The economy is at the center of campaign promises in every US election. In many ways, the biggest difference between Democrats and Republicans lies in economic principles. As such, understanding how different presidents and political parties impact the economy is crucial in knowing who to vote for.
At the moment, the US economy is not doing great. It looks like the US and the rest of the world is heading towards a recession. Inflation has been causing tremendous financial pain. Even the housing market’s rapid rise is no longer looking sound.
Housing in the US is now very overvalued. This could lead to a crash, but at the moment it simply means most Americans can’t afford housing. Even rent is expensive, although you save money on insurance. An online renters insurance quote will demonstrate how much cheaper it is than homeowners insurance.
With Trump considering running for president again in 2024, it is important to analyze whether he is the person who can fix the many problems we face.
The Economic Chaos of 2022
Looking at the current economic chaos, it is difficult to see the impact of politics. While there is currently a Democratic President and Congress, a range of external things have led us to where we are. Russia’s invasion of Ukraine upended many predictions regarding the economy. Also, the way the economy bounced back after the pandemic was never going to be sustainable.
It’s impossible to go back in time and see how things would have played out with Trump as president, but the likelihood is that they would go in a similar direction. In the same way that any other president would have had to oversee an economic downturn during the pandemic, world events have taken things out of our leaders’ hands.
The question we need to ask is whether now is different from any other time.
Economics is an interesting field. We have many experts – self-proclaimed and otherwise – who give their opinions on the economy. Regardless of whether they get it right or wrong, they remain in the public eye, giving further predictions and analysis. You’d be forgiven for thinking that their predictions were no better than guesses.
The problem is that this could be said at any time in history. Only in hindsight can we look at how things played out. Even then, there is intense debate about what really happened.
That debate tends to be partisan. If the economy improves under a Republican president, Democrats claim that it was the policies of the previous administration that set it in motion. Both parties will point to economic growth during their terms as wins and economic downturns as unavoidable.
This leads us to campaign promises. No candidate can make any realistic claim about what they will do for the economy in 2024, as experts are struggling to understand what is going on right now.
So as a voter, what do you do?
The one thing that you can do is vote based on what makes most sense to you. If you look at Democratic plans for major reform and see them as potentially disastrous, you shouldn’t vote for them. The current state of the economy is not an indicator that those principles are wrong.
In the same vein, if you look at Republican values and see them as the most rational ways to grow jobs and the economy, you should vote for them. This is regardless of the stats that people will point to.
It is in looking back at history, as well as in researching these principles further, that you get an idea of whether they work or not. While the notion that the economy can be accurately predicted keeps a lot of people in jobs, you sometimes have to go with your value judgments.
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