2024 Election Takes a New Turn as Polls Reveal Who Americans Trust Most on Economic Issues

A recent poll conducted by the Financial Times and the University of Michigan Ross School of Business indicates a significant shift in American voter sentiment, as more voters now trust Vice President Kamala Harris over former President Donald Trump to handle the U.S. economy.

This poll is particularly noteworthy as it marks the first time in nearly a year that the Democratic presidential candidate has led Trump on economic issues as reported by Financial Times on Sunday, August 11, 2024.

The survey revealed that 42% of Americans now believe Harris would be more effective in managing the economy, a 7 percentage point increase from the numbers President Joe Biden held last month.

In contrast, 41% of respondents continue to trust Trump more on economic matters, a figure unchanged from the previous two monthly polls.

Erik Gordon, a professor at the University of Michigan, commented on this shift, stating, “The fact that voters were more positive on Harris than on Biden . . . says as much about how badly Biden was doing as it does about how well Harris is doing.”

This change comes in the wake of Biden’s withdrawal from the 2024 presidential race, which has seemingly altered voter perspectives, particularly regarding economic leadership.

Despite strong U.S. economic growth and robust employment figures, Biden faced ongoing challenges in convincing voters that his economic policies were in their best interest.

This sentiment has persisted even after his exit from the presidential campaign. The survey underlined that inflation remains the most pressing concern for American voters as they approach the November election, with only 19% believing they are better off now than when Biden took office in 2021.

However, the poll also suggests that Harris might be able to distance herself from Biden’s economic policies, which have been met with mixed reviews.

According to the survey, 60% of respondents believe Harris should either break completely from Biden’s economic strategies or make significant changes to his platform.

This indicates that while there is growing confidence in Harris, it may be partially driven by a desire for a fresh approach to economic issues, distinct from the current administration’s policies.

Harris’s approval ratings reflect this growing confidence, with 46% of registered voters expressing approval of her performance as vice president.

This is notably higher than Biden’s approval rating, which stands at 41%. This approval gap underscores the potential for Harris to carve out her own identity on economic matters, separate from Biden’s legacy.

However, the poll also highlights ongoing economic concerns among the electorate, which could play to Trump’s advantage.

During a recent nationally-televised news conference, Trump criticized the Biden administration’s record on inflation, a message that may resonate with voters who are still feeling the pinch of rising prices.

The survey found that only 25% of registered voters rate current economic conditions as either “excellent” or “good.”

Moreover, 42% of respondents believe they would be “much” or “somewhat” better off if Trump were to secure another term in the White House, compared to 33% who feel the same about a Harris presidency.

Gordon noted the challenges ahead for Harris and the Democratic Party, saying, “The poll is good news for previously-anxious Democrats, but their worries aren’t over because voters still see themselves better off with Trump as president, and most voters think of their interests first and grand policy questions second.”

In addition to overall economic management, the poll also explored voter trust in handling specific economic issues, such as trade.

Here, Trump continues to hold an edge, with 43% of voters trusting him more to manage economic relations with China, compared to 39% who favor Harris.

Trump has long championed a protectionist trade policy, particularly with Beijing, and has even threatened to increase tariffs on cars and other consumer imports if re-elected.

This stance appears to resonate with a segment of the electorate concerned about the U.S.’s economic relationship with China.

Representatives for both the Harris and Trump campaigns did not respond to requests for comment on the poll’s findings.

The FT-Michigan Ross Poll, conducted online by Democratic strategists Global Strategy Group and Republican polling firm North Star Opinion Research, surveyed 1,001 registered voters between August 1 and 5.

The poll has a margin of error of plus or minus 3.1 percentage points, providing a snapshot of current voter sentiments as the U.S. moves closer to the 2024 presidential election.

This poll’s results suggest that while Harris is gaining ground in economic trust, the path ahead is fraught with challenges, particularly in convincing a still-skeptical electorate that her economic vision is the right one for the country.