic data, however, reveal a more positive picture: the labor market has stabilized over the past four years during Biden’s presidency.
US unemployment rate
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After Trump took office in 2017, the numbers initially fell, but rose sharply with the outbreak of the corona pandemic. The labor market was then able to recover quickly. According to the American Department of Labor, a slight increase to four percent is expected for 2024.
Decent economic growth
Another indicator contrasts with the poor mood among the population. The US economy is currently growing faster than that of many other industrialized nations. US growth is estimated at 2.7 percent this year. The IMF recently reduced the forecast for Germany to zero.
US economic growth
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The data paints a mixed picture. On the one hand, the solid values indicate a stable economic situation. On the other hand, many Americans are struggling with rising prices that are putting a strain on their financial situation.
Kamala Harris wants to lower the cost of living if she wins the election in November. Donald Trump had previously blamed them for inflation in the USA. Aug 17, 2024 | 1:30 minutes
Economist Scanlon expresses the discrepancy between the country’s good economic situation and the poor mood of the population with the term “vibecession”. This is made up of the words “vibe” and “recession”.
Trump is trying to use this feeling among the population for his election campaign. He accuses Biden and former Vice President Kamala Harris of ruining the economy. Harris, on the other hand, praises the good economic data, saying that despite all the crises there is no recession. Both candidates seem to know: “It’s still the economy, stupid!”
Differentiation from Biden
:Harris is making up for what was needed at Fox
She will not be the continuation of Biden, says Kamala Harris in an interview with Fox News. In the final stretch of the election campaign, the Democrat is distancing herself and taking more risks.
Anna Kleiser, Washington D.C.
Analyse
