As economic challenges grip the nation, Americans faced increasing financial strain. Inflation, crime, and other financial stresses have reshaped the 2024 election, culminating in a Republican landslide and highlighting the inefficacy of the $16 billion in campaign spending.
In the 2024 presidential election, Donald Trump achieved unprecedented support among minority voters for a Republican candidate. Exit polls indicate that Trump secured 45% of the Hispanic vote nationwide, a significant increase from his 36% share in 2020.
Notably, he won 54% of Hispanic men's votes, marking a 33-point swing in his favor compared to the previous election. Among Black voters, Trump's support also rose; in Wisconsin, for instance, his backing more than doubled from 8% in 2020 to 20% in 2024. These gains reflect a broader trend of minority voters shifting toward Trump, contributing to his overall electoral success.
New York Post Based on this simple math, it is 100% proof that economic pain will drive voters to change their preferences.
Here are 30 economic factors driving this shift, each backed by data and insights.
1. Record-High Inflation
Inflation has reached levels unseen since the early 1980s, driving up prices for rent, food, and essentials. Nearly half of disposable income has vanished due to rising costs. [Source: U.S. Bureau of Labor Statistics, 2024]
2. Spiking Crime Rates
Crime has surged, particularly in urban centers, impacting businesses and residents' sense of safety. [Source: FBI Crime Data Explorer, 2023]
3. Government Spending Excesses
Washington’s overspending on bloated contracts and salaries adds to the national deficit, underscoring financial mismanagement. [Source: U.S. Office of Management and Budget, 2024]
4. Shrinking Retirement Savings
Inflation has eroded retirement accounts and reduced Social Security purchasing power. [Source: Social Security Administration, 2024]
5. Unaffordable Blue States
High-tax states, like New York and California, have become unlivable for middle-income residents and businesses. [Source: WalletHub, “States with the Highest Tax Burden,” 2023]
6. Underreported Unemployment
Official numbers claim a 3.8% rate, but real joblessness approaches 10%, with part-time and gig work masking true unemployment. [Source: U.S. Bureau of Labor Statistics, U6 Rate, 2024]
7. Working Family Hardships
Rising fuel, food, and utility costs disproportionately impact working families. [Source: USDA Economic Research Service, 2024]
8. Political Corruption and Scandals
Allegations of undisclosed payments from offshore accounts have diminished public trust. [Source: Reuters, “U.S. Investigations into Foreign Influence,” 2024]
9. Federal Reserve Policies
High interest rates have made loans and mortgages costlier, wiping out discretionary income. [Source: Federal Reserve Economic Data, 2024]
10. Loss of Prosperity Since 2021
Higher costs and healthcare inaccessibility have reversed the economic gains of 2017–2020. [Source: The Hill, “American Wealth Trends,” 2024]
11. Crippling National Debt
With annual interest payments now over $1 trillion, debt burdens threaten future infrastructure and social programs. [Source: Congressional Budget Office, 2024]
12. Escalating Global Conflicts
Diplomatic inefficacies have worsened global conflicts, raising energy prices. [Source: S&P Global, “Top Geopolitical Risks of 2024”]
13. Unprecedented Credit Card Debt
Household credit card debt has surged, reaching record levels, with 25% APR interest squeezing families further. [Source: Federal Reserve Bank of New York, 2024]
14. Bankruptcies on the Rise
Personal bankruptcies have increased as households face unsustainable debt loads. [Source: American Bankruptcy Institute, 2024]
15. Student Loan Crisis
Student loan debt, now $1.75 trillion, continues to strain young adults. [Source: LendingTree, “U.S. Student Loan Debt Statistics,” 2024]
16. Public Assistance Over Work
Enhanced benefits make assistance more appealing than minimum-wage jobs, impacting workforce participation. [Source: Cato Institute, “Welfare vs. Work Incentives,” 2023]
17. Opioid Epidemic
Rising drug trafficking and lenient border policies worsen the opioid crisis. [Source: Centers for Disease Control and Prevention (CDC), 2024]
18. Election Integrity Concerns
Continued skepticism over electoral integrity affects public confidence. [Source: Pew Research Center, 2024]
19. Declining Public School Standards
Increased costs and reduced educational quality, particularly in inner cities, have exacerbated financial pressures on families. [Source: National Center for Education Statistics, 2023]
20. Taxes on Essential Services
Taxes on utilities, internet, gas, and food disproportionately affect middle- and low-income households. [Source: Tax Foundation, 2024]
21. High-Tech Tax Burden
Computer and electronics taxes make essential tools for work and education prohibitively expensive. [Source: Consumer Technology Association, 2023]
22. Rising Energy Costs
Policy-driven energy cost increases have burdened households and raised transportation expenses. [Source: U.S. Energy Information Administration, 2024]
23. Healthcare Affordability Decline
Escalating healthcare costs have made medical care out of reach for many. [Source: American Medical Association, 2024]
24. Soaring Utility Bills
Environmental regulations have driven up energy prices, disproportionately affecting low-income families. [Source: U.S. Department of Energy, 2024]
25. Pension and Retirement Crises
Dwindling pension funds and social security erosion have led to anxiety among aging Americans. [Source: National Institute on Retirement Security, 2024]
26. Expensive Childcare and Education
Skyrocketing childcare and education expenses limit family budgets and future planning. [Source: National Center for Education Statistics, 2024]
27. Costly Green Policies
Poorly executed green policies have inflated energy and transportation costs. [Source: Wall Street Journal, “The High Cost of Going Green,” 2024]
28. Housing Shortages and Affordability Issues
Interest rate hikes and limited inventory have made homeownership nearly impossible for many. [Source: National Association of Realtors, 2024]
29. Restrictive Banking Regulations
Banking regulations have increased fees, reducing consumer choice and inflating loan costs. [Source: Consumer Financial Protection Bureau, 2024]
30. Welfare More Attractive Than Low-Wage Work
Welfare benefits have made it difficult to incentivize low-paying jobs, affecting productivity. [Source: Bureau of Labor Statistics, 2023]
Conclusion
In a historic comeback, Donald Trump’s 2024 victory represented a remarkable coalition of diverse voter groups, bringing together Americans from a wide range of backgrounds and demographics.
This election saw a significant shift as Trump garnered overwhelming support not only from his traditional base but also from groups historically aligned with the Democratic party, including unions, working families, and minority communities. Asian Americans, Black Americans, and Hispanic voters rallied behind Trump’s promise of economic revival, reduced inflation, and job creation, feeling the impact of policies that affected their daily lives under the previous administration.
Furthermore, the most educated demographic groups in America, including Asian, India/Hindu and Arab Americans from over 49 nations, showed strong support for Trump, highlighting his appeal among those who value economic stability, safety, and opportunity. This unique coalition underscores the widespread desire for a leader who would prioritize financial security and growth, contributing to a decisive victory and marking one of the most diverse voter bases in modern presidential history.
The economic strain Americans face in 2024, coupled with inflation, high interest rates, and increased taxation, underscores the Republican victory in the latest election. Despite politicians spending $16 billion on their campaigns, economic frustrations pushed voters toward Trump’s party who was promising financial stability, faith, and certainty. The Republican landslide is a clear response to working voters' demand for economic relief and greater accountability in governance.
The American electorate's message is unmistakable: economic stability, worker benefits, common sense trade and diplomacy, mitigate unlawful immigration, no more useless wars, and effective policy are paramount for the nation's future.
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Commissioner George Mentz JD MBA CILS CWM® is the first in the USA to rank as a Top 50 Influencer & Thought Leader in: Management, PM, HR, FinTech, Wealth Management, and B2B according to Onalytica.com and Thinkers360.com. George Mentz JD MBA CILS is a CWM Chartered Wealth Manager ®, global speaker - educator, tax-economist, international lawyer and CEO of the GAFM Global Academy of Finance & Management ®. The GAFM is a EU accredited graduate body that trains and certifies professionals in 150+ nations under standards of the: US Dept of Education, ACBSP, ISO 21001, ISO 991, ISO 29993, QAHE, ECLBS, and ISO 29990 standards. Mentz is also an award-winning author and award winning graduate law professor of wealth management of one of the top 30 ranked law schools in the USA.