Plaque in Concord, N.H.
The Balsams Grand Resort Hotel, in Dixville Notch, N.H., one of the sites of the first "midnight vote" in the New Hampshire primary.
SOMERVILLE, Mass.
This column, named Economic Principals (EP), began forty years ago in The Boston Globe with a commission to write about goings-on within and around the economics profession. It didn’t take long to discover that few readers were sufficiently curious to warrant a sustained diet of economics with a capital E, and so a second column was added, this one about economics and politics.
Becoming unmoored from the newspaper in 2002 has made the mix somewhat richer on political topics, all the more so the tumultuous last few years. In fact, I intend to spend more time on economics, not less, during the next year or two. However, I want to venture a bet on the year – a bet against political acumen.
Of all the issues that EP follows – the wars in Ukraine and the Mid-East, immigration, China, central bank policy, climate change – none is as important this year as the November elections in the United States.
It now seems nearly certain that we Americans are stuck with a re-run of the 2020 election, Joe Biden vs. Donald Trump. Florida Gov. Ron DeSantis’s campaign dissolved in a cocktail of timid captivity to the Trump base and internal dissension. Former South Carolina Gov. Nikki Haley’s gaffe on a voter’s Civil War question revealed all too clearly the dangers of playing to the Trump side of the aisle in the Republican primaries. Big government caused it, she said, failing to mention slavery.
For conventional wisdom in senior Republican Party circles, EP turned, as it does every Wednesday, to Karl Rove, who writes a column in the editorial pages of The Wall Street Journal. A veteran political operative since Richard Nixon’s 1972 re-election campaign, he served as senior adviser to President George W. Bush, and afterwards wrote quite a good book about President William McKinley’s place in GOP history. Rove has the added virtue of making an annual batch of predictions, and toting up the results a year later.
Rove’s presidential prediction for 2024:
“Biden vs. Trump is a chaotic, nasty mess. Mr. Biden counts on Mr. Trump being convicted and voters adjusting to inflation’s effects. Mr. Trump counts on anger over a politicized justice system and Mr. Biden’s age and mental capacity. Most vote for whom they hate or fear less. Mr. Trump is convicted before November yet wins the election while Mr. Biden receives a plurality of the popular vote. The race is settled by fewer than 25,000 votes in each of four or fewer states. Third-party candidates get more votes in those states than Mr. Trump’s margin over Mr. Biden. God help our country.”
EP has in mind the Kansas abortion referendum, of 2022. A ballot initiative amendment to the state constitution had been scheduled for August that year that would have criminalized routine abortions and given the state government the power to prosecute individuals involved in procedures. Six weeks earlier, the U.S. Supreme Court had overturned Roe V. Wade.
The Kansas amendment failed by an 18-point margin, a result ascribed to strong voter turnout and increased registration in the weeks leading up to the vote. In November, 2023, Ohio voters overwhelmingly embraced a constitutional amendment guaranteeing residents access to abortion, becoming the seventh state to affirm reproductive rights in one way or another since the Supreme Court decision.
As Kansas and Ohio voters rejected the Supreme Court’s decision, American voters have the opportunity in the November election next year to overturn the Trump wing of the Republican Party, and not just not just in so-called “battleground states,” of Georgia, North Carolina, Arizona, Nevada, Wisconsin, Michigan, Ohio and Pennsylvania The available mechanism is the same in each case – high voter turnout.
True, Biden’s margin of victory in 2020 was far from a landslide. (Rove thinks this one will be closer.) The element of immediacy will be missing this year, though scheduled trials of the former president will refocus attention on the calculations that led up to the Jan. 6 insurrection. Those annoying third-party candidates are a wild card, as well.
By Novembers, the stakes will be clear. Never mind the avalanche of advertising spending about to descend. Work on getting voters to show up. We are a few good speeches away from resolving the issue. Biden offers some attributes to dislike, many fewer traits to fear.
Americans will try Donald Trump in the courts, reject him in the election. Biden will be re-elected by a clear-cut margin in the autumn. That’s the bet, based on not much more than a hunch. See you here next Dec. 29, to settle up or collect.
David Warsh, a veteran columnist and an economic historian, is proprietor of Somerville-based economicprincipals.com, where this columnist originated.
