Kamala Harris ran a historically short 107-day race for president. She ran a fairly disciplined and extremely well-resourced race. But ultimately, she couldn’t outrun the Biden economy.

There will be a lot of discussion about why Harris lost. And there are many factors that surely played a part. Racism, sexism, anti-wokeism, Gaza, and immigration are likely all pieces of the puzzle. But there is one factor above all that is responsible for “Trump 47”: inflation. Or more precisely “the price level”.