Trump’s victory driven by economic concerns

Economic distress caused by inflation is seen as the primary factor behind Donald Trump’s election as the 47th U.S. president. Issues such as illegal immigration, tied closely to employment concerns for the working class, also played a significant role. Ultimately, public dissatisfaction with an administration perceived as inattentive to economic hardships became a decisive factor in the election outcome.

A CNN exit poll revealed that 58% of respondents disapproved of the Biden administration’s performance, significantly higher than the 40% who approved. Among voters, 22% said inflation had caused them severe hardship, while 53% reported moderate hardship—75% in total. Only 24% of respondents believed the U.S. economy was in better shape than four years ago. Facing the worst inflation in 40 years, since the 1980 oil crisis, U.S. voters expressed clear frustration with the administration.

The Trump campaign’s slogan, asking voters whether they were better off now than four years ago, resonated with many, including traditionally Democratic blue-collar African American and Hispanic men. Concerned for their job security, they were swayed by Trump’s argument that illegal immigration could threaten their employment. They felt Trump was more likely to effectively handle economic policies than his opponent, Democratic candidate Kamala Harris, who struggled to present a clear economic vision.

The outcome of this U.S. election carries implications for South Korea. The cost of food and essentials has surged by double-digit percentages compared to three years ago. Unlike households in advanced economies, which often benefit from debt relief during inflation, South Korea’s middle-income families are seeing their purchasing power erode under rising debt and interest burdens. Both ruling and opposition parties in South Korea should heed this example. If they allow political rivalries to overshadow the economic needs of the people, they may face voter backlash.