The Disconnect Between Economists and Voters: Analyzing the Recent Election Results

The Disconnect Between Economists and Voters

Last month, a group of twenty-three Nobel laureates issued a stark warning about the economic implications of Donald Trump’s agenda, suggesting it would lead to soaring prices, mounting deficits, and increased inequality. Regrettably, their caution was largely overlooked by voters. This week’s election results represented a significant setback not only for Vice President Kamala Harris and the Democratic Party but also for the established norms of economic thought.

On various fronts—ranging from tariffs to taxes and immigration—Trump embraced positions that would likely earn him failing grades in the majority of economics courses. He even took aim at the Federal Reserve, an institution that arguably employs more economists than any other entity in the nation, if not the world. Despite this, his rhetoric resonated with many, as voters seemed eager to disregard the insights of economists, viewing them as mere representatives of a distant elite.

As Newt Gingrich, the former House Speaker and an informal advisor to Trump, articulated, “The elites cannot come to grips with how alienated they are from the country.” This sentiment underscores a growing disconnect between the economic establishment and the average voter.

The irony for the Harris campaign is that her proposed platform was designed to benefit the working class significantly more than Trump’s policies ever could. Her agenda included initiatives aimed at reducing costs through increased competition and fostering economic growth via targeted investments. In contrast, while Trump championed populist measures like eliminating taxes on tips and Social Security, he also had less-publicized plans that favored corporate tax reductions and a relaxation of antitrust regulations.

President Biden placed a substantial bet on what commentator Matt Stoller described as “deliverism”—the idea that effectively managing the economy and providing essential goods and services, particularly good jobs, would translate into electoral success. However, this strategy did not yield the anticipated results; voters ousted Democrats from the White House despite evidence of robust job growth and the resolution of the inflationary pressures that had plagued the early months of Biden’s term.