It's the economy, stupid. So said James Carville when he was advising Bill Clinton in his 1992 presidential campaign, and the phrase is as true now as it was 32 years ago. Donald Trump defeated Kamala Harris this week for the same reason he lost to Joe Biden in 2020: millions of Americans were unhappy about the economic record of the incumbent party. Two out of three voters this week thought the US economy was on the wrong track - and that spelt trouble for Harris.
The question is whether they will feel different at the end of Trump's second term in the White House when it ends in 2029. Looking at some of the policies proposed by the president elect, it is by no means certain that they will.
Trump is not a man to undersell himself and during the campaign he said he had created in his first term the "greatest economy in the history of our country".
While clearly hyperbole, Trump's record in the first three years of his presidency was impressive. The US economy grew strongly, inflation averaged around 2%, 6.7m jobs were created and the unemployment rate fell to 3.5%.
Then, in the fourth year of his presidency the economy was hit by Covid 19. A deep recession in 2020 pulled down the average growth rate to 2.3% across Trump's first term. So what is Trump proposing for the economy now?
This story is from the November 09, 2024 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 09, 2024 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
United rift deepens Rashford and Amorim no longer on speaking terms
Ruben Amorim's relationship with Marcus Rashford has broken down to the extent that Manchester United's head coach speaks to the player only when addressing the squad generally.
Step into Philp's chamber of conspiracy
If Chris Philp didn't exist, would it be possible to create him? Is such a feat of imagination even possible?
Danish PM urges Europe to 'stand together' amid Trump Greenland threat
The Danish prime minister said Europe must \"stand together\" in the face of changing relations with the US during a tour of Germany, France and Brussels to shore up support amid Donald Trump's threats over Greenland.
ICC prosecutor seeks arrests over atrocities in Sudan's Darfur region
The prosecutor for the international criminal court has said he is seeking arrest warrants for people accused of atrocities in Sudan's Darfur region, where the US and others have determined that a paramilitary group and its allies have perpetrated genocide.
New Zealand Relaxes Visa Rules for 'Digital Nomads' in Attempt to Boost Economy
New Zealand has relaxed its visitor visa rules to attract so-called \"digital nomads\" in a bid to boost tourism and the economy.
Bumps in the road How planned policies in US could upend the global car market
The internal combustion engine appears to hold a special place in Donald Trump's psyche.
Leicester City helicopter crash that killed five people ruled an accident
The deaths of five people, including the former owner of Leicester City FC, killed when a helicopter crashed outside the club's stadium and became engulfed in flames, have been ruled as accidental.
Revealed How Abramovich Dodged Tax on Cost of Running His Superyachts
When it came to his fleet of superyachts, the Russian oligarch Roman Abramovich was nothing if not generous. As 2011 drew to a close, his biggest boat yet – the 162.5-metre (533ft) Eclipse – lay moored in the glittering waters of St Barts, the picturesque Caribbean island where billionaires like to gather to see in the new year.
Slot to rest nine senior players in Liverpool shuffle at PSV
Arne Slot has said finishing top of the group does not matter in the new Champions League format, which will generate at least €55.945m (£47m) in prize money for Liverpool this season.
Foxtons says London house sales at highest since Brexit poll
House sales in London are at the highest level since the Brexit vote dented buyer confidence, as the property market in the capital recovers from almost a decade of setbacks, Foxtons has said.