Election 2024: Harris Closes Economic Gap with Trump

Vice President Kamala Harris is gaining ground on former President Donald Trump regarding economic issues, coinciding with positive economic indicators.

Recent polls show Harris narrowing the gap with Trump on handling the economy, a trend that wasn't evident when President Biden was the presumptive Democratic nominee. Rob Schumacher/The Republic / USA TODAY NETWORK via Imagn Images

A Marist College poll found Harris trailing Trump by only 3 percentage points on economic matters, compared to Biden's 9-point deficit in June.

Similarly, a Fox News poll showed Harris 5 points behind Trump, while Biden lagged by 15 points in March. Gary Cosby Jr.-Imagn Images

The shift may be attributed to Harris's messaging and debate performance, as well as improving economic conditions. Inflation has decreased significantly since its peak in June 2022, leading to stock market highs.

The Federal Reserve's recent interest rate cut signals confidence in the fight against inflation. Rob Schumacher/The Republic / USA TODAY NETWORK via Imagn Images

Pollster Frank Luntz noted Trump's weakening economic messaging, particularly on affordability issues.

"Every time they gave him a question on inflation, he moved it to some other issue," Luntz said on C-SPAN's "Washington Journal." GREG WOHLFORD/ERIE TIMES-NEWS / USA TODAY NETWORK via Imagn Images

Despite Harris's momentum, Trump continues to focus on fossil fuel and automotive production.

In an interview with Sharyl Attkisson, Trump stated, "We're going to get it back. We will be at a level that nobody thought possible with automaking." Gary Cosby Jr.-Imagn Images

The economy remains a crucial issue for voters heading into the 2024 election. While the impact on individual households varies, overall economic metrics have been strong.

White House National Economic Council Director Lael Brainard highlighted that "the economy has grown by 3.2 percent per year during the Biden-Harris Administration." U.S. Dept. of the Treasury / Wikimedia

Key economic indicators include low unemployment, increased median household income, and declining inflation.

Chicago Fed President Austan Goolsbee noted, "Inflation has come way down [and] it did so without there being a recession, which has never happened before in the U.S. and virtually anywhere in the world." US Embassy Sweden / Wikimedia

The Federal Reserve has begun cutting interest rates, though the long-term economic impact remains uncertain given the unprecedented levels of stimulus during the pandemic. U.S. Government / Wikimedia