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Harris Inherits Biden’s economic, last month that he would not seek re-election and endorsed Vice President Biden’s endorsement of Kamala Harris as his successor has notably shifted public sentiment. Democrats now lead in seven pivotal swing states. This marks a significant change from previously uncertain battlegrounds.
Economic Performance Under Biden
Unlike Biden, who faced criticism for perceived frailty, Kamala Harris is seen more favorably on economic issues compared to Trump. The Financial Times reports that Harris has a more positive perception on economic matters, reflecting public opinion changes. An April Wall Street Journal report highlighted the American economy as the “envy of the world,” showcasing Biden’s administration improvements.
Harris is viewed more favorably on economic issues than Trump, reflecting positive public opinion shifts, according to wall street journal digital subscription.
North Carolina’s Political Landscape
North Carolina, the ninth-most populous state with nearly 11 million residents, has experienced a dramatic political shift recently. Once a stronghold for Trump, the state now seems likely to deliver electoral votes to a Democrat this century. This mirrors its support for Barack Obama in 2008, signaling a notable change in political alignment. Despite this shift, media narratives often overlook North Carolina’s superior economic growth over recent years. The state has seen significant improvements in GDP, employment, and personal income, surpassing metrics observed during Trump’s presidency.
Economic Growth and Employment
The Federal Reserve Bank of Philadelphia’s US Coincident Indexes reveal a 50% improvement in North Carolina’s economic performance compared to Trump’s era. Last year, the state’s unemployment rate fell to a 21st-century low of 3.3%, exceeding the national average. This tight labor market has led to record personal income growth, expanding 1.35 percentage points more than the national average since Biden took office, reflecting Harris Inherits Biden’s economic policies. This improvement is notable compared to the 0.54 percentage point annual premium during Trump’s tenure.
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Sector-Specific Growth
Under Biden, North Carolina’s banking and insurance sector grew 2 percentage points faster than the US average, contributing $66.6 billion to GDP. This marks a significant turnaround from the Trump administration, when the sector lagged. The IT sector has also outpaced the national average by 2.5 percentage points since Biden took office, reversing a 2.4 percentage point lag under Trump.
Investments and Future Prospects
Despite Biden’s low approval ratings, North Carolina’s personal income growth is the fastest since at least 1948. This highlights Biden’s policies, supported by Harris. Significant green energy investments are underway, including Toyota’s facility near Greensboro and Natron Energy’s $1.4 billion plant. Totaling around $20 billion, these investments position North Carolina as a cleantech leader, behind only Georgia and Michigan.
With Harris as the Democratic nominee, she plans to continue Biden’s efforts on cost-of-living issues, especially housing. She aims to build on the American Rescue Plan Act, Infrastructure Investment and Jobs Act, Chips and Science Act, and Inflation Reduction Act. Her policies focus on protecting Americans from Trump while driving economic growth and job creation.
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