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President-elect Donald Trump’s victory was likely due to one major issue: the economy. The term “economy” is often echoed throughout American politics, mentioned in debates and on news broadcasts — but what does the “economy” actually mean? How did the economy affect the election and, ultimately, American citizens? The economy, according to Oxford Languages, encompasses the wealth and resources of a country. The economy of a country can directly impact citizens’ income, standard of living and health care — making the issue a major one in the 2024 U.
S. presidential election. According to CBS News exit polls, two-thirds of voters described the economy as “bad,” and those voters often voted for Trump.
The economy has experienced the highest inflation in 40 years, and Trump capitalized on this, stating he would end the “inflation nightmare.” The election was already highly polarized — but it was clear Americans wanted an economic change and fast. While Trump’s proposed economic policies, such as tariffs and a crackdown on immigration, seem like they would help the country’s economy, Wall Street economists are warning they won’t.
One primary issue with Trump’s economic policies are his proposed tariffs — taxes imposed by a country on imports and/or exports of goods. The tariffs Trump has proposed, according to what Wall Street economists told CBS Moneywatch in early November, will be passed from businesses onto consumers. According to CNN, Trump’s plan to deport immigrants with the “largest deportation program” in American history is also predicted to have economic consequences.
This includes employers being forced to pay higher wages to workers and labor shortages caused by the loss of undocumented workers — particularly in the farming and food industries that tend to hire the most migrants. In fact, according to the U.S.
Department of Agriculture, 41% of crop farmworkers between 2018 and 2020 did not have work authorization. Some predict these deportations, coupled with tariffs in a country that relies heavily on both imported and exported goods, will result in an increase in food prices, according to CNN. According to Moody’s Analytics in June, the forecasted inflation rate would increase to 3.
6% under Republican tariff plans. The economy Trump will be inheriting, while still suffering from inflation, is still strong on paper. According to the Department of Labor, workers’ paychecks and salaries were up by 3.
9% for the 12 months ending in September. Gross domestic product, the monetary measure of the market value of all goods and services produced in a country, also grew at approximately 2.8%, according to the Bureau of Economic Analysis.
The fate of the economy is up to Trump’s upcoming administration — but if it is anything like his proposed plans, Americans should expect to be disappointed in the economic results..
