The president-elect gained support in some states that saw declines in real wage growth, higher costs of living, and higher unemployment.
High prices dominated voters’ minds this election cycle — and they likely played a key role in handing President-elect Donald Trump his victory.
On the campaign trail, Trump clashed with President Joe Biden and Vice President Kamala Harris over their handling of the economy.
Unemployment sharply fell during the first year of Biden’s term and has remained low. Biden oversaw the creation of 16 million new jobs during his term as of October, and his administration frequently touted that growth.
But inflation also spiked during the early years of Biden’s presidency, before its pace gradually slowed, creeping toward the Federal Reserve’s 2% target.
Trump told voters he would provide relief to their wallets across the board, from groceries to housing.
“I am promising low taxes, low regulations, low energy costs, low interest rates, secure borders, low, low, low crime and surging incomes for citizens of every race, religion, color, and creed”, Trump said during remarks in September. “My plan will rapidly defeat inflation, quickly bring down prices, and reignite explosive economic growth.”
That promise resonated: Real, or inflation-adjusted, wage growth — or lack thereof — across the country shows a possible reason why.
Many states where Trump most improved his margins saw large declines in real wages under Biden.
