Why voters are dissatisfied with the economy despite growth, according to an economic expert
Voter discontent with the economy, especially with inflation, helped fuel former President Donald Trump’s victory at the polls Tuesday over Vice President Kamala Harris. This discontent has persisted despite signs of economic strength, such as stock market growth and low unemployment numbers.
“Even though the economy is doing much better than it was two years ago, people don’t feel like they’re doing better,” said Virginia Tech economic expert Jadrian Wooten. “While the technical measures — things like GDP growth, inflation, and unemployment rates — have been showing improvement over the past two years, a lot of people’s day-to-day experiences are telling them something completely different.
“Broader variables impact families differently. For example, a lot of our inflation in 2022 was driven by food and energy inflation, which disproportionately affect low-income households heavier than high-income households,” he said. “The inflation rate is half of what it was two years ago, but a lower inflation rate does not mean that prices are decreasing. Instead, it simply means that prices are increasing slower than they were before.
“When inflation is high, people feel the pinch in their wallets. Groceries, gas, and other everyday items cost more, and wages are often slower to keep up with these price increases. This can lead to a sense of financial insecurity, even if the overall economy is growing,” Wooten said.
“Understanding the economy is about more than just numbers — it’s about people and their experiences,” he said. “Telling people they’re fine when they don’t feel fine isn’t productive.”
Read more of Wooten’s analysis of this topic here.
About Wooten
Jadrian Wooten is a collegiate associate professor with the Virginia Tech Department of Economics and is the author of “Parks and Recreation and Economics.” Wooten has been featured in USA Today, Inside Higher Ed, WJLA ABC 7 Washington, D.C., and NBC News, among scores of other media outlets. Read more about him here.
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To schedule an interview, contact Mike Allen in the media relations office at mike.allen@vt.edu or 540.400.1700.
