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Perceived Economic Disparities and the 2024 Election
2024-11-21
Experts suggest that one of the factors driving young men to the polls in the 2024 election might have been the perceived economic disparities. This issue ultimately played a significant role in helping Republicans, particularly President-elect Donald Trump, secure victory. Men were observed to be more inclined than women to believe that the election results would impact their financial lives in the short term. According to a recent survey, those voters largely favored Trump.

Gender Gap and Voting Preferences

Going into Election Day, Americans were sharply divided, and the gender gap emerged as one of the most glaring splits. More women backed Vice President Kamala Harris, with a 53% to 45% margin in favor of Harris compared to Trump. On the other hand, men supported Trump by a 13-point margin, resulting in a 21-point gender divide. NBC News exit polls revealed these trends. Trump gained massive support among men on economic issues, including among Hispanic and Black voters who were feeling pessimistic. Inflation and the current state of the economy were the top concerns among voters overall, as stated in the NBC polls.

Impact on Young Men

A factor that drove young men to the polls was the perceived economic disparities. Julia Pollak, chief economist at ZipRecruiter, emphasized that men feel there is no pathway for economic mobility. There is a growing disillusionment as men are steadily dropping out of the workforce, especially those between 25 and 54 years old, which are their prime working years. A study by the Pew Research Center found that non-college-educated men leave the workforce at higher rates. Additionally, fewer younger men have been enrolling in college over the past decade. In 1995, young men and women were equally likely to hold a bachelor's degree at 25%. Today, 47% of women ages 25 to 34 have a bachelor's degree, while only 37% of men their age do. This significant gap poses challenges for young men. Some traditional blue-collar jobs that employed non-college-educated men have declined due to automation and globalization, leading to job displacement and uncertainty about future employment prospects. Altogether, this group feels like they are being left behind.

Economic Concerns and Workforce Participation

Brett House, an economics professor at Columbia Business School, agreed that there is a great concern about the development of a pool of young men who are not acquiring the additional skills or education necessary to fully participate in the labor force, especially in former manufacturing industrial powerhouse states. These days, young men are more likely to be considered NEETs - not in employment, education, or training. Richard Fry, a senior researcher at Pew, stated that this cohort has been hardest hit by globalization and the decline of manufacturing in the country. "When you don't get rewarded for working, you work less," Fry recently told CNBC, highlighting a basic tenet of labor economics.

Financial Impact and Voter Sentiment

According to a separate survey by the National Endowment for Financial Education, men were more likely than women to believe that the election results would impact their financial life in the short term. Those with less than a high school diploma and those with a two-year degree were also most likely to express this sentiment. NEFE polled 1,000 adults in October about their financial feelings in relation to the 2024 general election. Billy Hensley, NEFE's president and CEO, stated that it is reasonable for many Americans to weigh their current financial well-being and prospects while casting their votes.

Women's Progress in Education and Careers

Meanwhile, Ali Bustamante, an economist and director at the Roosevelt Institute, pointed out that women have "made huge gains" in their education and careers. They are working as much as or more than their male counterparts. Women are getting married and having children later, if at all, and are prioritizing their careers. They look to the government to make it easier through universal child care and access to abortion. Pollak added that there was a time when people were either mothers and wives or spinsters who worked. Now, women often prioritize the career person over the wife and mother.

Other Important Issues for Families

While the issue of reproductive rights became a major factor in the 2024 presidential race, it did not drive more women to vote. It also was not one of the most important issues facing the country among voters overall, as shown in exit polls. Fatima Goss Graves, president of the National Women's Law Center Action Fund, stated that Trump's message resonated with young men. The pain felt by people in the country regarding the economy is real. However, other issues such as paid leave, affordable housing, child care, and equal pay are also hugely important to families. Graves emphasized that this was one election, but it would be a mistake to suggest that women will stop fighting for reproductive freedom and the things they care about. There is still work to be done.
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