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Why half of America will vote for Donald Trump

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DONALD TRUMP has dominated the American right for nine years and yet, even after a decade of study, many observers still cannot fathom why. But voters are certainly not tired of Mr Trump. Even after the scandal and mayhem of his first term, culminating in his attempt to cling to power after losing the election in 2020, around half of the electorate, or some 75m Americans, will vote for him this time.

What accounts for his enduring strength? At first it was common on the left to point to racism, misogyny and xenophobia, sustained by misinformation and lies. Hillary Clinton infamously summarised this thesis. “To just be grossly generalistic, you could put half of Trump’s supporters into what I call the basket of deplorables,” she once said.

The early explanations from Mr Trump’s sympathisers could be equally simplistic and hysterical. In 2016 Michael Anton made the most prominent intellectual case for Mr Trump. He wrote that Americans needed to register a populist primal scream before their way of life was permanently extinguished, and called 2016 the “Flight 93 election” (referring to the plane hijacked on September 11th 2001 that crashed in a field in Pennsylvania after a passenger revolt). Mr Anton elaborated: “A Hillary Clinton presidency is Russian Roulette with a semi-auto. With Trump, at least you can spin the cylinder and take your chances.” Most Americans did not think 2016 was a Flight 93 election. In fact, 40% of eligible voters didn’t bother to express an opinion.

Calmer analysis is more helpful. Social scientists provide three kinds of explanation. Political scientists point out the importance of institutions; political economists put stress on material conditions; and political sociologists emphasise the cultural divide between elites and the self-described populus.

The first explanation, the political-science one, sees Mr Trump as a lucky beneficiary, or perhaps even a canny exploiter, of America’s peculiar political system. First-past-the-post voting, which awards elections to the candidate who commands a plurality, encourages a two-party duopoly. (When Mr Trump applied his talents to seek the nomination of the Reform Party in 2000, it did not end well.) Open primary elections have meant that rank-and-file members wield more power than party elites when selecting the presidential nominee. That allows a faction, as the Make America Great Again crowd could be called, to seize control of a major-party apparatus if it is successful enough.

Democrats had their own insurrectionary movements from the populist left in both 2016 and 2020, led by Bernie Sanders and then by Elizabeth Warren. But neither of them managed to capture the consistent 25-35% of primary voters that Mr Trump did in the early Republican primaries in 2016. Were European-style multiparty democracy to be transplanted to America, a Trump-led MAGA party might draw a lot of support without attracting a majority—like the hard-right Alternative for Germany.

Once in charge of the party, the two-party system works in favour of the rebellious faction, forcing co-partisans to make their peace with the new leadership. This explains a lot of Mr Trump’s support now. But the political-systems approach is less satisfying as an explanation for why his hold is so enduring, making him the first person to win a major party’s nomination three times in a row since Franklin Roosevelt.

Political economy—explanation number two—could throw light on part of this longevity. The American economy boomed during Mr Trump’s first term in office, up until the covid-19 pandemic. Although voters did not approve of Mr Trump’s conduct in office, and especially on January 6th 2021, when his supporters violently breached the Capitol, their anger over inflation and pessimism over the economy are pushing them to rebuke the incumbent Democrats, to the benefit of Mr Trump.

Evidence from outside America suggests there is a lot to this. Voters are in an anti-incumbent mood everywhere, rejecting the ruling parties in Britain, France, India and Japan (and presumably next year in Canada and Germany). But the idea that the economy is making people cross does not fit with what’s actually happening in America. The gap in output per person between Canada, western Europe and Japan on one side and America on the other has doubled since 1990. America’s economy is the envy of the world, with fast increases in real wages for the poorest workers. If inequality is the cause, that is hard to square with data showing wages rising in “left-behind” places and no increase in income inequality in the past decade.

That leaves a third genre of explanation: political sociology. Even though American politics has remained almost perfectly divided over the past decade, it has not been static. Voters are less divided by income or race than before; instead a striking new dividing line is educational class. Democrats increasingly attract the support of the professional, suburban managerial class who find Mr Trump repulsive and unfit for office; the working classes, including an increasing share of the non-white working class, admire that Mr Trump has made the right enemies, talks like them, talks to them, and promises them a future in which they receive dignity and their just financial desserts—even if they know that these promises are unlikely to be kept.

Visiting an area in North Carolina hit hard by flooding a few weeks ago, Mr Trump promised that under his rule every property that had been destroyed would be rebuilt, and more beautifully than before. Never mind that some of them are in areas prone to flooding and so will not be rebuilt. It was what people wanted to hear. One speaker who welcomed Mr Trump described his visit as the shot in the arm of hope that people needed, and said his visit guaranteed that people there would not be forgotten. To use the language of pop psychology, Mr Trump makes a lot of Americans feel seen. That he is happy to dress up in the uniform of a McDonald’s worker or a garbage-truck guy, despite being worth several billion dollars, helps too. Kamala Harris, who actually worked at McDonalds, seems to cringe at such stuff.

Chart: The Economist

The realignment according to educational qualifications means that the most serious divide in America is over culture rather than money. Under Mr Trump, the Republican Party looks increasingly left-labour in its economics, advocating protectionism, working-class tax giveaways and preservation of the existing entitlement system. To many Americans without a college degree, Democrats no longer talk to them but down to them. That is why, despite being showered with dollars from the federal government under President Joe Biden, members of America’s industrial unions are moving towards Mr Trump this year. And it is why the Trump campaign seized on remarks by a befuddled Mr Biden a few days ago, in which he appeared to call Trump supporters “garbage”. “See: Democrats still think you are deplorables,” was their message.

Democrats—and a good number of former members of the Republican elite—genuinely wonder how it is that Mr Trump’s supporters so quickly dismiss his efforts to overturn a democratic election, or his poor record of achievement on policy in office, or the undermining of abortion rights which he engineered. Mr Trump’s supporters see these criticisms as overhyped. And they see them as hypocritical, pointing out that the legal system has in fact been weaponised against Mr Trump in a way that he merely threatens.

Culture means Democrats and Republicans live in different countries. Tens of millions of Trump voters (mistakenly) believe America is in a recession. They think Democrats brought on inflation when they managed the economy, which boomed under Trumponomics. They observe that there were no new wars launched when Mr Trump was in the White House. Under Mr Biden’s watch, there are security crises in the Middle East and Ukraine. Trumpism is a simple heuristic, just as Trump-loathing is. It could be powerful enough to take him back to the White House.

Economics

Gavin Newsom is ready for his close-up

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NORMALLY, GAVIN NEWSOM is loose. The Democratic governor of California talks with a staccato cadence, often flitting from one incomplete thought to the next. When he talks to journalists or asks a guest on his podcast a meandering question, he tends to use a lot of meaningless filler words: “in the context of” is a frequent Newsomism. But on June 10th he was clear and direct. “This brazen abuse of power by a sitting president inflamed a combustible situation,” he said during a televised address after President Donald Trump deployed nearly 5,000 troops to Los Angeles to quell protests over immigration raids. “We do not want our streets militarised by our own armed forces. Not in LA. Not in California. Not anywhere.”

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Economics

Consumer sentiment reading rebounds to much higher level than expected as people get over tariff shock

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A woman shops at a supermarket on April 30, 2025 in Arlington, Virginia.

Sha Hanting | China News Service | Getty Images

Consumers in the early part of June took a considerably less pessimistic about the economy and potential surges in inflation as progress appeared possible in the global trade war, according to a University of Michigan survey Friday.

The university’s closely watched Surveys of Consumers showed across-the-board rebounds from previously dour readings, while respondents also sharply cut back their outlook for near-term inflation.

For the headline index of consumer sentiment, the gauge was at 60.5, well ahead of the Dow Jones estimate for 54 and a 15.9% increase from a month ago. The current conditions index jumped 8.1%, while the future expectations measure soared 21.9%.

The moves coincided with a softening in the heated rhetoric that has surrounded President Donald Trump’s tariffs. After releasing his April 2 “liberation day” announcement, Trump has eased off the threats and instituted a 90-day negotiation period that appears to be showing progress, particularly with top trade rival China.

“Consumers appear to have settled somewhat from the shock of the extremely high tariffs announced in April and the policy volatility seen in the weeks that followed,” survey director Joanne Hsu said in a statement. “However, consumers still perceive wide-ranging downside risks to the economy.”

To be sure, all of the sentiment indexes were still considerably below their year-ago readings as consumers worry about what impact the tariffs will have on prices, along with a host of other geopolitical concerns.

On inflation, the one-year outlook tumbled from levels not seen since 1981.

The one-year estimate slid to 5.1%, a 1.5 percentage point drop, while the five-year view edged lower to 4.1%, a 0.1 percentage point decrease.

“Consumers’ fears about the potential impact of tariffs on future inflation have softened somewhat in June,” Hsu said. “Still, inflation expectations remain above readings seen throughout the second half of 2024, reflecting widespread beliefs that trade policy may still contribute to an increase in inflation in the year ahead.”

The Michigan survey, which will be updated at the end of the month, had been an outlier on inflation fears, with other sentiment and market indicators showing the outlook was fairly contained despite the tariff tensions. Earlier this week, the Federal Reserve of New York reported that the one-year view had fallen to 3.2% in May, a 0.4 percentage point drop from the prior month.

At the same time, the Bureau of Labor Statistics this week reported that both producer and consumer prices increase just 0.1% on a monthly basis, pointing toward little upward pressure from the duties. Economists still largely expect the tariffs to show impact in the coming months.

The soft inflation numbers have led Trump and other White House officials to demand the Fed start lowering interest rates again. The central bank is slated to meet next week, with market expectations strongly pointing to no cuts until September.

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Economics

Reeves’ plans contending with the bond market

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LONDON, UNITED KINGDOM – MARCH 26, 2025: Britain’s Chancellor of the Exchequer Rachel Reeves leaves 11 Downing Street ahead of the announcement of the Spring Statement in the House of Commons in London, United Kingdom on March 26, 2025. (Photo credit should read Wiktor Szymanowicz/Future Publishing via Getty Images)

Wiktor Szymanowicz | Future Publishing | Getty Images

Britain’s government is planning to ramp up public spending — but market watchers warn the proposals risk sending jitters through the bond market further inflating the country’s $143 billion-a-year interest payments.

U.K. Finance Minister Rachel Reeves on Wednesday announced the government would inject billions of pounds into defense, healthcare, infrastructure, and other areas of the economy, in the coming years. A day later, however, official data showed the U.K. economy shrank by a greater-than-expected 0.3% in April.

Funding public spending in the absence of a growing economy, leaves the government with two options: raise money through taxation, or take on more debt.

One way it can borrow is to issue bonds, known as gilts in the U.K., into the public market. By purchasing gilts, investors are essentially lending money to the government, with the yield on the bond representing the return the investor can expect to receive.

Gilt yields and prices move in opposite directions — so rising prices move yields lower, and vice versa. This year, gilt yields have seen volatile moves, with investors sensitive to geopolitical and macroeconomic instability.

The U.K. government’s long-term borrowing costs spiked to multi-decade highs in January, and the yield on 20- and 30-year gilts continues to hover firmly above 5%.

Official estimates show the government is expected to spend more than £105 billion ($142.9 billion) paying interest on its national debt in the 2025 fiscal year — £9.4 billion higher than at the the time of the Autumn budget last year — and £111 billion in annual interest in 2026.

The government did not say on Wednesday how its newly unveiled spending hikes will be funded, and did not respond to CNBC’s request for comment about where the money will come from. However, in her Autumn Budget last year, Reeves outlined plans to hike both taxes and borrowing. Following the budget, the finance minister pledged not to raise taxes again during the current Labour government’s term in office, saying that the government “won’t have to do a budget like this ever again.”

Andrew Goodwin, chief U.K. economist at Oxford Economics, said Britain’s government may be forced to go even further with its spending plans, with NATO poised to hike its defense spending target for member states to 5% of GDP, and once a U-turn on winter fuel payments for the elderly and other possible welfare reforms are factored in.

Additionally, Goodwin said, the U.K.’s Office for Budget Responsibility is likely to make “unfavorable revisions” to its economic forecasts in July, which would lead to lower tax receipts and higher borrowing.

“If recent movements in financial market pricing hold, debt servicing costs will be around £2.5bn ($3.4 billion) higher than they were at the time of the Spring Statement,” Goodwin warned in a note on Wednesday.

‘Very fragile situation’

Mel Stride, who serves as the shadow Chancellor in the U.K.’s opposition government, told CNBC’s “Squawk Box Europe” on Thursday that the Spending Review raised questions about whether “a huge amount of borrowing” will be involved in funding the government’s fiscal strategies.

“[Government] borrowing is having consequences in terms of higher inflation in the U.K. … and therefore interest rates [are] higher for longer,” he said. “It’s adding to the debt mountain, the servicing costs upon which are running at 100 billion [pounds] a year, that’s twice what we spend on defense.”

“I’m afraid the overall economy is in a very weak position to withstand the kind of spending and borrowing that this government is announcing,” Stride added.

UK is in a 'very fragile situation,' Shadow Chancellor Mel Stride says

Stride argued that Reeves will “almost certainly” have to raise taxes again in her next budget announcement due in the autumn.

“We’ve ended up in a very fragile situation, particularly when you’ve got the tariffs around the world,” he said.

Rufaro Chiriseri, head of fixed income for the British Isles at RBC Wealth Management, told CNBC that rising borrowing costs were putting Reeves’ “already small fiscal headroom at risk.”

“This reduced headroom could create a snowball effect, as investors could potentially become nervous to hold UK debt, which could lead to a further selloff until fiscal stability is restored,” he said.

Iain Barnes, Chief Investment Officer at Netwealth, also told CNBC on Thursday that the U.K. was in “a state of fiscal fragility, so room for manoeuvre is limited.”

“The market knows that if growth disappoints, then this year’s Budget may have to deliver higher taxes and increased borrowing to fund spending plans,” Barnes said.

However, April LaRusse, head of investment specialists at Insight Investment, argued there were ways for debt servicing burdens to be kept under control.

The U.K.’s Debt Management Office, which issues gilts, has scope to reshape issuance patters — the maturity and type of gilts issued — to help the government get its borrowing costs under control, she said.

“With the average yield on the 1-10 year gilts at c4% and the yield on the 15 year + gilts at 5.2% yield, there is scope to make the debt financing costs more affordable,” she explained.

However, LaRusse noted that debt interest payments for the U.K. government were estimated to reach the equivalent of around 3.5% of GDP this fiscal year, and that overspending could worsen the burden.

“This increase is driven not only by higher interest rates, which gradually translate into higher coupon payments, but also by elevated levels of government spending, compounding the fiscal burden,” she said.

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