“It’s The Economy Stupid”: Does A $13 Hot Dog Matter More Than a Billionaire?

Billionaires. Lest we forgot the ‘Trillionaires’. Terms that were arguably always inherently political but have never felt more so then in the run up to the 2026 U.S. Midterms. As the cost of living continues to erode the lifestyles of many folks at home, it is unsurprising attention has spun its head to what many now deem outrageous gluttony hiding in plain sight. Whilst not a unified party stance, increasing numbers of Democratic candidates such as Troy Jackson, Demi Palecek, James Talarico, Gavin Newsom and so on, have circled their campaigns on higher taxation for the mega rich and getting big money out of politics as solutions for the working man. Perhaps Democrats simply found their 1%, in the norm of scapegoat populist politics. Accruing wealth was becoming the next step in the American dream, but with recent polls suggesting a rise of voters self-identifying with socialism, has economic insecurity manifested into an ideological shift? 

In fact, when Americans hear socialism, do they perceive the same standards as what socialism is deemed as internationally? In an August 2026 YouGov poll, the most widely cited examples of socialism by U.S. citizens were free healthcare and tuition fees. A long established norm in the United Kingdom since 1945 regardless of political party is access to the National Health Service, in fact unpopular controversy has faced politicians if any suggestions of privatisation arise. Forms of universal coverage or insurance are not uncommon in Europe, and in many typically deemed capitalist countries with long standing conservative governments such as Singapore and Israel. The political left/right divide does not permeate certain accepted standards and particularly cannot reliably predict a country’s stance on universal healthcare. One of Bernie Sanders’ largest priorities was Medicare For All; he is famously deemed strongly socialist in America. It is of course far more nuanced than to suggest socialist and progressive leaders in the US simply lie in the centre ground outside their own country’s borders. Mamdani’s pledge for city owned groceries in an unusually left leaning agenda. However, it is important to raise the question when identifying trends of political ideology, rather than taking the label at face value, of how perceptions and definitions will vary due its historical legacy within a country. In a recent The International Risk Podcast episode with Alex Tarascio commented on this stating, “warm fires in a cabin, that’s what they think of with socialism”. In his words, having a social security net is not socialism, it is just a norm for Western democracies. Seeking socialism is actually a very different thing. 

So what is occurring in America? It can be argued current U.S. involvement and waging of war remains distant to the American public. The brutality of conflict still remains continents away but crucially, the costs don’t.  Alex Tarascio, in the episode outlines this point; “people care about those diesel prices and those gas prices”. Broken promises on US involvement abroad only feel broken when the cost of living does not come down simultaneously. As political campaigns approaching November continue, this phenomenon is becoming increasingly apparent. The natural wealth disparity that occurs in a capitalist economy becomes the problem once it is felt by the majority. Perhaps the so-called rise in socialist belief amongst the American public is synonymous with economic frustration. A frustration that becomes aggravated into anger. Alex Tarascio goes on to note it as Socialist Curiosity.  

Within New York City, Mamdani’s approval ratings are a stark comparison to Trump with 61% in favour of his Mayorship. Many unhappy with previous Democratic administrations in the White House sought Trump as the answer to change the tide and break the status-quo. Unhappiness however has not ceased. It is potentially less relevant to who their unhappiness is directed at but rather that it remains. As Alex Tarascio goes on to comment, it is this and Mamdani’s communication which ties the parcel together. In his words Mamdani is not simply campaigning against the billionaires and trillionaires existing in New York City. He campaigns on “the injustices that bother people in their daily lives… hot dog costs of $13”. It is a way of connecting to an individual’s reality and the relatable situation in their wallet rather than purely the existence of sabotaging presences lurking in high towers. Prioritising this rhetoric more with a small scale focus is perhaps what’s most effective – a positive hopeful campaign. Alex Tarascio notes that the focus on local level governance and turning boring problems into exciting issues has set a path for continued success in popularity. Mamdani has a clear vision. A clear idea on what is right and what is wrong. Something that is often in tune with an ideological view. Something that therefore appeals to many voters who aren’t as fixated on the political labelling but rather, “so what he’s a socialist. Let’s try it out”. For those whose dissatisfaction in America’s direction continues, this is where Alex Tarascio argues the occurrence of Trump-Mamdani voters lies. There are voters whose desire to shake up the status-quo is a priority over which side of the political spectrum this change occurs. 

One thing remains clear. In a campaigning era that has more focus on who is to blame rather than what, the existence and power of billionaires in ‘big money politics’ has been pushed into the limelight and is back under scrutiny. As Marquita Bradshaw, in an upcoming episode on The International Risk Podcast described, this “oligarchy” with gerrymandering tendencies, critically needing to be curtailed in influence. With costs rising, many of the US public are ready to point the finger in this direction and maybe rightly so. James Carville’s 1992 quip “It’s the economy stupid” is therefore perhaps the best summary of where the cross will fall on ballots around the USA on November 3rd.