The narrative that inflation cost Democrats the 2024 election is oversimplified. While Kamala Harris lost partly due to frustration with the economy, voters worldwide are rejecting incumbents for various economic conditions. In Japan and Germany, conservative governments took electoral hits despite low inflation rates.
Critics blame Biden’s $1.9 trillion COVID relief bill as the original sin that doomed Democrats’ performance. However, a closer look reveals that inflation is more complex than just giving money to working families. The issue lies in excessive household wealth, which cannot be nullified by raising taxes on the wealthy or corporations.
Biden’s administration pursued a high-growth strategy, investing trillions of dollars in clean energy and domestic infrastructure. The result was a remarkable economy with strong labor markets, outpacing inflation for 18 months. Despite this success, Democrats lost the election.
Source: https://slate.com/news-and-politics/2024/11/inflation-pandemic-spending-biden.html