The Globe and Mail reports in its Friday edition that the unemployment rate in the U.S. is at historic lows, the stock market is thriving and the economy is growing rapidly. The Globe's Matt Lundy writes that this did not help the Democratic Party, which faced a significant defeat in the recent presidential election. Various theories will emerge regarding the party's misfortunes, but the core issue may be simple: People dislike inflation. This sentiment has been made clear by voters globally over the past two years. CIBC economist Avery Shenfeld says: "Incumbent governments are going down to defeat, and the two salient issues seem to be inflation and, to some extent, immigration. There was clearly a global dimension to the price shock. [However], in every country, voters have blamed their own government for the inflation that they saw." Shortly before election day, voters in Pennsylvania -- a key battleground state -- said that inflation was their top issue, ahead of immigration, abortion rights and "preserving democracy," according to survey results from the Marist Institute for Public Opinion. Financial commentators have struggled to reconcile scorching U.S. economic numbers with the electorate's sanguine mood.