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this post was submitted on 01 Dec 2024
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I don't think so. I mean I agree with your point that economy normally means rich people, but I think mega yacht money did well under Biden. It's the common people who felt the economy was garbage and voted for a changing of the guard.
Thats one of the things I think was most lost on the Biden/Harris team, even my friends who “did well” on paper under Biden, it was usually unrealized gains while the costs wouldn’t tamper down. What good is a 401k doubling if you can’t sell it, or worse had to sell off with penalties, if all your costs are up and due dates are today. Another, is how home values may have went up, but for most people that just meant things like taxes and insurance went up which is just like a loss if they didn’t own multiple homes.
The problem with this though is that it's often a perception-based thing. The economy can be as good for working people or even better under Democrats and you'll continually get this drumbeat of "yes but per-capita GDP isn't a good measure" and "401ks don't pay the rent" but as soon as a Republican gets into office pundits forget all of this nuance about the "real economy" vs Wall Street and start saying "sure he's doing x y and z bad things, but how's your 401k, bro?".
In reality, the media (including pundits like Joe Rogan and other brocasters) absolutely affects people's perception of the economy, and continues to perpetuate the "GOP = good for economy" and "Democrats = bad for business" narratives every election cycle. This perception is unmovable even in the face of actual data saying the opposite because the American electorate is full of stupid and loves it a simple, easy to digest narrative.
I'd encourage people to continue beating the drum about how the stock market isn't the economy through Trump's term.