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2024 US Election: Economy's Impact
The 2024 US presidential election was significantly shaped by economic factors, particularly inflation and income inequality, even with overall economic growth.
French
France
PoliticsEconomyUs PoliticsElectionInflationInequality
Federal Bureau Of StatisticsFederal Reserve Bank Of AtlantaNew York TimesYougov
Bill ClintonDonald TrumpJoe BidenThomas Piketty
- What was the primary economic factor that influenced the 2024 US presidential election?
- Despite strong economic growth, inflation significantly impacted the 2024 US presidential election, with voters feeling the pinch of rising prices, even if wages also increased.
- What was the income distribution in the US during this period, and how did it impact voters' perceptions?
- Income inequality remained a major issue, with the top 1% of Americans consistently capturing over 23% of the national income, and the bottom 20% receiving only around 3% despite overall economic growth.
- How did wage growth compare to inflation in 2024, and was this increase equally distributed across all sectors?
- Although wage growth outpaced inflation in 2024, this increase wasn't evenly distributed, with lower-paid workers experiencing the most significant gains and some sectors seeing wages fall behind inflation.
- What were the inflation rates in June 2022 and October 2024, and what was the overall price increase over the period?
- While inflation decreased to 2.6% by October 2024 from a high of over 9% in June 2022, a cumulative 20% price increase over 4.5 years left many voters with a negative perception of the economy.
- How did voters' perception of inflation compare to the actual inflation figures, and what does this reveal about the impact of inflation?
- The disconnect between objective economic indicators and voters' perceptions highlights the psychological impact of inflation; many felt prices rose much faster than official data suggested, influencing their voting decisions.