The famous adage, “It’s the economy, stupid,” once seemed to neatly encapsulate the American voter’s priorities. But in 2024, despite seemingly positive economic indicators like tamed inflation and a strong job market, a deep dissatisfaction with the country’s leadership persists. This discontent extends beyond President Biden, encompassing major economic figures like Fed Chair Jerome Powell, and predates recent foreign policy decisions.

One explanation lies in persistent inequalities, not necessarily in income, but in areas like healthcare and regional disparities. Even with Biden’s efforts to address income inequality, these glaring gaps leave many feeling neglected, particularly in areas outside the coastal elite bubbles.

Younger generations face a different set of anxieties. The promise of upward mobility, readily available to previous generations, feels increasingly elusive in a world of AI, geopolitical instability, and climate change. This uncertainty fuels discontent, even if it’s based on a hindsight-biased view of the past’s economic boom.

A third factor is the erosion of institutions and public discourse. From gerontocracy and hyper-polarization to recurring policy gridlock, these issues contribute to a sense of disillusionment with American democracy, even if their direct link to the economy is tenuous.

However, a more optimistic perspective sees this discontent as a byproduct of progress. As opportunities expand for women, minorities, and the LGBTQ+ community, those who previously held exclusive privileges feel the sting of losing ground. This pushback, while unpleasant, reflects a society striving for greater equality.

Similarly, rising aspirations fueled by awareness of new opportunities can lead to disappointment when those aspirations remain unfulfilled. This is evident in the skyrocketing number of college applications, where rejections breed bitterness despite the increased accessibility of higher education.

Ultimately, the source of today’s American discontent is likely a complex tapestry woven from these and other threads. While economists might prefer a simpler narrative, the reality is that “It’s not just the economy, stupid.” In the diverse and ever-evolving landscape of American life, understanding the nuances of this discontent is crucial for navigating the challenges and opportunities that lie ahead.