Does the economy really "care" who becomes President?

Over the past 15 years, the United States has achieved incredible economic success compared to other countries. Through ups and downs, the United States has maintained its title as the world's largest economy, regardless of who is President.

Former President Donald Trump and Vice President Kamala Harris shake hands before the debate in Philadelphia, September 10. (Source: Getty Images)

A lot of time, effort and money is invested in US presidential elections, and this year is no exception. However, according to DW - Germany's international public media - when looking closely at data from 2009 to the present, regardless of who is in power, the economy is subject to the same influence when faced with global events.

Firmly hold the top position

Looking back to 2009, there have been two major disruptions to the economy over this period: the financial crisis before Barack Obama took office and the Covid-19 pandemic that occurred during Donald Trump’s time in office.

The financial crisis of 2007-2008 made people in the world's largest economy fear the collapse of the entire banking system. At that time, the world's leading automobile corporation GM and Chrysler - a famous American automobile company - declared bankruptcy for reorganization. Meanwhile, the housing market fell out of control.

The Covid-19 pandemic has had a more direct impact on the US and global economies. Lockdowns to contain the spread of Covid-19 and supply chain disruptions have caused chaos in the labor market.

Thanks to economic stimulus, the world's largest economy quickly escaped the pandemic-induced recession and recovered strongly.

Since 1990, the US's per capita gross domestic product (GDP) has grown steadily every year, except in 2009 due to the impact of the financial crisis.

Last year, the country's per capita GDP was more than $81,000.

US GDP per capita is three times higher than China's and eight times higher than India's.

In 2023, the US's overall GDP will be $27 trillion, accounting for a quarter of global GDP, keeping it the world's largest economy. China is second at $17.66 trillion, followed by Germany and Japan.

Inflation - a "tough" problem for every President

Since January 2009, inflation in the US has been rising sharply. When Mr. Obama took office, inflation was at zero, falling to negative levels.

Inflation in the world’s largest economy was relatively quiet during the first three years of Trump’s term. When the pandemic first hit, inflation fell even further. From January 2017 to January 2021, the US consumer price index (CPI) rose a total of 7.8%.

Under Biden, inflation has been skyrocketing. It has recently eased, but the cumulative effect is still there. From January 2021 to September 2024, consumer prices in the US increased by nearly 20%.

The aforementioned period of high inflation led to skyrocketing costs of living for many Americans.

Rising consumer prices and voters are very unhappy about it. It is one of the most important issues this year and could decide the elections in the states. It is also one of the most difficult things for any president of the world's largest economy to control.

Experts note that the economy is still a topic of interest to many voters among the issues put on the "scale" of the US election.

According to Gallup , 52% of voters say the economy will be a deciding factor in their vote in November. Currently, most voters rate Donald Trump as having a better handle on the economy than his Democratic opponent Kamala Harris, with support rates of 54% to 45%.

The race between Vice President Kamala Harris and former President Donald Trump will not only determine the future and the path America will take for the next four years, but will also have far-reaching implications for global politics and the economy. However, the question being asked is, does the economy - a major concern for voters - really "care" who becomes President?

Source: https://baoquocte.vn/us-2024-economic-management-will-it-really-quan-tam-ai-tro-thanh-tong-thong-290897.html