As the 2024 presidential election approaches, both Democratic and Republican leaders are framing the upcoming vote as a referendum on the economy, though they diverge sharply on which party stands to benefit from this focus.
U.S. Senator Lindsey Graham (R-SC) and New Jersey’s leading progressive Democrat, Lisa McCormick, have each argued that economic issues will dominate the electoral landscape, but their views on the consequences of this debate are worlds apart.
In an interview on NBC’s “Meet the Press,” Graham downplayed the role of abortion in the upcoming election, emphasizing instead the importance of economic policy.
Graham acknowledged his support for a 15-week federal abortion ban but aligned himself with disgraced former President Donald Trump’s assertion that states should set their own restrictions.
“We’re going to win or lose based on, can we change the policy trajectory of this country? Can we lower gas prices? Can we control the border? Can we lower your food prices?” Graham said.
Graham made it clear that while abortion remains a significant issue, it will not be the deciding factor in the election, which he believes will hinge on voters’ concerns about the economy and other pressing national issues.
McCormick, a Democrat best known for her strong challenge against U.S. Senator Bob Menendez in the 2018 primary, agrees that the economy will take center stage in the election, but she contends that Democrats are better positioned to win that debate.
McCormick argues that Democrats have consistently outperformed Republicans on key economic indicators, including job creation and fiscal responsibility.
“Democrats are the party of fiscal responsibility, broad-based economic growth, and middle-class job creation, while Republicans are the party of debt, stagnation, and broken promises,” said McCormick.
McCormick highlighted the contrast between the economic records of Democratic and Republican administrations, pointing out that federal budget deficits have been smaller under Democratic presidents, and job creation has been significantly higher.
From Truman through Trump, Democratic presidents oversaw the creation of 70.5 million jobs, compared to just 29.1 million under Republican presidents—a striking disparity that McCormick attributes to Democratic policies focused on building a strong middle class rather than tax cuts for the wealthy.
The issue of abortion remains a significant point of contention, even as both sides downplay its role in the election.
While Graham suggested that the abortion debate would not be the deciding factor, McCormick emphasized that the economic implications of abortion policy cannot be ignored.
McCormick, who argued that protecting a woman’s right to choose is intrinsically linked to broader economic issues, as it affects women’s ability to participate fully in the workforce and achieve financial independence.
“Since the Republican reversal of Roe v. Wade and Vice President Kamala Harris stepping in to replace President Joe Biden, the Democratic Party has doubled down on protecting a woman’s right to choose,” said McCormick. “Abortion has economic ramifications for women enslaved to a life that is dictated by being forced to give birth when faced with an unwanted pregnancy and protecting freedom does not diminish the importance of broader economic issues.”
McCormick also took aim at the long-term economic impact of weakened antitrust enforcement, criticizing the Republican embrace of “Reaganomics” and the resulting market concentration that she believes has stifled competition and exacerbated income inequality.
“This shift in policy, driven by discredited economic theories and a misaligned focus on corporate profit at the expense of broader economic health, has had far-reaching consequences for workers, small businesses, and consumers,” she warned.
As the election draws nearer, both McCormick and Graham agree that the economy will be the defining issue for voters.
However, they remain sharply divided on which party offers the best solutions. Graham is confident that the GOP’s focus on lowering gas and food prices, along with controlling the border, will resonate with voters, while McCormick insists that the Democrats’ track record of job creation and fiscal responsibility will ultimately sway the electorate.
With the economy in the spotlight, the 2024 election is shaping up to be a fierce battle over which party can best navigate the nation’s complex and challenging economic landscape.