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?
Diese Geschichte stammt aus der November 09, 2024-Ausgabe von The Guardian.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der November 09, 2024-Ausgabe von The Guardian.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Money hacks How to save on winter sports holidays
When it comes to skiing and snowboarding, going to Europe will always be cheaper than flying to somewhere such as the US or Canada - but costs vary massively on the continent.
Scam refund claims
Some victims of bank transfer scams will not get a penny back despite beefed-up rules designed to better protect consumers from fraudsters because several big banks have introduced an excess on refund claims.
Packaged accounts Are the perks worth the money?
For a monthly fee, banks offer everyday banking with all kinds of enticing extras. Laura Whateley examines how the 'freebies' stack up
Spain floods force firms to look south for oranges
Some British retailers and wholesalers have been forced to switch to sourcing oranges from South Africa and South America earlier than usual after last month's floods in eastern Spain left farmers struggling to harvest and ship their crops.
Northvolt boss resigns after EV battery firm files for bankruptcy
The chief executive of Northvolt has resigned after the Swedish battery startup filed for bankruptcy protection in the US.
Electric dream sours Carmakers fight strict EV rules as fines loom
When Ford announced this week that it was cutting 800 jobs in the UK, the US carmaker had stern words for the government.
Irish tycoon bids to buy out Yorkshire Post owner
National World, the owner of the Scotsman and Yorkshire Post - and underbidder in the auction for the Telegraph - has received a buyout proposal from largest shareholder.
Bitcoin rises after US SEC chair says he will step down
Cryptocurrencies rose sharply immediately after one of the industry's biggest critics, Gary Gensler, said he would stand down as the head of the US financial regulator when president-elect Donald Trump was inaugurated in January.
Feeling the strain Rising bills and Trump policies to add to pressure on households
Labour swept to power in the wake of a punishing cost of living crisis that hit households hard, with the price of food and energy rocketing, alongside the impact on mortgage rates of Liz Truss's disastrous mini-budget.
Budget blamed for end to 12 months of expansion as optimism slumps
Labour's first budget in 14 years has been given the \"thumbs down\" by private sector businesses, with Rachel Reeves's measures blamed for the end to a 12-month run of expansion and a fall in retail sales.
