I’m not American, but I did live there for a while and even my youngest son was born there. That is the reason why I am somewhat emotionally tied with the US. What James Bennet (The Economist columnist) says below does tickle me: why even some voter groups who historically had always been identified as the Democrat’s biggest supporters (black, latinos, Asians) now cast their votes for Donald Trump, instead of Kamala Harris? Was it because the Democratic Party has gone so wrong and perceived as the culprit of making the life of hundreds of millions Americans worsened off over the last 4 years? Some quick fact check: according to Gallup’s poll held in early October 2024, more than half of Americans (52%) say they and their family are worse off today than they were four years ago, while 39% say they are better off and 9% volunteer that they are about the same. This was aligned with the Gallup’s Economic Confidence Index (ECI) published also in October 2024, which showed that over the past four years, ECI had been largely negative. Gallup further reported that for the past three years, Americans had seen inflation as the most crucial financial problem facing their family. This finding actually was built upon a backdrop of generally low unemployment, steady economic growth, and record stock and housing values. In addition to that, the Fed had held interest rates steady for most of 2024 at 5.25%-5.50%. Even as the data showed that inflation cooled and economic growth improved, the Fed finally slashed the federal funds rate by 50 basis points in September. So why then inflation, or economic factor has been seen as the culprit that eroded a big chunk of Americans household purchasing power, thus making them feel worsened off? Therefore, I think this is the high time for the Democratic Party to find the answer for James Jennet’s question.
After this victory, whatever disdain Democrats have for Donald Trump should be cause only for humility and self-scrutiny https://econ.st/4hGhLka Illustration: David Simonds