(A sneak peek at the New York Times' news analysis from the future.)
Nov. 4, 2020 – In the end, a bitterly fought election came down to the old political aphorism, popularized during Bill Clinton's successful 1992 run against George H.W. Bush: "It's the economy, stupid." This time, however, it was the Republican incumbent, not his Democratic challenger, who benefited from that truism.
Donald Trump has been decisively re-elected as president of the United States, winning every state he carried in 2016 and adding Nevada, even as he once again failed, albeit narrowly, to gain a majority of the popular vote. Extraordinary turnout in California, New York, Illinois and other Democratic bastions could not compensate for the president's abiding popularity in the states that still decide who gets to live in the White House: Ohio, Pennsylvania and Florida.
Yet, unlike 2016, last night's outcome came neither as a political upset nor as a global shock. Trump and Vice President Mike Pence have consistently polled ahead of Sen. Elizabeth Warren of Massachusetts and her running mate, Sen. Sherrod Brown of Ohio, since July. The New York Times correctly predicted the outcome of the race in every state, another marked change from 2016.
In exit-poll interviews, Trump's supporters frequently cited the state of the economy to explain their vote. "What part of Dow 30,000 do the liberals not understand?" Kevin O'Reilly of Manchester, N.H., told the Times.
Warren and Brown never seemed to find a compelling answer to that question, despite an economy that continues to struggle with painfully slow wage growth, spiraling budget deficits and multiplying trade wars that have hurt businesses as diverse as Ohio soybean farmers and California chipmakers.
Yet both Democrats are also skeptics of trade agreements such as NAFTA, which served to mute their differences with the president. And their signature proposals — Medicare for all and free college tuition for most American families — would have been expensive and would have required tax increases on families making more than $200,000. Trump and other Republicans charged that they would "bankrupt you and bankrupt the country."
Meanwhile, the U.S. economy grew at an annual rate of 3.2 percent in the last quarter, the third consecutive quarter in which growth has exceeded 3 percent. Unemployment remains low at 4.1 percent.