Bright Trump Economy vs. Disastrous Democrats
Once again, the Democratic Party seems to embody a sense of shadowy negativity.
The term GloomDoggler, first coined by Stephen Hess, who wrote speeches for President Dwight Eisenhower, draws from the Great Depression term BOONDOGGLER. The latter referred to someone creating unnecessary tasks, while Gloomdoggler describes those who focus on unwarranted despair.
The depth of Democratic pessimism regarding the economy is noteworthy. But before diving into specifics, let’s review the economy’s current status. The gross domestic product grew at a 3.8% rate in the second quarter, and the Atlanta Fed’s GDPNOW indicates it’s on a similar trajectory. Although September’s unemployment rate isn’t out yet, it was at 4.3% in August—most economists predict little change here. Consumer spending continues to rise, bolstered by a robust labor market.
While inflation sits at 2.9%—still high but significantly down from its peaks under President Biden—there are no clear signs of inflationary pressures. Instead of responding to President Trump’s tariffs, our trading partners seem to prefer making trade agreements that offer better wages than those in the U.S. Consequently, everyday goods and services are becoming more affordable. The stock market has seen a 14.3% increase year-to-date, a significant boost, and the Federal Reserve is starting to lower interest rates. Businesses are also investing in facilities and equipment, partly due to recent tax cuts from the Republicans.
Overall, this paints a picture of a solid economy. Yet, that doesn’t mean there aren’t some weaknesses or worries. Interest rates remain high enough to stifle the housing market. As inventories of newly constructed homes increase, construction jobs are likely to drop, signaling a potential housing recession. That could apply pressure to the labor market, possibly leading to a slowdown in consumer spending and overall growth. The Fed’s cautious approach to rate cuts might also further inhibit growth.
The end is near…for liberals and Democrats
However, this economic backdrop doesn’t quite match the bleak outlook held by many Democrats, particularly self-identified liberals. Recent research by YouGov indicates that 36% of liberals expect their financial situation to worsen over the next year, compared to 25% of moderates and just 11% of conservatives. When looking at party lines, only 11% of Democrats believe things will improve, versus 22% of Independents and 42% of Republicans.
A striking 81% of liberals and 78% of Democrats view the economy as deteriorating. This contrasts with 55% of moderates and 63% of Independents. Only 24% of conservatives and 19% of Republicans share this negative perception. Optimism on the left seems scant, with only 4% of Liberals and Democrats believing the economy is doing better, as opposed to 12% of Moderates and 11% of Independents. In fact, conservatives and Republicans seem more upbeat, with 44% and 43% respectively feeling things are improving financially.
The media consumed by liberals and Democrats may be fueling this pessimistic mindset. About 73% of liberals and 68% of Democrats say the economic news they see is predominantly negative, while only 48% of moderates and 52% of Independents feel the same. Among conservatives, the numbers drop to 29% and 24% respectively.
Yet, the most concerning view held by Democrats and liberals isn’t just about short-term economic forecasts; it’s about the long-term. 71% of liberals believe today’s children will face worse financial prospects than their parents did, while the figure is 60% for Democrats. Moderates also show pessimism with 54% to 46% among Independents. Interestingly, even among conservatives and Republicans, views are less than rosy, at 39% and 34% respectively.
It’s hard to ascertain how much of this perspective is driven by partisanship versus genuine fear. We generally take people at their word, assuming that Democrats genuinely believe the economic landscape is bleak and will remain so for generations to come.
