2024 US Presidential Election: Voters Focus on Economy, Social Security, and Housing

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Economy

A recent survey released by Emerson College on October 26 shows that former President Donald Trump (a Republican nominee) and Vice President Kamala Harris (Democratic presidential nominee) currently have equal support nationally, each polling at 49%.

Rising living worries costs Americans

With over 38 million votes already cast, both campaigns are focusing their efforts on key battleground states, including Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin, which are expected to play a decisive role in the election outcome.

The economy remains the top concern among voters. While the US economy has weighed down much of the developed world since the COVID-19 crisis, with the stock market hitting record highs this year, inflation rates have not declined.

Food prices, rent, utilities, and services like dining out are significantly higher than pre-pandemic levels, while workers' incomes remain largely unchanged. This reality has shaped the opinions of many voters. A Reuters poll found that 61% of American voters believe the economy is on the wrong track, and 68% think the cost of living has become excessively high.

In response, both Harris and Trump have proposed different solutions in their campaigns. Harris has committed to curb inflation and increase child tax credits. Trump, on the other hand, has proposed tax cuts for overtime income, implementing comprehensive tariffs on imports, and large-scale deportations of immigrants.

Former President Donald Trump (right) and Vice President Kamala Harris.

Many economists warn that Trump's tariff and deportation plans could further raise the prices of goods and services. Meanwhile, Harris's proposal to restrict price increases may prove challenging to implement.

Housing

Trump aims to boost the housing market by reducing building and land-use regulations to increase housing supply and lower home-buying costs through market competition. He opposes building low-income housing in areas typically reserved for single-family homes, attributing some of the high housing costs to inflation and illegal immigration, both of which he has committed to address if favored, including through mass deportations.

Critics argue that the housing price surge is mainly due to rising interest rates and high demand during the COVID-19 pandemic, and they caution that mass deportations could worsen housing supply issues, as a significant portion of the construction workforce consisting of immigrants.

Harris supports tax incentives and increased federal funding to build affordable housing, with a goal of adding three million new homes over the next four years. Her plan includes providing US $25,000 in down payment assistance for first-time homebuyers and imposing restrictions on large corporations buying residential properties to prevent speculative investment and protect housing access for regular families.

Social Security

More than 71 million people in the US received benefits from Social Security Administration programs in 2023, which aid retired and disabled workers. However, the Social Security and Medicare Trust Funds, including federal health insurance for seniors, are depleting. Without new funding or benefit cuts, both programs risk insolvency by 2035 and 2036.

Trump seeks to ensure the sustainability of Social Security and Medicare through economic growth. His plan includes reducing taxes, privatizing the healthcare system to increase market competition, and abolishing the tax on Social Security benefits.

Kamala Harris and her supporters

Meanwhile, Harris proposes expanding social security benefits through the Social Security Expansion Act, which would increase minimum benefits and adjust how the cost of living is calculated. She also supports adding long-term home care services to Medicare to reduce the burden on families caring for the elderly and children.

Harris's policy reflects the Biden administration's stance on raising taxes on individuals with annual incomes over US $400,000 to ensure funding for Social Security and Medicare.

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