David Wasserman’s Analysis: Election 2024 – Cost of Living, Trust, and the Return of Trump
I recently joined the Grand Rapids Econ Club, and this meeting was my first as an official member! It was an incredible experience—I got to meet so many new people and dive into some fascinating discussions. This month’s speaker, David Wasserman, shared his insights on the 2024 election, and it was both fun and eye-opening to learn about the dynamics he believes shaped the outcome.
In his talk, David Wasserman emphasized that the 2024 election was largely defined by cost-of-living concerns. Across the globe, incumbents were being ousted over economic issues, and the United States followed suit. Wasserman highlighted that with grocery prices up by 20% compared to four years ago, many voters felt the pinch and responded by voting for change. According to Wasserman, undecided voters largely trusted Donald Trump (55%) over Kamala Harris (26%) to tackle inflation and reduce the cost of living, seeing Harris as an extension of the Biden administration.
Wasserman noted that the Trump campaign successfully leveraged Harris’s progressive stances from her previous presidential bid in 2019. Positions from that era—like bans on fracking, single-payer healthcare, and decriminalizing illegal border crossings—were used to position her as too far left. According to Wasserman, this narrative effectively painted Harris as a candidate who hadn’t moderated enough, making her an easier target for Trump’s campaign. “Harris’ words from 2019 practically wrote Trump’s ads for him,” Wasserman commented.
While Wasserman pointed out Trump’s success in this election, he argued that it was a highly personalized victory. Trump made notable inroads with demographics typically seen as Democratic-leaning: women, people of color, college graduates, suburbanites, and blue-collar and knowledge workers. However, Wasserman suggested that this shift may not signal a lasting realignment for the Republican Party. He observed that many voters who turned out for Trump didn’t necessarily support other Republicans on the ballot, meaning that a lower turnout in the 2026 midterms could favor Democrats.
Wasserman also discussed a trend he observed toward moderation. Voters appeared to reward centrists on both sides of the aisle. Although the GOP may have achieved a government trifecta—winning the presidency and majorities in both chambers of Congress—Wasserman advised that this outcome shouldn’t be seen as broad support for Trump’s more ambitious agenda. Many moderate Republicans won their races, and several Democrats outperformed Harris by running on more conservative platforms, appealing to a broader range of voters.
In Wasserman’s view, the 2024 election delivered a clear message: cost-of-living issues and trust in leadership are top concerns, and moderation resonates with a wide swath of the electorate. As the country moves forward, Wasserman believes that both parties will need to focus on building voter trust and addressing economic concerns in a way that hits close to home.
The presentation was both engaging and entertaining. I love learning about people’s political opinions—it’s fascinating to understand why someone believes what they believe. It’s also a reminder that we have so much more in common than we often realize. And even when it feels like that’s not the case, remember—we all live on the same planet. Or think of that one song, Breakfast at Tiffany's. I encourage all of us to take a step back when we find ourselves on opposite sides of an issue and try to find common ground.
