(Hyperlinks aren't working so links are footnoted).
It was James Carville who famously uttered the words, "It's the economy, stupid!"`1 And, in fact, there's a pretty common belief that, all other issues that sway voters aside, our pocketbooks are what drives our votes.
It probably doesn't much matter whether the president really has that much influence on how the economy is going. After all, economic fluctuations are global. When we are dealing with inflation and high interest rates, so is much of the rest of the world. If we are in a recession or, worse, a depression, we are generally not alone. But that doesn't matter to voters who are frustrated by the cost of gasoline. Or eggs. Or bread.
Well, if it's the economy, stupid, then President Biden ought to be sitting pretty going into this election. After all, the Dow's just hit new heights.2 Whether he deserves it or not, he's taken credit for it. That should win him votes. A lot of votes. Right?
But there are other factors at play here. As mentioned above, the cost of consumer goods. Something to which the American public is adjusting. The Commerce Department reported this week that spending has been down.3 A sign of uncertainty despite the successes on Wall Street.
The latest Fox News poll4 shows that the economy is a top concern of voters. A "deal breaker." So if the argument that the economy is thriving isn't resonating, that's got to be a concern for the Biden reelection team.
Maybe the most prudent thing to do is to analyze the economic plans of both President Biden and former President Trump. I, for one, am not qualified to do so. But fortunately for us, Business Insider has taken a stab at it.5
1 https://en.wikipedia.org/wiki/It%27s_the_economy,_stupid#:~:text=%22The%20economy%2C%20stupid%22%20is,election%20against%20incumbent%20George%20H.%20W
2 https://www.npr.org/2024/05/16/1251789724/dow-jones-40000-rally-stocks-inflation-economy-recession-ai
3 https://www.cnn.com/2024/05/15/economy/us-retail-sales-april/index.html
4 https://www.foxnews.com/official-polls/fox-news-poll-abortion-economy-border-security-top-deal-breakers
5 https://www.businessinsider.com/what-us-economy-would-look-like-with-trump-biden-presidency-2024-5
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