Why was the economy the top issue in the election?

foxbusiness.com:

'The Claman Countdown' panelists Kenny Polcari and Andy Brenner react to the Federal Reserve news conference.

American voters had the economy on their minds when they cast their ballots, sending President-elect Trump back to the White House following his victory over Vice President Kamala Harris.

Economic issues are often a key concern for voters, and the 2024 election was no different. The Fox News Voter Analysis (FNVA), which was conducted in partnership with The Associated Press, found that voters rated the economy and jobs as the most important issues facing the country, according to 39% of respondents, topping immigration (20%) and abortion (11%).

Additionally, the FNVA found that a combined 63% of voters rated economic conditions as «not so good» or «poor,» compared to 37% who said they're «excellent» or «good.» That carried over into voters' assessment of their family's financial situation, as just 13% said they are «getting ahead,» compared to 56% «holding steady» and 31% «falling behind.»

Those findings come after the U.S. economy experienced its most significant inflationary cycle in four decades in the last few years, with prices up about 20% as compared with four years ago, which caused interest rates to rise to their highest level since 2001 to tamp down the pace of price growth. 

WHY ARE CONSUMERS PESSIMISTIC ABOUT THE ECONOMY WHILE INFLATION IS COOLING?

The economy and jobs were the most important issues in the election, the Fox News Voter Analysis found. (Michael Nagle/Bloomberg via Getty Images / Getty Images)

Though inflation has cooled, and the labor market has remained relatively stable, the impact of rapidly rising prices on household budgets kept their personal finances and the broader economy