Vice President Kamala Harris keeps slipping in presidential Electoral College tallies against her rival, former President Donald Trump, in large part due to her poor management of America’s nearly $29 trillion economy.
Under her incompetent leadership in the Biden-Harris administration, voters on Nov. 5 will send her packing—in no small part thanks to failed economic policies. Voters consistently rank the economy as their top issue, including among a majority of voters in Gallup’s most recent survey.
Harris fails to distance Kamalanomics from failed Bidenomics—because there’s no daylight between them. Harris boasts she cast the tiebreaking votes for the American Rescue Plan Act and the misnamed Inflation Reduction Act. Economists note these bills were key drivers of painful, 40-year-record high inflation under Biden-Harris.
Overall, prices are up 20.5%: Electricity, up 31.3%, rent, up 22.9%, and groceries, up 22.1%, since Harris took office in January 2021. Under President Joe Biden and Harris, monthly inflation averaged 5.2%—almost three times the average inflation rate on Trump’s watch. That disproportionately harms low-income and middle-class families, as well as nonwhite households. Less-wealthy homes spend more of their family budget on consumer staples with skyrocketing prices.
Under Harris, gas prices averaged $3.49 a gallon, while under Trump, gas prices averaged just $2.48 a gallon. That’s due in part to the Biden-Harris assault on domestic energy producers and irrational exuberance for electric vehicle mandates.
Americans built up savings during the pandemic but have had to spend it down because of inflation just to stay afloat. In Harris’ first three years, the personal savings rate fell from 19.3% in 2021 to 2.9% in 2024—a plunge of 85%. In Trump’s first three years, the personal savings rate rose from 5.3% in 2017 to 19.3% in 2021—a 264% increase. That means Americans were far better prepared to handle an emergency under Trump then under Harris.
Under Harris, who claims to care about homeownership, the average 30-year fixed mortgage rate increased by 120% between 2021 and 2024. Under Trump, the average 30-year fixed mortgage rate decreased by 32% between 2017 and 2021.
Harris’ failed housing proposal is a $25,000 cash giveaway to first-time homebuyers. Just as with student loans, these types of distortionary subsidies will only serve to drive home prices higher.
Under Harris, whose administration has aggressively targeted lenders, credit card delinquency skyrocketed by 54% between 2020 and 2024. Under Trump, credit card delinquency fell by 11% between 2016 and 2020.
So much for Harris’ false claims that her administration’s agencies like the Consumer Financial Protection Bureau and the Federal Trade Commission are effective at supporting American families and consumers.
Harris’ inflationary policies sent prices soaring in the first place—and she’d double down if she’s elected in November with the largest tax hike in history and a Soviet-style price control scheme.
In Trump’s first three years, Americans saw a 10.5% boost ($7,690) in median household income—seven times larger than the 1.3% increase ($1,050) in median household income in Harris’ first three years. But that increase under Harris is ravaged by inflation.
The Committee to Unleash Prosperity noted that the Bureau of Labor Statistics “released its final preelection Weekly Earnings report through the third quarter of 2024. Wages are finally starting to creep up faster than inflation. That’s the good news. The bad news is that over the Biden presidency, earnings are still about 1.3% BELOW inflation. It provides further evidence that wage growth under Biden hasn’t kept up with inflation, resulting in a 1.3% loss in real earnings.”
This means Americans are effectively continuing to suffer a pay cut under Bidenomics and Kamalanomics. Meanwhile, under President Trump, real average weekly earnings increased 8.2%.
Harris’ economic record is failed, weak, and dangerously liberal, and all she is offering is four more years of the disastrous Harris-Biden administration. It’s time to bid adieu to Kamalanomics forever.
Carrie Sheffield is a senior policy analyst at Independent Women’s Voice.
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This article was originally published at www.dailysignal.com
