As the midterm elections approach, it is becoming increasingly clear that the economy under the Biden-Harris administration is causing significant difficulties for the majority of Americans. Recent polls have revealed widespread dissatisfaction with the state of the economy and its impact on people’s financial well-being. With less than 90 days until the election, these concerns are likely to play a major role in voters’ decision-making processes.
According to an Economist/YouGov poll conducted between August 4th and 6th, which surveyed 1,618 adult citizens, a staggering 84% of respondents said they were either about the same or worse off financially compared to a year ago. Only 5% described the economy as “excellent,” while 44% labeled it as “poor.” This dissatisfaction is echoed in a Gallup poll conducted in late July, which found that 70% of respondents believed the American economy was getting worse.
Senior Gallup editor Jeff Jones noted that people’s general negativity towards the economy has persisted despite some improvements earlier in the year. We did see some improvement earlier in the year, but all those gains have been lost.
The same July survey conducted by Harvard-Harris found that 61% of respondents believed the economy was on the wrong track, while 60% considered it weak. Vice President Kamala Harris and President Joe Biden have spent their tenure promoting the same economic ideas and programs. However, as inflation continues to rise and people struggle with increased costs for groceries, insurance, healthcare, rent, and more, this agenda has become a burden for both leaders.
Harris’s role in casting tie-breaking votes for several of the Biden administration’s most significant deficit spending bills may make it difficult for her to distance herself from the economic malaise plaguing the nation. One such example is the $1.9 trillion American Rescue Plan, which passed with Harris’s crucial vote shortly after Biden and Harris assumed office and has been identified by many economists as a significant factor contributing to inflation.
As Americans face increasingly difficult financial times, it remains to be seen how these economic concerns will influence the outcome of the upcoming midterm elections and whether new leadership could alleviate the strain on American households.