In a recent high-stakes presidential debate between Vice President Kamala Harris and former President Donald Trump, both candidates failed to mention key economic data released by the US Census Bureau just hours before. The figures revealed that median household income in the US rose for the first time since the COVID-19 pandemic, reaching $80,610 in 2023. This increase comes after three years of decline, but is still slightly below the pre-pandemic level recorded in 2019.
The data sheds light on the importance of the economy in the upcoming election, as it is consistently ranked as the top issue for voters. Trump, despite his political baggage, has been perceived as more trustworthy on economic matters compared to Harris and President Joe Biden, under whom she served as vice president. During Biden’s term, Americans saw declining spending power due to high inflation, which peaked at 9.1 percent in mid-2022.
Polling indicates that Americans generally viewed the economy more favorably under Trump than under Biden, even though his final year coincided with the COVID-19 pandemic. Harris faces the challenge of claiming credit for the positive aspects of Biden’s economic legacy while not being blamed for high inflation. At the debate, Trump criticized Harris on rising costs of living, while Harris accused Trump of favoring tax cuts for the wealthy.
Harris emphasized her proposals for creating an “opportunity economy,” including tax deductions for small businesses and a child tax credit. With the election polls showing a close race, the economic mood of the country could ultimately determine the outcome. The candidates’ first face-to-face debate may influence voters’ perceptions of their economic policies and their ability to address the financial concerns of the American people.
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