While all voters are more worried about the economy now than they were heading into the 2020 presidential election, the pessimism has spiked the most among those under 30. — Bloomberg
NEW YORK: They’re weighed down by student debt. They’re shut out of the housing market. They’re hit by higher costs of living. And they want President Joe Biden to listen.
At a time when Donald Trump is cutting into Biden’s 2020 advantage with young adults, the growing list of grievances among those between the ages of 18 and 29 is a worrying sign for Biden as he seeks a second term.
People in that age cohort are more than twice as likely to cite the economy as their top concern compared with older adults in recent Gallup data.
And while all voters are more worried about the economy now than they were heading into the 2020 presidential election, the pessimism has spiked the most among those under 30.
That concern is being reflected in polls. Trump is currently leading the president 47% to 40% with voters 18 to 34 in swing states, according to a March Bloomberg News/Morning Consult poll. By contrast, Biden won 61% of voters under 30 last cycle.
Though the November election is months off and attitudes can shift, there’s no doubt Biden will need support from Generation Z and Millennial voters to win.
Incumbents get the blame when voters are dissatisfied with the economy.
The challenge for Biden is that even though economic growth has been solid in the past year, the job market is robust and the inflation rate is cooling, poll after poll showed many people don’t feel like it.
Younger Americans have a long list of headwinds – stunted action on student-loan forgiveness, the highest interest rates since they’ve been in diapers and expensive rents.
Older Americans, who are more likely to live in houses they own with low mortgage rates and who have benefited from years of housing and stock market appreciation, are less pessimistic about the economy.
The contrasting way generations emerged financially from the coronavirus pandemic may provide a playbook for Biden on how to hone his political message to young adults.
Christian Martin, a 22-year-old college senior from Atlanta, Georgia, said he hasn’t yet felt the impact of Biden’s economic policies.
He’s worried about making student-loan payments while keeping up with the elevated costs of living. — Bloomberg
