An August YouGov survey of over 1,500 US adults revealed that inflation and elevated prices were the most pressing issues for voters. Many were also concerned about the weakness in the US jobs markets and the overall economy. US Vice President Kamala Harris and former President Donald Trump are trying to win voters by focusing their agenda on better handling the US economy, which is neck-deep in debt. Interest payments on US national debt of $35.3 trillion surpassed $1 trillion in 2024, up 30% year-over-year, as benchmark rates remained at multi-decade highs. Despite a cooling inflation trend that may translate to a 25bps rate cut this month, food prices remain 21% higher than three years ago.
During a speech last month in North Carolina, Harris offered a glimpse into her economic agenda, which focuses on lowering living costs via several measures. She proposed banning price gouging on groceries as prices remain "too high" despite post-pandemic improvements in global supply chains. Harris also plans to help families with newborns with a $6,000 tax credit and a $25,000 downpayment assistance for some first-time homebuyers.
