This election is about the economy.
The rise of the Democratic Socialists of America, or DSA, is about the economy.
President Donald Trump losing support because he was not honest with his base is not about integrity — it’s about the economy.
According to the latest CNBC All-America survey, 61% of Americans are pessimistic about the economy and where it is going. That is not a partisan read, it’s everyday Americans’ economic assessment. People feel they cannot get a leg up, and while there is much blame to place on Trump, frustration with the entire system is apparent in these primaries.
This election is also taking a close look at the definition of power — which is most often equated to money. In terms of campaign war chests, Republicans have the biggest one, and it is only growing.
The richest among us have grown significantly richer, while millions of Americans are struggling to support themselves. That divide and anger is growing — resulting in more big-dollar donations being funneled to Republican candidates. The Trump administration’s biggest wins have been regulatory relief, tax cuts and, of course, a stock market that keeps climbing. All of it is good for the C-suite and the investor class, and campaign dollars want to keep that party going.
However, Trump’s tanking poll numbers, along with the rise in anti-establishment candidates on the left, have everyone looking at a possible massive shift in power. These outlier candidates do not appeal to voters because of radical positions like “defund the police.” Rather, their draw comes from speaking effectively about affordability and accountability.
Millions of Americans with no political affiliations cannot afford to buy a home, get healthcare or comfortably afford living expenses. And the blame isn’t just falling on Trump. The message is: “The system is not working for me.”
Once we get past tonight — whoever wins — those massive campaign dollars will be put to work. Republicans would love to see these “DSA-labeled” candidates win tonight so they can elevate a false narrative, fearmongering a run against “communism.”
However, this still goes back to the economy. Who is making the best argument to solve the economic woes that Americans face?
On Tuesday the Senate Judiciary Committee advanced Todd Blanche’s nomination to attorney general while keeping in place IRS protections for Trump and his family businesses that could be helping him avoid paying north of $100 million.
Americans are growing angrier with Trump’s explosion in wealth — and millions of Americans’ economic struggles could redefine what power translates to on election day.
Will it be the wealthiest Americans and businesses protecting a system that most certainly works for them?
Or will we see this “power to the people” shift that we’ve seen in “No Kings” rallies across the country since Trump took office again?
I speak to investors every day.
The market run has been so extraordinary. They continue to underplay the impact of the war — which, according to Moody’s, is costing American families an extra $1,000 per household.
The investor class isn’t phased by this reality, but the vast majority of Americans are aware and unhappy.
Investors are turning a blind eye to a lot of unlawful and frankly undemocratic things happening around us, because at this particular moment in time, green markets black out dark realities.
Millions of Americans with no political affiliations cannot afford to buy a home, get healthcare or comfortably afford living expenses.
Today, as Blanche advanced and we watched lawmakers hand Trump an enormous win and even more power, I asked one of the biggest investors I know, “Are you watching this?” I sent a screenshot of Sen. Cory Booker, D-N.J., breaking down the grift and corruption — which, by the way, if left unchecked, would erode the foundation of what makes America great.
His response? A screenshot showing the markets up 700 points. His response: “No, I’m watching this.”
This is where we are.
Primary voters are looking for fighters. But as long as the current rules and power structure remain in place, the new crop of elected officials can shout louder. If they remain in the minority, they will have little ability to create change.
It comes down to investing in and winning red seats in red states. Between the trade war, the war with Iran and the impact of mass deportations, life has gotten a lot more expensive. Add a Democratic electorate that is furious at Trump and at the system that enabled him, and you have the opening.
It all goes back to money.
Again, the fight between the Democratic establishment and outsider DSA candidates isn’t about revolution — it’s about the economy. Tonight we’ll see which economic vision wins out.
Daphne West contributed to this column.
CORRECTION (August 4, 8:20 p.m. EST): A previous version of this article incorrectly stated the Senate Judiciary Committee voted on Todd Blanche’s nomination on Wednesday. The vote was Tuesday.
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