Rizwan Ghani
The 2024 US presidential election is proving futile as the election needle remains unmoved ahead of November 5. Although both parties are aware of public demands, they blatantly refuse to address them. Political parties, accountable to lobbyists rather than voters due to the 2010 Citizens United ruling and Reagan-era reforms—such as privatization, deindustrialization and tax cuts—have undermined democratic accountability. Without making democracy answerable to voters, there can be no meaningful elections, accountable governments or social mobility.
By turning immigration into a polarizing issue, both parties have sidestepped substantive discussion on restoring the American Dream or promoting grassroots social mobility. Currently, the US boasts a $29 trillion GDP, 2.8% GDP growth and a per capita GDP of $86,601, compared to $2.6 trillion, 3.17%, and $11,674 in 1979. Yet, social mobility and opportunity are markedly lower today than in much of the European Union (“The ‘American Dream’ of upward mobility is broken. Look at the numbers,” The Guardian, March 13, 2021).
Homeownership costs consume 40% or more of household income, challenging national unity by depriving society of the educational and social mobility benefits needed for harmony. While Romania’s homeownership rate is 96%, the US lags at 66%, with 79% of Americans aged 65+ as homeowners compared to just 39% of those under 35. As a result, 52% of young adults now live with their parents (CNN). Similar rates across France (65%), Australia (66%) and Canada (67%) fuel anti-immigration sentiment.
Despite a tenfold increase in GDP and a sevenfold rise in per capita income, income inequality has surged since 1979. In 2024, the top 10% hold 75% of national wealth, while the bottom 50% own just 2.4% (Statista, Oct. 29, 2024). With no commitment to addressing income inequality through union support or labour and wage reforms, the status quo remains entrenched in a kleptocratic system. 60% of Americans cite corruption as their top concern.
Women in the US workforce, numbering 79 million, face a 15% pay gap that widens drastically after childbirth, effectively making women work two months for free (The Guardian, Feb. 23, 2023). Single mothers earn just 58 cents to every dollar paid to working fathers (“It’s Moms’ Equal Pay Day — and the numbers don’t look great,” The 19th, Aug. 7, 2024). Consequently, 28% of single mothers and their children live below the poverty line, exposing them to risks like illiteracy, abuse and child labour.
The increase in child labour has been similarly ignored. Some states have relaxed child labour laws, allowing 14-year-olds to work up to 35 hours a week alongside school obligations (Barron’s, Sept. 21, 2023). Recently, ten states have rolled back child labour protections, and a federal bill now proposes allowing teens to work in one of the most hazardous industries (“‘Dumb and dangerous’: US sees surge in efforts to weaken child labour regulations,” The Guardian, May 1, 2023).
The cost of living crisis dominated this election cycle. In advanced democracies, taxes are exchanged for high-quality public services and merit-based social mobility. Yet, neither party has presented compelling policies on employment, pensions, education, healthcare, price controls or housing. When workers receive $8,000 in severance pay after 35 years of work, it signals a democratic failure to protect the vulnerable from corporate power.
Both candidates neglected the long-term impact of the 1980 Reagan-Thatcher policies. National debt has ballooned from $850 billion in 1979 to $35 trillion in 2024, growing by $1 trillion every 100 days, or $3.6 trillion annually, with $11 trillion due for rollover this year. With $4.6 trillion owed under pension liabilities despite $38 trillion in savings, the government borrows around $60 billion each month. Tax cuts have eroded revenue, reducing public services and social mobility.
Individual debt also remains unaddressed. Americans face $1.67 trillion in student loans, $1.6 trillion in auto loans, $17 trillion in home loans, and $1.2 trillion in credit card debt. Real wages have stagnated for 50 years, with inflation-adjusted incomes trailing by about $35,000. According to a Republican analysis, Americans now need an additional $11,400 just to afford essentials (CBS, Nov. 30, 2023).
Neither party has offered a realistic immigration policy. The Joint Economic Committee reports that immigrants play a vital role in the US economy: they sustain 22% of the food supply, account for 38% of healthcare workers, and start 22% of new businesses. With $1.7 trillion in annual spending power and over $500 billion in taxes paid, immigrants are essential for economic growth (Forbes, Nov. 15, 2023). The labour shortage has hindered national development, underscoring the necessity for a skilled workforce (Politico, Aug. 5, 2024).
On foreign policy, Republicans and Democrats remain divided, especially on issues like NATO, Russia, and prolonged conflicts in Ukraine and the Middle East. Europe is concerned about potential economic fallout from U.S. trade policies (“Would Donald Trump’s trade tariffs hurt Europe?” Euronews, Oct. 24, 2024). Trump has articulated a clear stance on the economy, NATO, and international conflicts, while Democrats appear split between the Biden and Harris camps, each leaning toward a pro-war, status-quo approach.
