US MZ Voters Prefer Trump Over Biden Amid Economic Hardships

Biden Approval Ratings Drop in Battleground States Compared to 4 Years Ago
Rent, Prices, Debt... Economic Impact

Bloomberg reported that President Joe Biden's approval rating among young Americans has declined compared to the last presidential election due to economic difficulties.

On the 1st (local time), Bloomberg stated that according to a poll conducted with Morning Consult, former President Donald Trump’s approval rating among voters aged 18 to 34 in battleground states reached 47%, surpassing President Biden’s 40%.

This contrasts with the 2020 election, when President Biden’s approval rating among voters under 30 in battleground states was 61%.

Bloomberg highlighted the economy as the cause of Biden’s declining approval rating. Gallup’s survey results showed that people aged 18 to 29 are more than twice as likely as older generations to cite the economy as their top concern. In particular, pessimism among those under 30 has significantly increased compared to 2020 ahead of the election.

The older generation is more likely to live in homes they purchased with low mortgage rates and has benefited from the housing and stock market booms, making them relatively less pessimistic about the economy. However, the COVID-19 pandemic, which occurred just as young voters became adults, shook the economy. Bloomberg explained that businesses closed and rents soared, putting these young people in economically precarious situations.

Although inflation, including essential items such as food, eased significantly last year, it remains high compared to pre-COVID-19 levels. Wages have risen across all age groups in recent years, but young people have fewer assets and lower incomes.

Kay Kawashima Ginsberg, Newhouse Director at Tufts University, stated, "Young generations have been directly affected by costs related to energy, rent, and health because they lack accumulated assets."

According to Redfin, most wage increases were offset by rising rents. Housing rents increased by about 18% between October 2020 and January 2024.

Bloomberg noted that voters aged 18 to 34 in battleground states are more likely than any other age group to consider housing costs an important issue in the presidential election.

Gregory Daco, EY Chief Economist, analyzed that debt also worsens the economic outlook for young Americans. According to the Federal Reserve Bank of New York, the credit card delinquency rate for Americans aged 18 to 29 is 9.7%. The delinquency rate for those aged 30 to 39 is 8.7%. Bloomberg stated, "The credit card debt ratio among adults in their 20s and 30s is higher (than other generations), leading to serious delinquency."

Bloomberg said, "For President Biden to win the November election, he needs the support of Generation Z and millennial voters." It added, "If voters are dissatisfied with the economy, incumbents are blamed," and "the challenge facing President Biden is that despite solid economic growth, a strong job market, and cooling inflation, repeated polls show many people are not inclined to support him."