10 Essential Things to Know Before the U.S. Election 2024

US Elections 2024 : As the countdown to the U.S. presidential election on November 5, 2024, approaches, the competition between Donald Trump and Kamala Harris is heating up, particularly in critical swing states. Both candidates are making final pushes in what is anticipated to be a closely contested race.

All you need to know before the world's biggest economy goes to vote:

Key Election Details

- Eligible Voters: Approximately 244 million Americans

- Polling Hours: Most states open at 7 a.m. and close at 8 p.m. (times may vary)

- 2020 Turnout: About two-thirds of eligible voters participated

Economic Landscape

Economic issues are pivotal in the election. A recent CBS News poll revealed that 60% of Americans view the economy as "fairly bad" or "very bad," despite strong GDP growth and low unemployment rates. This sentiment highlights a disconnect between favorable economic indicators and personal financial experiences, which may significantly influence voter decisions.

Current Economic Indicators:

  - GDP growth remains strong

  - Unemployment near pre-pandemic levels

  - Inflation has decreased to a three-year low of 2.4%

Experts, including Mark Zandi from Moody's Analytics, rate the economy's performance as exceptional, yet public perception remains a challenge for both candidates.

Major Issues

Kamala Harris

Harris aims to tackle rising food and housing costs. Key proposals include:

- Prohibiting price-gouging on groceries

- Supporting first-time homebuyers

- Incentivizing housing supply

Harris also faces scrutiny regarding her effectiveness and approval ratings, which remain low but slightly higher than President Biden's.

Donald Trump

Trump promises to “end inflation and make America affordable again.” 

His platform includes:

- Deporting undocumented immigrants to relieve housing pressure

- Concerns about his proposal to raise import taxes, which could drive prices higher.

For some voters, particularly within the Muslim community in New York City, the situation in Gaza is a critical issue. Many express dissatisfaction with the candidates’ responses to international conflicts.

Candidate Profiles

Kamala Harris

The Vice President, a former prosecutor and senator, has struggled to define her role within the Biden administration. While concerns about her effectiveness are less pronounced, low approval ratings continue to affect her campaign as she seeks to engage voters.

Donald Trump

The former President, still denying his 2020 election loss, continues to hold significant influence within the Republican Party. Despite facing legal challenges, his support remains strong among a dedicated base, particularly with a fragmented field of primary challengers.

Polling Trends

Recent polling indicates a tight race:

- Kamala Harris: 49%

- Donald Trump: 48%

Pennsylvania is highlighted as a crucial state, currently showing a slight lead for Trump. Nationally, Harris has gained a small edge, with polls showing her performing better in Pennsylvania than Biden did in 2020.

Voter Turnout History

- 2020 Election: 66% of eligible voters participated, the highest since 1900.

- Early Voting Trends: Significant increases noted in recent elections, indicating heightened voter engagement.

Swing States

Key battleground states include:

- Florida

- Pennsylvania

- Michigan

- Wisconsin

- North Carolina

- Arizona

- Georgia

Election Process

To be eligible for the presidency, candidates must:

- Be natural-born citizens

- Have resided in the U.S. for at least 14 years

- Be at least 35 years old

The Electoral College will determine the winner, requiring at least 270 out of 538 electoral votes.

Global Economic Implications

A Harris victory may lead to a more accommodative U.S. Federal Reserve, potentially benefiting international financial markets. In contrast, a Trump win could maintain high interest rates and alter global trade policies, particularly concerning China.

Important Timings

- Voting Date: November 5, 2024

- Exit Polls Start: 5 p.m. ET

- Certification of Votes: Congress will count electoral votes on January 6, 2025.