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  • Writer's pictureCrest Economics

US Economy shapes ‘high-stakes’ midterm elections – Nov 2022

Rallying a speech of optimism and determination, Biden addressed the high stakes the upcoming US midterm elections in repeating his promise to shore up abortion rights, strengthen Americans’ rights and maintain social welfare rights. However, recent polls suggest Americans are currently more focused on economic issues, where Republicans traditionally hold an advantage with voters. In the final days of campaigning, some Democrats have expressed alarm that their candidates have not done enough to address anxiety over the state of the economy, leaving the party vulnerable to a red wave on Tuesday.

Despite record job numbers and some reasons for inflation beyond Democrats' control, they have faltered in their messaging on the economy, while Republicans have hammered them continuously on it with polls show it has worked to the advantage of Republicans. Evidently where Ohio used to be a swing state, t has been moving further to the right in recent years. The state went to former President Trump in 2016 and 2020, partly because of his promise to bring manufacturing jobs back to the US.

With inflation sitting at 8.2%, inflation is only adding to difficulties for the Democrats nationally. According to an ABC News/IPSOS poll conducted less than three weeks before the election, more Americans trust Republicans over Democrats on both the economy and gas prices. Despite the current surge in gas prices that are largely determined by supply and demand, Republicans have seized on inflation fears and gas prices to accuse Democrats of spending too much, a frequent talking point, and limiting energy production.

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