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In Voting for Obama or Romney, Voters Consider Their Finances More Than Ever

In Voting for Obama or Romney, Voters Consider Their Finances More Than Ever

As election day approaches, voters are divided over which presidential candidate will help them improve their finances. However, while most voters have their preferences set when it comes to all other aspects, the plans that each candidate has for the economy (and thus, for the voters’ wallets) are far more divisive among them. In fact, the importance of how a candidate approaches this topic might have never carried more importance as it does now.

Here is where the American people currently stand:

As is well known, voters firmly believe presidents can have a big impact on their lives and their finances, like the interest rate at which personal loans will be granted for example. In fact, a Bankrate.com survey taken a couple of months ago found that almost six out of 10 Americans consider their financial situation to be the most important factor when deciding who they will vote for. What is interesting however, is that a great number of people also believe that the current economic situation in the country is so problematic, that they doubt any specific policies will help their finances.

So, in short, not all U.S. citizens believe the new president can really overturn the economic situation in the country, and those who do, don’t know for which candidate to vote. What makes matters even more complicated is that both Obama and Romney offer drastically different views on economic policy, including personal loans.

For example, Romney’s policies are more focused on getting rid of regulation and o reducing public spending. That will allow for a faster growth rate even with lower tax income.

On the other hand, Obama’s policies are definitely more focused on economic changes that benefit both the middle and lower classes, with a major emphasis on health insurance, student and personal loans, social services, tax reduction for the lower classes, as well as extending some benefits for unemployed people. All of that while at the same time raising taxes at the high-end class. What most voters fail to notice however, is that regardless of the president they choose, he will most likely have to work with a Congress dominated by the other party, since it is simply impossible for any president to make policies unilaterally.

What it all boils down to however, is that, Romney will likely benefit those in the upper-income sector of the economy, while Obama will most likely benefit the lower-income citizens.

The core of the issue here is that both Republicans and Democrats feel completely differently about their financial situations and thus, about the financial condition of the country. This is a point of view that none of these two parties have been able to share in decades, and that has shaped the political panorama of the country since the last century. As an example, a survey just found that as much as one-third of Republicans “feel comfortable with their debt now compared to one year ago,”. The same survey however, found that only one-quarter of Democrats feel the same.

Besides the intense emotions during election time, there are also other factors that determine the perception people has of the economy. For one, age is a very important factor, with the vast majority of voters under 30 believing their finances will improve under an Obama administration. But perhaps the most important economical factor that might decide the election is the impression that most voters have that Romney in particular and the Republican party in general favour the rich, while most firmly believe that Obama tends to show preference for the middle and poor classes.

As the moment of election approaches, both candidates will try to show their voters that each is the one to vote for if what they want is to improve their finances. The one who succeeds will most likely be the next president of the United States.