For young adults, it's all about the economy

It's no surprise the nation's economy looms large in the minds of voters as they prepare to head to the polls in November.

Despite all the talk and numbers showing the country's economic landscape has improved over the past four years, many people — and that includes younger adults — are not feeling it where it counts most: Their pockets.

So says a national poll of 2,000 young adults between the ages of 18 and 40 released last week by the University of Chicago Institute of Politics.

Overall, 25% of those polled cited income inequality (11%) or economic growth (14%) as the biggest problems facing the country. That's a far higher figure than the percentage of respondents who cited the environment and climate change (4%), immigration (10%), gun control (5%), LGBTQ rights (1%) or some other issue on a long list of concerns.

In addition, 56% of respondents described the nation's economy as either "somewhat" (32%) or "very" (24%) poor.

The importance of the economy, relative to other issues, largely held true across racial lines, the poll found. That's important to note: Economic issues — buying a home, paying for college — remain dominant, even as America is becoming more diverse.

Young people of color are "a critical part of our political community, part of the democracy,” as one of the poll's lead organizers, University of Chicago political science professor Cathy Cohen, noted to WBEZ’s Adriana Cardona-Maguigad. 

The poll was taken before Vice President Kamala Harris became the Democratic Party's official nominee. But the findings make clear that, with the election slightly over two months away, Harris and Republican nominee Donald Trump have work to do: They must put forward a clear plan for how to build the nation's economy and reassure younger voters that they can still climb the economic ladder.

The Gen X'ers and millennials who were the respondents to the U of C survey are not the only group feeling fiscal anxiety. Members of Generation X — those born between 1965 and 1980 — are fearful they won't have enough money to enjoy a traditional retirement, the Wall Street Journal reported last week. Inflation and the economy have consistently ranked high among voter concerns as the election approaches.

Who can fix the country?

For anyone concerned about voter engagement among young people, the survey has good news: 59% of respondents said they are following election news "quite a bit" or "a great deal," while another 25% said they are following it "only some." And 55% said they "definitely" plan to vote; another 15% said they will "probably" do so; and only 12% said they "definitely" or "probably" won't cast their ballot.

The survey covered a range of issues, including sources that respondents rely on for news; civic and political participation; views on the Supreme Court and our two-party political system; the environment; abortion; immigration; artificial intelligence; the war in Gaza; gun violence; and free speech and diversity on college campuses.

Concerning the economy, inflation ranked as the biggest concern for 54% of respondents. And when asked about the biggest issue facing their community, 19% said the ability to afford housing — more than any other issue, including gun violence and education.

The poll found 70% of respondents said the country is headed in the wrong direction, and 58% disagreed with the statement, "Today, democracy in the U.S. is working."

Put together, the responses show young adults are skeptical about our ability as a nation to right the ship economically.

Political strategist James Carville famously said it back in 1992, and it's no less true today: "It's the economy, stupid."

As the election season enters the final stretch, the poll provides plenty of food for thought and grist for policy changes that need to happen. Candidates up and down the ballot should take note.

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