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Economic Issues Dominate Midterms

Economic Issues Dominate Midterms

Americans Heading to the Polls Are Worried About Inflation

American’s discontent with the economy and Joe Biden are fueling the Republican’s midterm chances. With inflation stuck at a 40-year high for almost a year, economic issues are the top concern in the 2022 midterm elections. While Democrats focus on social issues, Republican attention to inflation is giving them an electoral edge.

“Inflation remains the dominant economic concern for Americans,” a Pew Research Center survey of registered voters released Oct. 20 found. “In fact, the three top concerns, among seven items included, relate to prices – for food and consumer goods (73% are very concerned about this), gasoline and energy (69%) and the cost of housing (60%).”1

Several other polls support the Pew’s findings. CNN conducted two surveys. The first rated issues on scale of ‘extremely important’ to ‘not that important’. The second asked for a single top priority. In both surveys, the economy came out as the top concern.

75% of registered Republicans called the economy extremely important. Only 50% of Democrats thought so. In the 2nd survey, 71% of Republicans called the economy and inflation their top issue. Only 27% of Democrats said the same.2

Similar results were found in ABC/Washington Post survey. 80% said the economy was their top issue. 77% specifically said inflation was their main concern. Perhaps the biggest vote indicator, 43% of Americans say they are worse off financially now than they were two years ago. In 2020, that number was only 20% and just 14% in 2018. The poll found Republicans are more trusted to handle the economy by over 12%.3

Biden’s falling popularity is hurting Democrat’s chances. He has a 41% approval rating. Historically, when a president’s approval rating is below 50% his party loses an average of 37 House seats in midterms.4

In a Fox News poll, voters said by a 13-point margin that the GOP would do a better job than the Democratic Party of handling inflation and higher prices. And in a mid-October CBS News/YouGov poll, voters were nine points likelier to say that GOP control of Congress would help the economy than to say it would hurt. Voters also said, by a 19-point margin, that Democratic economic policies during the last two years in Congress have hurt, rather than helped.5

Elections and Gold

Elections put turmoil and uncertainty on display. Two conditions that send financial experts flocking to gold. Central banks around the world bought a record amount of gold this past quarter. 400 tons was purchased, the most on record. That is a 300% jump from the same time last year. They could be seeking to gain the security and stability that gold provides in times of chaos while the price of gold is temporarily lower.6

A Republican win could also usher in a gold rush. If they gain control of Congress, they can give a fair hearing to legislation proposed by Congressman Alex Rooney. His bill would restore precious metal backing to US currency. As a result, out of control government spending would be reined in and inflation would be reduced.

So go vote! And contact us to learn how a Gold IRA can secure your savings against Biden’s economy. Now is the moment to defend your retirement funds with the proven wealth preserving benefits of precious metals. These safe haven assets can protect your nest egg from inflation, recession and political turmoil. Your future and your country’s future are counting on you.

Notes:
1. https://www.usatoday.com/in-depth/news/politics/elections/2022/11/04/battleground-states-inflation-midterm-elections/8188937001/
2. https://www.cnn.com/2022/11/05/politics/voters-issues-economy-midterms-2022/index.html
3. https://abcnews.go.com/Politics/economic-discontent-fuels-gop-hopes-midterms-draw-close/story?id=92679694
4. https://abcnews.go.com/Politics/economic-discontent-fuels-gop-hopes-midterms-draw-close/story?id=92679694
5. https://www.cnn.com/2022/11/05/politics/voters-issues-economy-midterms-2022/index.html
6. https://www.kitco.com/news/2022-11-01/Central-banks-buy-record-amount-of-gold-in-Q3-and-large-chunks-are-from-unknown-buyers.html

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