President Joe Biden and Vice President Kamala Harris have been unable to secure a positive rating for their management of the economy, according to a poll conducted by Financial Times and University of Michigan’s Ross School of Business. The survey revealed that only 25% of voters rated the economy under the Biden-Harris administration as “excellent” or “good.” Furthermore, 42% stated that they believe the economy would improve significantly if former President Donald Trump were to win in November, while only 33% said the same for a potential Harris presidency.
Vice President Kamala Harris faces a challenging scenario in replacing President Joe Biden atop the Democrat ticket, as 60% of respondents indicated that they want major or complete economic policy changes implemented. Only 11% believe that she should maintain the administration’s current policies, with 29% suggesting minor adjustments and a plurality advocating for the abandonment of these policies altogether.
Inflation remains a top concern among voters, as it has increased across the board by approximately 20% under the administration. Additionally, only 19% of respondents believe they are better off financially today than when Trump held office. The poll surveyed 1,001 voters between August 1st and 5th, with a margin of error of 3.1 percentage points.
Erik Gordon, a professor at the University of Michigan, explained that “their worries aren’t over because voters still see themselves better off with Trump as president, and most voters think of their interests first and grand policy questions second.” Despite this, Vice President Kamala Harris has yet to fully distance herself from the administration’s policies. However, she has copied former President Trump’s campaign promise to eliminate taxes on tips, which contradicts the administration’s position.
In 2022, Vice President Kamala Harris cast the tie-breaking vote to pass the Inflation Reduction Act, which provided the IRS with $80 billion in additional taxpayer funds. This money was used to implement the administration’s expansion of the IRS, forcing service industry workers to report their tips to the federal government for taxation purposes.
The Vice President expressed her support for this bill last week, stating, “Two years ago today, I proudly cast the tie-breaking vote to pass our Inflation Reduction Act.” Despite these efforts, a majority of voters appear to remain unconvinced by the Biden-Harris administration’s economic policies and management.