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Recent polls show that despite historically low unemployment, most Americans have a negative view of the U.S. economy due to stubborn inflation in living costs. The Brookings Institute stated that voters' assessment of the economy will have a strong impact on the 2024 general election. California, with one of the highest rates of inflation, is experiencing outlandishly high costs of housing and living expenses, leading to the highest level of functional poverty in the nation. The Public Policy Institute of California found that a quarter of Californians are either living in poverty or financially close to it. Inflation has significantly impacted family spending, especially for low-income households. Efforts to curb inflation have led to high interest rates, making home ownership more difficult and affecting businesses. Inflation has also caused a massive deficit in the state budget and is impacting state and local government budgets. A study comparing fast food prices state-by-state found that California had some of the highest prices, with a McDonald's Big Mac costing an average of $5.11.
