With the U.S. employment rate on the rise and inflation rates finally experiencing a progressive decline, there is more than enough for the average American to be happy about today. However, there is still an overwhelming sense of negativity and sadness felt throughout the country for various reasons.
The State of the Economy During an Election Year
The state of the U.S. economy is a major topic of discussion in 2024 since it is an election year. Many people are focusing on what President Joe Biden has been able to accomplish during his time in office so far. More importantly, they are concerned about what will happen in the years to come – especially with the threat of a recession still fresh on the minds of millions of consumers and business owners alike.
Worrying if a Recession is Right Around the Corner
During the post-pandemic period of 2024, there is still a lot of anxiety and concern surrounding the possibility of a recession. Even though inflation rates have lowered in recent years, economists still believe that there is a risk of a recession in the near future. This is primarily because of the slow employment growth numbers aligned with mild inflation. However, most economists and financial professionals would agree that the projections for 2024 look much better than 2023.
The Impact of Gas Prices on Personal Finances
Higher prices at your local gas station can directly affect your household finances. When they are on the rise, the increased expenses can have a drastic impact on your budget – especially if you put a lot of miles on your vehicle day after day for work. Not being able to enjoy a consistently low and competitive price for fuel is a major source of frustration for a lot of people. There is also frustration coming from all the external factors beyond the control of the average consumer regarding the determination of gas price hikes – including global and political factors.
The Resolution of Paycheck Problems and Wage Growth
Multiple reports project that the average wages for U.S. workers could return to the levels experienced before the pandemic. However, the Federal Reserve must be able to take the economy to a “soft landing.” The uncertainty associated with wages, though, has created even more anxiety for household budgets throughout the country. If the problems persist, then it could open the door to even more economic strife among U.S. consumers and business owners. Otherwise, things could finally start to be heading back in the best direction.
The Fading Presence of Job Security
More than 305,000 U.S. employees were laid off in 2023 alone – essentially turning that period into the Year of Layoffs. Even though the layoffs seemed to originate within tech companies, it quickly spread to our industries. Economists believed that the economic uncertainty and doubts of early 2023 forced a vast number of businesses to make tough calls for their businesses to survive. The lack of job security has had a negative impact on employee morale, employee engagement and job satisfaction overall.
An Escalation of Grocery Prices
The amount of money that you put into your refrigerator each week plays a key role in the quality of life for your family in addition to your household budget. The financial strain of rising grocery prices in recent years is nearly impossible to ignore. As a result, even more consideration is given to such hot topics as economic instability and inflation – which just adds to the overall anxiety experienced by Americans today. The global factors of supply chain interruptions and unexpected weather events also contribute to the doubts and concerns.
The Questionable Quality of Grade School Education
The pandemic highlighted the state of education and academics in general for young children and teenage students. Shutting down schools and then later reopening under modified circumstances emphasized areas of concern and improvement that needed to be addressed without delay. Educators and parents alike should not be surprised if 2024 is full of debates on teacher pay measures, school sections, standardized testing, and the impact of artificial intelligence on education overall. In addition, the rights of conservative parents will also receive a spotlight since it’s an election year – covering such topics as sexuality, gender identity and racial sensitivity.
Frustrated Consumers Struggle to Stay Financially Afloat
Consumers are being encouraged to focus on their budgets throughout 2024. Saving money and paying down debt are usually popular goals to make the list of New Year’s resolutions. However, it is still a struggle for many consumers to maintain a household budget – especially with the fluctuating gas prices, grocery prices, and other recurring expenses that have adverse financial impacts. Some economists believe that any actual recession that appears this year will likely not last very long. There is still a substantial amount of anxiety associated with the unknown factors, though, that could cause Americans to feel worried and stressed.
Doubts about Regretful Purchases and Money Management
If hindsight vision truly is 20/20, then it makes sense why many Americans are sad and stressed. As they reflect on past financial decisions that they likely regret today, the “What If?” scenarios could quickly become overwhelming. This is especially the case for those who had access to stimulus checks, PPP payments, and other forms of financial assistance during the pandemic that did not make the wisest of choices with the funds received or saved. With the looming presence of possible recessions and inflation spikes, it is understandable why this is a major source of concern.
The Adverse Global Impact of Climate Change
According to the World Health Organization (WHO), temperatures are on the rise worldwide along with the excessive action of fossil fuels on fire. Not only does this affect the climate system, but studies have shown that it has a negative impact on the overall health of humans as well. A number of bizarre weather patterns made headlines in 2023, which only added to the weighty burden of doubt and uncertainty over what 2024 would bring to the table. In addition to climate change, global warming is still an increasingly popular concept that is being taught to people of all ages.
Dealing with the Political Divide in an Election Year
The attack on the Capital in January 2021 made it very clear to a lot of people that a political divide exists. There will be quite a few issues discussed and emphasized during the 2014 presidential election. However, a primary focus will be on the state of the political divide and what that means for the next presidential term. It will be interesting to see what the candidates and selected nominees have to say about these issues, but they will still likely be a main source of concern and confusion throughout the country.
Who Will Be the U.S. President in 2025?
The doom and gloom of American consumers and households today will likely continue throughout the election season. The question, “Who will be the next U.S. President?” undoubtedly circulates through the minds of many – especially with all the unanswered questions and unaddressed concerns that will likely transfer over into that politician’s term. As mentioned, the attack on the capital in January 2021 changed a lot about the public’s view of the White House and politics in general. It will be interesting to see what the next elected president will be able to do to fix this alongside their administration.
Mental Health, Substance Abuse and Other Healthcare Highlights
Mental health issues have maintained a constant spotlight since the start of the pandemic. The rising rate of cancer diagnoses and other chronic illnesses has also put a damper on the positive attitude of many Americans today. Gene therapy, substance addiction treatments, obesity treatments, and even regulatory approvals will all make waves in news cycles throughout the year as the country strives to get healthier than it has been in recent years.
Is There Another Pandemic Right Around the Corner?
Once you go down the wormhole of health-related concerns, it is not surprising that many people transition to the question of if or when the next pandemic will begin. COVID-19 will likely never go away completely, but there are still plenty of opportunities for other illnesses and infections to take their toll. Think about the COVID-19 variants, upper respiratory infections, and RSV diagnoses that have emerged in recent months. This has become an ongoing source of concern as well.
What Will the Future Bring?
Most psychologists, self-help books, and even Scriptures encourage people to only focus on the day at hand to prevent unnecessary stress. However, focusing on one day at a time is much easier said than done – especially when you cannot seem to stop thinking about the sadness and tragedies from previous days, months, and years. What will the future bring? Speculating about the answer to this question can stress out even the most positive of people.
