Every election season, politicians suddenly become economists.
They start talking about GDP, inflation rates, job creation, trade deficits and economic growth. They point to charts showing why the economy is doing better or worse depending on which party is holding the microphone.
But theres one problem. Most Americans don’t live their lives on a government spreadsheet, job reports, GDP data or CPI Index information.
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They live at the grocery store. They live at the gas pump. They live with when the mortgage payment comes out of their checking account. They live with the credit card bill.
And they live it when their kid asks, “Can we afford that?”
In Bill Clintons successful 1992 presidential campaign, strategist James Carville famously posted the message, “Its the economy, stupid,” as a reminder to keep the campaign focused on what mattered to voters.
More than three decades later, I think that famous line needs an update.
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Its not the economy, stupid. Its your personal economy that matters. And we will see this front and center as the runaway No. 1 issue in the midterms.
Because when Americans walk into the voting booth, they aren’t carrying a copy of the latest GDP report. They’re carrying around 365 days of financial experience.
Can I afford groceries? Can I afford my house? Can my kid afford a house? Is my paycheck keeping up with my bills? Can I afford health insurance? Can I fill up my SUV without wondering whether I should have bought a bicycle?
Those questions may ultimately matter more politically than any economic statistic Washington can produce.
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Heres the disconnect politicians often miss and the Republicans may miss as a whole. The economy can look good on paper while your personal economy feels terrible.
The stock market can hit records, but that doesn’t help much when your rent just went up $200 a month.
Unemployment can look relatively low, but that doesn’t make you feel better if you’re worried about losing your job.
Inflation can cool, but “cooling inflation” doesn’t mean prices went back down. It means they’re generally rising more slowly.
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Try explaining that distinction to som
