America’s economy explains a lot about why Trump got reelected
Donald Trump’s decisive election victory in 2024 was a reflection of the American voters’ top priority: the economy. Despite the US economy performing well by various metrics, including job growth, GDP, and consumer spending, many Americans still felt financially strained and dissatisfied with their economic situation. This discontent played a significant role in Trump’s reelection, as voters held President Joe Biden and Vice President Kamala Harris responsible for failing to make enough improvements to their financial well-being.
One of the major issues affecting Americans is the soaring housing market, with home prices reaching new record highs for 15 consecutive months. This has made it increasingly difficult for individuals to afford homes, especially with mortgage rates remaining high. Renters are also feeling the pinch, with half of American renters spending more than 30% of their income on rent. This housing affordability crisis has widened the wealth gap and left many Americans struggling to make ends meet.
Inflation has also been a concern for many Americans, with prices rising by approximately 20% since Biden took office. While gas prices have fallen in recent years, overall inflation has remained a persistent issue for consumers, impacting their purchasing power.
Political affiliation has played a role in shaping Americans’ perceptions of the economy, with Republicans more likely to view the economy positively when a Republican is in office, and Democrats vice versa. Despite differing views, the economy under Biden’s administration has seen steady job growth, with the unemployment rate at a healthy 4.1%. GDP growth has also been strong, making the US economy a standout among G7 nations.
While workers’ paychecks have been growing at a faster rate than inflation, consumer spending has surged, indicating a level of confidence in the economy. Despite polls showing negative sentiment toward the economy, consumer spending and confidence have been on the rise, albeit below pre-pandemic levels.
Overall, Trump’s reelection victory was a result of Americans’ concerns about the economy and their desire for tangible improvements in their financial well-being. While the US economy continues to perform well on paper, addressing issues such as housing affordability, inflation, and income inequality will be crucial in ensuring that all Americans can benefit from the economic prosperity of the nation.
