The early results from the US election indicates a strong Trump win. It is clear that households have reacted to the significant rises in costs of living, and put the economy and migration ahead of other issues such as rowe v wade related issues.
It’s the economy stupid, a phrase coined by James Carville in 1992, when he was advising Bill Clinton in his successful run for the White House.
Forget that, and you get ejected as Rishi Sunak in the UK and Biden in the US can attest. And the focus is not stock market performance, but whether people feel better off or worse off than previously. There are of course always excuses, such COVID and wars, but at the end of the day personal finances lead. This is important given the upcoming Australian election and to that end, its worth underscoring that while the first wave of inflation was global and pandemic-related. But later waves were home grown. Albo made Australian inflation much worse than it needed to be, drove interest rates higher than they needed to be, and gutted households much more than they needed to be!
All up, the real costs of living are still significantly elevated compared with the start of Albo’s Government, so they risk becoming a one term Government, with poles neck and neck at the moment.
This helps to explain the move announced over the weekend to reduce HEC debt and offer more TAFE places, in an attempt to paper over the damage. But Albo, just remember it’s the economy stupid!
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