Why the economy is driving this year’s Democratic primary battles
This election is about the economy.
The rise of the Democratic Socialists of America, or DSA, is about the economy.
President Donald Trump losing support because he was not honest with his base is not about integrity — it’s about the economy.
According to the latest CNBC All-America survey, 61% of Americans are pessimistic about the economy and where it is going. That is not a partisan read, it’s everyday Americans’ economic assessment. People feel they cannot get a leg up, and while there is much blame to place on Trump, frustration with the entire system is apparent in these primaries.
This election is also taking a close look at the definition of power — which is most often equated to money. In terms of campaign war chests, Republicans have the biggest one, and it is only growing.
The richest among us have grown significantly richer, while millions of Americans are struggling to support themselves. That divide and anger is growing — resulting in more big-dollar donations being funneled to Republican candidates. The Trump administration’s biggest wins have been regulatory relief, tax cuts and, of course, a stock market that keeps climbing. All of it is good for the C-suite and the investor class, and campaign dollars want to keep that party going.
However, Trump’s tanking poll numbers, along with the rise in anti-establishment candidates on the left, have everyone looking at a possible massive shift in power. These outlier candidates do not appeal to voters because of radical positions like “defund the police.” Rather, their draw comes from speaking effectively about affordability and accountability.
Millions of Americans with no political affiliations cannot afford to buy a home, get healthcare or comfortably afford living expenses. And the blame isn’t just falling on Trump. The message is: “The system is not working for me.”
Once we get past tonight — whoever wins — those massive campaign dollars will be put to work. Republicans would love to see these “DSA-labeled” candidates win tonight so they can elevate a false narrative, fearmongering a run against “communism.”
However, this still goes back to the economy. Who is making the best argument to solve the economic woes that Americans face?
On Tuesday the Senate Judiciary Committee advanced Todd Blanche’s nomination to attorney general while keeping in place IRS protections for Trump and his family businesses that could be helping him avoid paying north of $100 million.
Americans are growing angrier with Trump’s explosion in wealth — and millions of Americans’ economic struggles could redefine what power translates to on election day.
Will it be the wealthiest Americans and businesses protecting a system that most certainly works for them?
Or will we see this “power to the people” shift that we’ve seen in “No Kings” rallies across the country since Trump took office again?
I speak to investors every day.
The market run has been so extraordinary. They continue to underplay the impact of the war — which, according to Moody’s, is costing American families an extra $1,000 per household.
Stephanie Ruhle is the host of “Money, Power & Politics” on MS NOW.
