It’s the economy, stupid

“It’s the economy, stupid.” More than 30 years after Bill Clinton’s famous campaign slogan, the phrase still defines American politics. Wars, geopolitics and political noise matter, but US voters ultimately judge presidents on one thing: their own financial situation.

This is exactly what current polling shows again. According to recent Economist / YouGov data, the economy has become by far the dominant concern for Americans since Trump’s return to the White House. Higher energy prices, inflation pressure and affordability concerns are outweighing most other political topics.

Markets may focus on AI, earnings and liquidity. Voters focus on purchasing power. In the end, that is usually what decides political cycles in the US.