The US elections of November 2nd, 2010 marked a time when republicans brought to a halt the democratic control of the congress by winning the majority of the seats in the House of Representatives. There were public concerns regarding record deficits in tax rates and foreclosures that were prevalent in the Obama administration (Blinder, 2013). Another reason for this historic turn of events was that candidates and the voters were concerned with the then prevailing economic conditions and policies implemented by the democrats.
Due to the harsh economic times experienced at the time, there was widespread foreclosure of houses with the number more than tripling between 2006 and 2009. Millions of families lost their homes, and the problem persisted well into 2013. The loss experienced during the foreclosure ran into hundreds of thousands of dollars and caused disrupted lives and neglected properties ( Blinder, 2013 ). The Obama administration was capable of averting the economic disaster, but it did not. This caused public distrust in the Obama administration as families bore the effects of the foreclosures that further strained the already the economy.
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Further, income inequality has been widening since the 1970s, with the top class incomes growing faster than those of the middle and lower classes. The income inequality was observed based on census family income data. However, by applying other measures such as CBO data, the comprehensive income trend show that average income quadrupled for the top 1% with smaller increases for the middle 60% and 20% of the population ( A guide to statistics on historical trends in income inequality, 2020 ). Though the government managed to successfully mitigate some of the damage caused by the 2008 economic collapse by letting free markets run amok, the government’s policy activists accepted part of the blame for the negative consequences that followed ( Blinder, 2013 ). The public consequently turned its anger and frustration on the Obama administration, which therefore influenced the 2010 November elections.
References
A guide to statistics on historical trends in income inequality. (2020, February 11). Retrieved from https://www.cbpp.org/research/poverty-and-inequality/a-guide-to-statistics-on-historical-trends-in-income-inequality?fa=view&id=3629
Blinder, A. S. (2013). After the music stopped: The financial crisis, the response, and the work ahead . Penguin.
