It’s Not The Economy, Stupid

How weird was last election? Here is a quote by Scott Sumner, (The Library of Economics and Liberty)

“This might be the first election where the voters who did well under a president turned against him while those that suffered economically turned toward him.”

Of course, COVID had a role in this. Many who were suffering economically liked that former President Trump wanted businesses to open up and that was part of the appeal. COVID, however, doesn’t explain the turn away from Trump in the suburbs. There is a a lot of speculation on why this happened but it’s important to know that these are places where people who were, and had been, thriving under Trump’s economy and still voted for Biden.

As James Carville famously said, “it’s the economy, stupid.” It was always true that the economy was a major factor in how people voted. Is 2020 an anomaly or sign of things to come? Only time will tell.