Price shock Are you feeling better off now? Why US voters should, but may not, say yes
The Guardian|October 19, 2024
Are you feeling better off now? Why US Voters should, but may not, say yes
Larry Elliott
Price shock Are you feeling better off now? Why US voters should, but may not, say yes

When Ronald Reagan beat Jimmy Carter in the 1980 presidential election, 10 short words proved decisive. After a period in which high inflation had eroded living standards, the Republican challenger asked voters: "Are you better off than you were four years ago?”

The simple question that resonated so strongly with American voters 44 years ago has resurfaced in 2024 as the race between the current vice-president, Kamala Harris, and the former president Donald Trump goes down to the wire.

By any objective measure, the answer to Reagan's question should be “yes”. The US economy has created more jobs – 16m – under Joe Biden than during any four-year presidential term since the second world war. In the three years before the Covid crisis sparked mass – mostly temporary – layoffs in 2020, the economy under Trump created just under 7m jobs.

And if growth has been modest compared with the far more rapid expansion in the 1950s and 60s – averaging just over 2% under Biden – it has been considerably faster than in other leading industrial nations.

Every member of the G7 group plunged into recession when the pandemic struck, but the US has posted by far the strongest recovery. Figures supplied by the House of Commons library showed the US economy was almost 11% bigger than it was at the end of 2019, compared with a rise of 3.9% for the eurozone and 2.9% for the UK.

Nor is this just a recent phenomenon. Since 2010 the US economy has grown by 34%, the EU by 21% and the gap in per capita incomes has widened steadily over time. Last month's hard-hitting report on EU growth by Mario Draghi, the former head of the European Central Bank, highlights the US's lead over Europe in hi-tech sectors and says the bloc is caught in a "middle-tech trap".

هذه القصة مأخوذة من طبعة October 19, 2024 من The Guardian.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة October 19, 2024 من The Guardian.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من THE GUARDIAN مشاهدة الكل
Debt, IT woes and no chief executive What returning Asda boss has in store
The Guardian

Debt, IT woes and no chief executive What returning Asda boss has in store

Allan Leighton faces a back-to-thefuture challenge as he once again takes charge at struggling Asda.

time-read
3 mins  |
November 26, 2024
Sweeney's RFU salary rises to £1.1m amid job cuts and losses
The Guardian

Sweeney's RFU salary rises to £1.1m amid job cuts and losses

The Rugby Football Union chief executive, Bill Sweeney, was paid £1.1m for the 2023-24 financial year despite record losses and swingeing job cuts at the governing body.

time-read
1 min  |
November 26, 2024
'Probably more out than in' Salah leans towards exit with Liverpool yet to offer new deal
The Guardian

'Probably more out than in' Salah leans towards exit with Liverpool yet to offer new deal

Mohamed Salah says he is disappointed Liverpool have not offered him a new contract and feels \"probably more out than in\" in terms of staying beyond the end of the season.

time-read
1 min  |
November 26, 2024
Reds' contract dance with Salah was always likely to be complex
The Guardian

Reds' contract dance with Salah was always likely to be complex

Revamp after Jürgen Klopp's exit did not help and time is short for Liverpool to make their talisman feel wanted

time-read
4 mins  |
November 26, 2024
Guardiola insists ageing squad is not behind City's alarming drop in form
The Guardian

Guardiola insists ageing squad is not behind City's alarming drop in form

Pep Guardiola has denied that a key factor in Manchester City's run of five consecutive defeats is that nine of his squad are aged 30 or older, with the manager pointing to how the same players were Premier League champions last season.

time-read
2 mins  |
November 26, 2024
Wan-Bissaka seals West Ham win to take heat off Lopetegui
The Guardian

Wan-Bissaka seals West Ham win to take heat off Lopetegui

On a bitterly cold Tyneside night, West Ham finally remembered how to fight back.

time-read
2 mins  |
November 26, 2024
Arteta seeks ruthless edge to fix away-day woes in Europe
The Guardian

Arteta seeks ruthless edge to fix away-day woes in Europe

Mikel Arteta has challenged his Arsenal team to fix their patchy European away form against a vibrant Sporting tonight, admitting they need to improve a record of one win in their past eight continental trips.

time-read
1 min  |
November 26, 2024
I've got my mojo back ... I actually felt unwell at the end at Chelsea'
The Guardian

I've got my mojo back ... I actually felt unwell at the end at Chelsea'

After recharging her batteries in the US, Emma Hayes reflects on the grind of club coaching and fresh ambitions

time-read
3 mins  |
November 26, 2024
Spurs blow as Vicario faces long spell out after surgery
The Guardian

Spurs blow as Vicario faces long spell out after surgery

Guglielmo Vicario has had surgery to repair an ankle fracture sustained in Tottenham's 4-0 Premier League win at Manchester City on Saturday.

time-read
1 min  |
November 26, 2024
The Guardian

Verstappen in 'that club' with Senna and Hamilton

Red Bull chief Horner claims his driver's fourth, and most challenging, world title puts him in same class as the greats

time-read
3 mins  |
November 26, 2024