These 10 financial issues matter most to Americans.
Here’s what you need to know—and here’s how it can affect the presidential election.
A new survey 0f 2,000 adults found that the Top 10 financial issues for Americans this election are:
- Coronavirus stimulus plans
- Social Security
- Mortgage interest rates
- Economic inequality
- National economy (including jobs)
- Cost of healthcare
- Loan and credit card interest rates
- Minimum wage
- Savings interest rates
Based on this survey, approximately 33% of respondents said Former Vice President Joe Biden would be better for personal finances compared with 29% for President Donald Trump. Here are some of the most popular personal finance issues and where each candidate stands:
The Covid-19 stimulus plan is the number one issue for voters, according to the survey. Congress has passed several financial stimulus packages since March in response to the Covid-19 pandemic. Most notably, Congress passed the Cares Act — the $2.2 trillion stimulus package. The Cares Act included a stimulus check of up to $1,200 for each individual, $2,400 for married couple or joint filers and $500 for dependents under age 17. However, Congress failed to pass another major stimulus package before the election that could have included second stimulus checks for the American people.
Why has there been no stimulus deal? There have been several reasons, including differences between Democrats and Republicans on:
- Overall cost: Democrats initially wanted a $3 trillion stimulus package, while Republicans initiated wanted a $1 trillion stimulus package. Since then, both parties have been unable to reach a deal for approximately $2 trillion.
- Unemployment Benefits: Both Democrats and Republicans support enhanced federal unemployment benefits. Democrats want to continue $600 a week unemployment benefits, while Republicans have proposed various amounts of $300 – $400 per week. These enhanced unemployment benefits have mostly since expired.
- State and Local Aid: Democrats and Republicans have differed drastically on state and local aid. Democrats initially wanted approximately $1 trillion for state and local aid, whereas Republicans wanted $105 billion for education for school openings.
Trump and Biden have different view on taxes.
- Trump: In 2017, Trump and congressional Republicans cut taxes for most individuals and for many companies.
- Biden: In contrast, Biden said he would raise income taxes on Americans earning more than $400,000 and would close corporate tax loopholes so that more companies “pay their fair share.”
Social Security is another hot button issue in the presidential election.
- Biden: Biden would raise the payroll tax for higher earners to help fund Social Security.
- Trump: In contrast, Trump proposed a payroll tax holiday, which temporarily forgives the payroll tax through December 31, 2020. However, the payroll tax would have to be repaid in the first several months of 2021.
Other Key Issues
- Loan and interest rates: Interest rate are low, but voters are watching mortgage interest rates, credit card interest rates and student loan interest rates. While some voters are struggling to pay off debt or consolidate credit card debt, for example, other voters are refinancing student loans to save money due to low interest rates.
- Healthcare costs: Trump and Biden have different views on healthcare. Biden wants to protect the Affordable Care Act, otherwise known as “Obamacare,” and which includes protection for preexisting conditions. Trump wants the Supreme Court to repeal the Affordable Care Act, although Trump says he wants to protect preexisting conditions.