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Mid-term Election 2022 and its Impact on Our Country’s Future Is there gloom or bloom of the US economy heading into the pivotal and critical election day next week? Will the economy play a role in the outcome of close elections for the US House and US Senate? What about the state races in California for State Assembly or State Senate? Odds are pretty clear that unless there is a titanic wave across the country, no one is predicting this election cycle will change Californians’ political dominance by the Democrats — but for other hotly contested races across the country — it is anyone’s guess. Here are some intriguing headlines about the current economic issues from LinkedIn news stories: The U.S. economy is back to growing, with the preliminary gross domestic product reading for the third quarter showing a reversal from a two-quarter downward trend. Consumer prices picked up speed in September, according to the Federal Reserve’s preferred inflation gauge. The latest data affirms expectations for another interest rate hike on Wednesday. Home prices are slumping, mortgage rates are soaring. The average 30-year mortgage rate crested beyond the 7% mark last week, meaning it’s more than doubled over the past year, according to Freddie Mac. Meanwhile, housing prices have fallen the farthest since March 2009 — but aren’t absorbing interest rate sticker shock. Nationally, prices are still 13% higher than a year ago. Big Tech is seeing a slowdown. Last week, Amazon shares sank following a disappointing fourth-quarter forecast, Google reported a 27% fall in quarterly profit, Meta’s revenue dropped for a second quarter and Microsoft predicted slowing growth for at least the next three months. Remote work means fewer sick days, with workers powering through colds by sending emails from bed. Two out of three workers have avoided calling in sick this year, with most citing guilt as the reason. The traditional travel season is getting extended. Instead of slowing after Labor Day, vacations are going strong right now. Airline ticket sales by agencies specializing in vacations are up 9% over last year. The stronger dollar is also fueling trips abroad. When Democratic strategist James Carville told campaign workers during Bill Clinton’s successful 1992 run for the presidency, “It’s the economy, stupid,” he coined a phrase that could be aptly applied to the 2022 midterm elections. Clinton defeated George H.W. Bush when the former president’s approval ratings fell from 90% to 64% in a little over a year as a recession took hold. President Joe Biden and fellow Democrats are facing an uneasy time as the midterm election approaches, staring at inflation that is running at an 8.2% annual rate and a Federal Reserve hell bent on slaying it with the highest interest rates in a decade. Will that be the case in 2022? Among the policy issues being debated and discussed this year, the economy leads in importance to Americans. Nearly half of U.S. registered voters, 49%, say the economy will be extremely important to their vote for Congress. But abortion and crime are nearly as prominent; 42% and 40% of voters, respectively, say each of these is extremely important. Gun policy and immigration constitute third-tier election issues, rated extremely important by 38% and 37% of voters, respectively. Fewer, 31%, say relations with Russia are extremely important to their vote, while 26% focused on climate change making it the least influential issue tested in the Oct. 3-20 Gallup poll. What is the feeling here in California? According to the Public Policy Institute of California September 2022 survey, nearly three out of 10 Californians who responded said jobs, the economy and inflation was the most important issue facing the state today. The survey, which was fielded from Sept. 2-11 and included 1,705 adults, showed that an overwhelming majority of Californians said rising prices are causing financial hardship for their households. The data broke this down by saying out of all surveyed adults, 38% said they were facing “serious hardship,” 33% said they were facing “not serious hardship,” and 29% said they were facing “no hardship.” These are the top five issues for California voters, according to the PPIC survey: Jobs/economy/inflation: 29% Homelessness: 14% Housing costs/availability: 11% Environment/climate change: 8% Water/drought: 8% The issue of this election cycle is all about women’s right to choose. Abortion is top of mind for women voters. When likely voters read the ballot title and label, 69% would vote yes on Proposition 1. At the local level, 68% of Californians say homelessness is a big problem in our region and across the state. Two hidden facts might change the outcome in many of the tight races across the country and in California. Will there be a resurgence of women voters because of Roe v. Wade decision and Proposition 1? Will climate change have a varying impact on voters taking an election stand vs. the other looming issues of our time? If you haven’t cast a ballot, I encourage you to do so. Let’s see where we stand come November 9.
Mid-term Election 2022 and its Impact on Our Country’s Future
Is there gloom or bloom of the US economy heading into the pivotal and critical election day next week? Will the economy play a role in the outcome of close elections for the US House and US Senate? What about the state races in California for State Assembly or State Senate? Odds are pretty clear that unless there is a titanic wave across the country, no one is predicting this election cycle will change Californians’ political dominance by the Democrats — but for other hotly contested races across the country — it is anyone’s guess.
Here are some intriguing headlines about the current economic issues from LinkedIn news stories:
When Democratic strategist James Carville told campaign workers during Bill Clinton’s successful 1992 run for the presidency, “It’s the economy, stupid,” he coined a phrase that could be aptly applied to the 2022 midterm elections. Clinton defeated George H.W. Bush when the former president’s approval ratings fell from 90% to 64% in a little over a year as a recession took hold.
President Joe Biden and fellow Democrats are facing an uneasy time as the midterm election approaches, staring at inflation that is running at an 8.2% annual rate and a Federal Reserve hell bent on slaying it with the highest interest rates in a decade. Will that be the case in 2022?
Among the policy issues being debated and discussed this year, the economy leads in importance to Americans. Nearly half of U.S. registered voters, 49%, say the economy will be extremely important to their vote for Congress. But abortion and crime are nearly as prominent; 42% and 40% of voters, respectively, say each of these is extremely important. Gun policy and immigration constitute third-tier election issues, rated extremely important by 38% and 37% of voters, respectively.
Fewer, 31%, say relations with Russia are extremely important to their vote, while 26% focused on climate change making it the least influential issue tested in the Oct. 3-20 Gallup poll.
What is the feeling here in California? According to the Public Policy Institute of California September 2022 survey, nearly three out of 10 Californians who responded said jobs, the economy and inflation was the most important issue facing the state today. The survey, which was fielded from Sept. 2-11 and included 1,705 adults, showed that an overwhelming majority of Californians said rising prices are causing financial hardship for their households. The data broke this down by saying out of all surveyed adults, 38% said they were facing “serious hardship,” 33% said they were facing “not serious hardship,” and 29% said they were facing “no hardship.”
These are the top five issues for California voters, according to the PPIC survey:
The issue of this election cycle is all about women’s right to choose. Abortion is top of mind for women voters. When likely voters read the ballot title and label, 69% would vote yes on Proposition 1. At the local level, 68% of Californians say homelessness is a big problem in our region and across the state.
Two hidden facts might change the outcome in many of the tight races across the country and in California. Will there be a resurgence of women voters because of Roe v. Wade decision and Proposition 1? Will climate change have a varying impact on voters taking an election stand vs. the other looming issues of our time? If you haven’t cast a ballot, I encourage you to do so. Let’s see where we stand come November 9.