I am efficient in the financial sector: 4 reasons for economic system major concern for 2024 elections

In November we will elect the forty-seventh President of the United States. The two candidates struggled on key issues such as immigration, health care and foreign coverage.

Alternatively, the most urgent ailment of the population is also its poor health and financial system. While some states are performing better than others this week, two financial experts from GOBankingRates said the economy is a top concern heading into the 2024 election. Accumulation study to find out why.

What is wrong with the economic system?

Astute commentators noted 4 major issues that contribute to American citizens’ dissatisfaction with the financial system.

inflation

“While working with hundreds of middle-class Americans on their personal finances over the past four years, I have seen economic stress reach breaking point. The average American has seen the cost of housing, child care, health care, higher education, and commodities continue to rise at a rate they struggle to keep up. The middle class is working hard to ‘figure out’ these economic issues and desperately wants legislation that helps,” said Nicole Stanley, founder and lead financial lecturer at Get Up Financial Training.

stable wages

“While unemployment reports show consistent ‘growth,’ what they don’t show are people who are overemployed, people who have given up looking for jobs and stagnant wages,” Stanley said. “Wages have not kept up with the rising costs of college, housing, medical (care), child care and the overall cost of living in America.”

While many states have recently increased their minimum wages significantly, the federal minimum wage today still stands at $7.25.

scholar mortgage loan

“With an estimated 43 million Americans struggling with student loan debt and inflation still impacting families in key areas, (voters) have vested interest in student loan forgiveness and policies that reduce the burden of student loan payments,” Stanley said. It’s selfishness.” “It is not difficult to see that the student loan crisis is an important basis in the election when President Biden seeks to forgive as much (debt) as possible and to introduce or overhaul student loan forgiveness programs and policies before November 5’s election clock. ‘ are working against. ,

housing disaster

“In addition to the student loan crisis, we are also dealing with a volatile housing market. Middle-class Americans are struggling to achieve ‘the American Dream’ due to the burden of student debt and unaffordable housing, Stanley said.

John Pham, founder of The Cash Ninja, explained the cause of the disaster: “There is a severe shortage of housing inventory. Current homeowners who were fortunate enough to lock in low mortgage rates may not want to sell, leaving potential buyers competing for a smaller number of properties. High demand and low supply is a recipe for rising home prices. Additionally, most buyers will need to finance their new homes at the highest interest rates in the last 20 years.

So what can the federal government do?

“While Biden has addressed predatory practices and introduced legislation to regulate hedge funds and ‘big money’ out of the housing market, when will Americans actually see it?” Stanley mentioned.

Pham suggested that “providing incentives for the construction of more affordable housing units and gradually lowering lending rates could help potential home buyers.”

the urgency to deal with those problems

“(These) are issues that have been fought over in nearly every election over the last 20 years, but that feel more pressing in 2024 because the economy is impacting everyday Americans more than ever. Without urgently addressing these issues, more Americans will fall into poverty, delay important life milestones (college, marriage, children) and be unable to retire with dignity. If America truly wants to shine and have a prosperous future, addressing these economic concerns must be a top priority for both candidates and parties,” Stanley said.

What can you do within the interim

Sadly, not a single one of the above issues will be resolved in one fell swoop – no matter who wins the then-current elections. The date of coverage formation and implementation has been snatched away, so we have to take away the “wait and see” approach.

Alternatively, there are ways to save in a corrupt financial system. As an example, you would try these items.

• Reduce your discretionary spending like eating out or signing up for subscription services and products.
• Search for utility coupons or do business when you store.
• Buy store-brand or secondhand items whenever possible.
• Negotiate reduced charges with your web supplier, mobile phone corporate or auto insurer.

Keep in mind that more cash income will also boost your finances. Imagine discovering a higher-paying job, creating a side hustle or promoting some new assets.

Extra from GOBankingRates