It’s a bedrock assumption of American politics that a strong economy is essential to winning elections. It’s a key reason Republicans muscled through a big tax cut ahead of the 2018 midterm elections, and Democrats enacted a massive stimulus within weeks of President Biden taking office.
It didn’t work out for Republicans in 2018, and it’s not working out for Democrats now. Jobs and wages are growing rapidly, and the stock market is hitting records. The public thinks good jobs are plentiful and their financial situation is solid. But Mr. Biden’s approval ratings are underwater and Democrats just lost the governor’s race in blue-trending Virginia.
