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
Rise lays bare the risks ahead for Labour
Any lingering hope that the Bank of England might deliver a pre-Christmas interest rate cut next month evaporated yesterday after official data showed inflation jumped to 2.3% in October.
'My way as a manager was taught by Bobby Robson'
George Burley is enjoying Ipswich's revival having reached great heights there more than 20 years ago
Tuchel takes goalkeeping coach Hilario from Chelsea
Thomas Tuchel's backroom staff has been bolstered by the addition of Henrique Hilario, who is ending his 18-year association with Chelsea to become England JS new goalkeeping coach.
Kosovo to take Uefa to Cas after Romania awarded points
Kosovo are preparing an appeal to the court of arbitration for sport (Cas) after Uefa handed them a 3-O defeat for walking off the field during Friday's Nations League tie against Romania in Bucharest, which was eventually abandoned when they elected not to return.
Staying power No relegation break clause in Guardiola's new City contract
Pep Guardiola's new one-year contract with Manchester City does not contain a break clause should the club be relegated from the Premier League if found guilty of financial wrongdoing by an independent commission.
Lopetegui's future to be decided in next two games
Julen Lopetegui is facing two make-or-break games at West Ham, who have used the international break to explore potential replacements.
City's empire faces a set of challenges that will test Guardiola's genius
After signing deal, manager is left with an ageing squad as threat of Premier League punishment looms large
Curry changing his technique to avoid more concussions
England are making changes to Tom Curry's all-action technique to ensure his safety after he returned to the fold for Sunday's clash with Japan following his latest concussion.
Sacking me won't help Wales, insists Gatland in plea for patience
The last rites, if that is what they are, are going to drag on a while longer yet. Warren Gatland has reiterated that he would resign as head coach if it were \"in the best interests of Welsh rugby\", while also making it Very clear that in his opinion it is not.
Bronze takes 65 seconds to fire Chelsea into last eight
Chelsea cruised into the knockout stages of the Champions League with two games to spare at Stamford Bridge.
