John Wronsky, founder and president of the Wronsky Group, joins “Wall Street with Maria Bartillom” to discuss warnings of an inflation rebound from BlackRock’s chief investment strategist.
Voters head to the largest polling stations primary election day Heading into the 2024 cycle, they have one issue in particular in mind. us economy.
According to a monthly Gallup poll, about one-third of Americans think the economy is the most important issue facing the country today. This includes 12% of voters who are concerned about the economy in general and 11% who say the high cost of living and ongoing inflation crisis are the country’s biggest problems.
Another 3% expressed concern about the large federal budget deficit, and 2% cited taxes.
High inflation continues to weigh on America’s budget
Customers shop at a supermarket on September 13, 2023 in Foster City, California. (Li Jianguo/Xinhua News Agency via Getty Images/Getty Images)
By comparison, 28% of Americans say immigration is the biggest problem, and 20% say the biggest problem is government and poor leadership. A further 6% said poverty and homelessness were their biggest problems.
The findings were released ahead of Super Tuesday, the most-elected day of the presidential primary cycle. In the 15 states voting on Tuesday, more than a third of Republican delegates are up for election. Approximately one-third of Democratic delegates have been decided, with nomination contests taking place in 14 states and American Samoa.
former President Donald TrumpThe Republican front-runner is widely expected to dominate the race, facing her final Republican challenger, former South Carolina Gov. Nikki Haley. As the only incumbent Democratic Party candidate, President Biden is likely to dominate the election race.
Why are groceries still so expensive?
The 2024 presidential election is widely expected to once again be a direct showdown between Trump and Biden, with the economy likely to be the deciding factor for many voters.
of White House Although the president has praised the nearly steady annual decline in inflation, most economists believe this is not due to the president’s economic policies, but rather to the Federal Reserve’s aggressive rate hike campaign and supply chain I agree that this is due to confusion resolution.
President Joe Biden during an event at the Old Post Office on June 28, 2023 in Chicago, Illinois. (Taylor Glasscock/Bloomberg via Getty Images/Getty Images)
Inflation has fallen significantly from its peak of 9.1% in June 2022, but remains well above the Federal Reserve’s 2% target. And just before that, compared to January 2021, the inflation crisis has begunprices rose by a whopping 17.6%.
Many families have not yet received material relief. Food prices have increased 33.7% since the beginning of 2021, and shelter costs have increased 18.7%, according to FOX Business calculations. Meanwhile, energy prices have increased by 32.8%.
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Chronically high prices are forcing Americans to spend about $1,019 more a month than they did three years ago, before the inflation crisis began, according to a recent estimate from Moody’s Analytics.
As spending on everyday items increases, Americans are on fire Funded by savings, more and more people are turning to credit cards to cover basic expenses.
The burden falls disproportionately on low-income Americans, whose already maxed-out paychecks are heavily affected by price fluctuations.
