A new poll finds that Americans are preparing to cut spending if Vice President Kamala Harris becomes president.
A majority of Americans said they would cut back on spending in some way if Harris wins the next presidential election, according to a CouponCabin survey.
About 38% said they would significantly reduce their spending and cut back on most non-essential items, while 18% said they would ease up on spending on luxury and discretionary items.
Democratic presidential candidate Vice President Kamala Harris speaks at the Congressional Hispanic Caucus’ 47th annual leadership conference at the Ronald Reagan Building and International Trade Center on September 18 in Washington, D.C. Democratic presidential candidate Vice President Kamala Harris speaks at the Congressional Hispanic Caucus’ 47th annual leadership conference at the Ronald Reagan Building and International Trade Center on September 18 in Washington, D.C. Polls show a majority of Americans plan to cut back on spending if Harris becomes president. Details Kevin Dietsch/Getty Images
Meanwhile, just 24% and 10% said they planned to make large or moderate spending cuts to former President Donald Trump if he won the election.
Kevin Thompson, a financial expert and founder and CEO of 9i Capital Group, said the survey results were due to “recent bias” as many Americans feel President Joe Biden’s administration is to blame for inflation.
“As we all know, neither Biden nor Kamala Harris have anything to do with inflationary pressures, and the United States is actually doing much better than its peers around the world,” Thompson told Newsweek.
Of the roughly 600 voters surveyed, 48% said they supported Harris, while 42% said they supported Trump.
Harris has touted plans to expand programs like the child tax credit and provide business start-up and down payment assistance for first-time homebuyers, leading many to believe her policies would lead to even higher inflation if she wins, Thompson said.
“These initiatives are viewed as increased government spending and raise concerns about the budget deficit,” Thompson said.
“Voters’ concerns about Harris’ policies may not align with actual outcomes because their expectations are shaped by recent experience with inflation, rather than a deeper understanding of future economic trends. This is similar to how people who lived through the Great Depression continued to be cautious about spending long after the crisis ended, despite changing economic conditions.”
Harris also promised to end “price gouging” at grocery stores and raise the minimum wage to at least $7.25 within her first 100 days in office.
Meanwhile, President Trump has said he supports ending big government spending, sharply cutting corporate taxes and preserving the 2017 tax cuts he approved for individual Americans.
Both candidates also say they would eliminate taxes on tipped workers.
Trump and Harris supporters tend to have different attitudes toward spending in general: 35% of Trump supporters say they buy it every time they go shopping, while only 15% of Harris supporters say the same.
This could indicate more impulsive shopping behavior among Trump supporters, or that his base as a whole is more economically stable than Democrats or Harris supporters.
Alex Bean, a professor of financial literacy at the University of Tennessee at Martin, said it’s hard for Americans in general to separate the Biden-Harris administration from the rising prices they’ve experienced in recent years.
“Many Americans expect a Harris administration to deliver similar results in the future and are likely making plans to curb spending in case that happens,” Bean told Newsweek. “At the same time, this could be a result not of economic anxiety, but of American consumers cutting back on spending to pay down debt that has increased in recent years.”
