See what’s clicking on FoxBusiness.com
High inflation plagued many countries President Biden’s His time in the White House could again have a negative impact on Vice President Kamala Harris, who is expected to succeed him in the next presidential election against Republican nominee Donald Trump.
Many investors expect Harris to push for a continuation of Biden’s economic policies. exacerbated the inflation crisis“Generally, we believe she will be the Biden-Harris successor,” strategists at Evercore ISI said in a Tuesday note.
That could put him at odds with voters who are still feeling the pain of rising prices and are looking to hold someone accountable at the polls in November.
“If it’s essentially the same policies, Americans who feel left behind by the economy, worn down by inflation, and struggling to get by, may continue to level the same blame at Harris as they did at Biden, because she’s still really White House when inflation spikes,” Bankrate analyst Sarah Foster told FOX Business.
Tech giants rally behind Trump: “People want to support the winner”
President Biden (left) and Vice President Kamala Harris on the Truman Balcony at the White House on July 4, 2024 in Washington, DC. (Tierney L. Cross/Bloomberg via Getty Images/Getty Images)
The state of the economy has consistently ranked as a top priority for voters: About 89% of voters in a recent Bankrate survey said how the economy is performing is very or somewhat important to who they vote for in the next election.
“I think, at least for this administration, every election hinges on the strength of the economy,” Foster said.
Trump VP nominee JD Vance breaks up with Republican convention over tax issues
Under Biden, inflation has soared to its highest level in 40 years, with prices of basic necessities like rent, groceries and gasoline soaring. Federal Reserve Raising interest rates to their highest level in 20 years. Rising interest rates have other downstream effects, pushing mortgage rates above 8% for the first time in decades and making it much harder for businesses to get credit.
Although inflation has fallen from a peak of 9.1% and the Federal Reserve is poised to cut interest rates this fall, many Americans still don’t feel any real relief.
Food prices rise 21%% Since the start of 2021, housing costs have risen 21.6%.%Energy prices are up 32%, according to FOX Business calculations.%. Rising prices are especially devastating for low-income Americans, who tend to spend a large portion of their already stretched paychecks on necessities. Save money.
“Inflation will continue to be a concern for voters, even though Harris is not president.” [at the time]”While the Fed has sought to tame inflation, the current administration’s policies and spending have had the opposite effect, leading to persistent inflation and higher costs of living for Americans,” Steve Pesavento, managing principal at Fon Finch Capital, told FOX Business.
He added: “Voters will not miss this when they go to the ballot box.”
Shoppers shop at a Kroger supermarket on October 14, 2022 in Atlanta, Georgia. (Elijah Nouvelage/AFP via Getty Images/Getty Images)
Ted Jenkins, a certified financial planner at Oxygen Financial, told Fox Business that Harris may not face the same wrath over inflation as Biden, even if she were to seek reelection.
Click here to get FOX Business on the go
“Many voters, when they get to the ballot box, end up voting on character over policy, but they have very short memories when it comes to what happened last year and last week,” he said.
