Name: How the economy could be driving voters on Election Day
Uploaded: 2025-11-05T02:02:44.362Z
Duration: 2 min 18 s
Description: One of the key issues expected to be top of mind for voters on Tuesday (November 4) is the economy.

One of the key issues expected to be top of mind for voters on Tuesday (November 4) is the economy.

Washington

The economy is a central issue for voters in the 2024 U.S. presidential election, with many assessing the administration's handling of inflation, job market stability, and the cost of living. While headline economic metrics such as inflation remain relatively stable at 3%, essential costs like beef and utility gas have seen significant increases, putting pressure on household budgets, especially for middle and lower income groups.

Voters are also concerned about tariffs and their impact on prices, with consumer sentiment at a five-month low. Over the past five years, prices have risen by more than 24%, outpacing wage growth, which remains a key factor driving voter decisions at the polls.

How the economy could be driving voters on Election Day

One of the key issues top of mind for voters today is the economy. In the 2024 race for the White House, President Trump promised to address inflation and the job market. Today voters might provide a report card on how the administration has handled the economy since taking office. CBS News Money Watch correspondent Kelly O'Grady joins us now. So Kelly, we know affordability, cost of living, huge drivers for people. We know this from exit polls. We know this from what voters have been telling us. Where do things stand today? So broadly, the economy is stable. We are seeing shifts, obviously, in the job market. More companies laying people off. It's taking longer for people to find a job. But when you look at those top line level metrics, things are good. Inflation is at three percent. You want it to be towards two percent, but it's not runaway. But then when you start to peel back the onion and you look at the things that people have to shell out for all the time, beef prices are up over 15 percent. Utility piped gas up over over 11 percent on the year. These are going to be things that are really important going into the months when you need to heat your home. And so what we are seeing is those particular things. They are taking more of the share of wallet, more of the budget. And that's really causing a problem for middle and lower income consumers because they're not able to go out. They don't have that free cash to go out and spend on other things. And that's really where they're feeling crunched. And every time you have an election, it's always a referendum. It feels like when it comes to the economy on the administration that is in office. And so a central part of Trump's presidency has been terrorists so far. I mean, do we know what voters are thinking about in terms of that? Is that also a motivating factor? So we do know that they are concerned because you look at consumer sentiment. It's at a five month low. And terrorists is always one of the big drivers of where people are concerned about when prices are going. Whether it's going to be a factor in New York, New Jersey, Virginia. We just do know that it is on the minds of people and that this increase in prices that they're seeing a lot of people are looking to that. I think, though, you go big picture. Really, what's causing the crunch? And people remember is that over the last five years, prices have risen over 24 percent. Cumulatively, wages have risen less than 24 percent. That gap. That's what people are voting on. OK, Kelly O'Grady. Thank you.

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