Americans are preparing to reel in their spending if Vice President Kamala Harris becomes president, according to a new poll.
In a survey from CouponCabin, a majority of Americans said they will decrease their spending in some way if Harris wins the upcoming presidential election.
Roughly 38 percent said they would decrease spending significantly, cutting back on most non-essentials, while 18 percent said they would ease spending on luxury or discretionary items.
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That was compared to just 24 and 10 percent, respectively, who said they planned to cut spending either significantly or moderately if former President Donald Trump wins the election.
Kevin Thompson, a finance expert and founder and CEO of 9i Capital Group, attributed the survey results to a “recency bias” as many Americans feel President Joe Biden‘s administration is responsible for inflation.
“As we all know, Biden nor Kamala Harris had anything to do with the inflationary pressures, and the United States actually fared much better than the rest of its global compatriots,” Thompson told Newsweek.
Altogether, 48 percent of the nearly 600 voters surveyed said they are leaning toward Harris, while 42 percent said they would support Trump.
Because Harris has been vocal in her plans to expand programs like the Child Tax Credit and offer startup support and down payment assistance for first-time home buyers, Thompson said many believe her policies would further drive up inflation if she wins.
“These initiatives are seen as increasing government spending, which raises concerns about the deficit,” Thompson said.
“Voters’ concerns about Harris’ policies may not align with what would actually happen, as these expectations are shaped by their recent experiences with inflation rather than a deeper understanding of future economic trends. This is similar to how individuals who lived through the Great Depression remained cautious with their spending long after the crisis ended, despite changing economic conditions.”
Harris has also pledged to end “price gouging” at grocery stores during her first 100 days in office and increase the minimum wage above $7.25.
Trump, meanwhile, has expressed his support for ending big government spending, slashing corporate taxes and maintaining the 2017 tax cuts he approved for individual Americans.
Both candidates have said they would end taxes on tipped workers, as well.
Trump and Harris voters tended to have a different approach to spending in general. While 35 percent of Trump supporters said they make a purchase every time they shop, only 15 percent of Harris supporters said the same.
This could indicate either more impulsive shopping behavior from Trump’s followers or wider economic stability across his base of supporters compared to Democrats and Harris supporters.
Generally, it’s hard for Americans to separate the Biden-Harris administration from the more expensive prices they’ve experienced in recent years, said Alex Beene, a financial literacy instructor at the University of Tennessee at Martin.
“The odds are many Americans are expecting a Harris administration would lead to more of the same and are making plans to limit spending if that moment happens,” Beene told Newsweek. “At the same point, this could also be the result of the American consumer spending less, not out of economic fear, but rather in an effort to pay down more debt they acquired in recent years.”
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