The Impact of Inflation On the 2024 Presidential Election

Johns Hopkins political economist David A. Steinberg explains how rising costs dampened enthusiasm for Kamala Harris and played a key role in Donald Trump’s victory

by Claire Goudreau
John Hopkins University

Rising costs were top of mind as voters cast their ballots in the 2024 presidential election. According to exit polls from CBS News, 75% of voters reported that inflation had caused moderate or severe hardship for them over the past year, with 45% saying they were worse off now than they were four years ago. During his campaign, President-elect Donald Trump vowed to end inflation and strengthen the economy. Political economy professor David A. Steinberg explains the role inflation played in the election outcome and what might happen next.

How has inflation affected Americans over the past few years?

Inflation in the United States reached 9% in 2022, meaning that the average cost of goods and services went up by that amount. That is the highest rate of inflation that this country has experienced in over 40 years. Inflation has slowed down considerably since that time, with the overall price level rising just over 2% per year now, but the price level today is more than 20% higher than it was four years ago. As a result, many Americans cannot afford to buy as many things as they otherwise would.

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