In mid-July 2024, economist Jennifer Harris claimed that the U.S. economy was 'near perfect,' highlighting a period of significant economic growth and low unemployment. However, recent events have cast a shadow over this optimistic view. On November 5, 2024, the presidential election resulted in a majority vote for Donald Trump, with many voters citing economic concerns and immigration as pivotal issues in their decision [e30a3f7f].
Despite the positive economic indicators, challenges persist. A report from Apollo revealed rising credit card delinquencies among younger households, indicating financial strain among this demographic. Additionally, the lowest-paid workers experienced a 2.5% decline in real average weekly earnings by March 2024, exacerbated by inflation that increased the costs of rent and food by over 17% and 19% respectively from 2020 to 2023 [e30a3f7f].
The economic landscape has also seen a surge in homelessness and child poverty, particularly following the rollback of welfare measures. These issues have raised questions about the sustainability of the current economic model and its ability to support the most vulnerable populations [e30a3f7f].
In the political arena, Ann Wagner criticized Secretary of State Antony Blinken for delays in weapon sales that she argued were affecting jobs in her district. This criticism reflects the broader tensions within the government regarding economic policy and its impact on local communities [e30a3f7f].
Trump's recent electoral victory, while significant, was less decisive than Biden's win in 2020. The GOP managed to capture twelve out of fourteen heavily Latino counties along the Texas-Mexico border, signaling a shift in voter sentiment that the party hopes to capitalize on in future elections [e30a3f7f].
As the left grapples with these developments, there is a growing recognition that addressing racism and other social issues is crucial for building a broader class politics. Rebuilding the left will require confronting the real problems faced by workers and ensuring that economic policies are inclusive and equitable [e30a3f7f].
As the U.S. navigates this complex political and economic landscape, the question remains: Is the economy truly as good as it gets, or are there deeper issues that need to be addressed to ensure long-term stability and growth?