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But the two also have their differences.
Some of these differences are pretty significant, while others are much more nuanced.
All of them could impact your wallet in different ways.
Heres what he said.
One such area is in taxation.
Godur noted that Harris tends to favormore progressive tax policiesthan Biden did.
Biden, meanwhile, had a more balanced approach to taxation particularly to how the wealthy are taxed.
Both candidates have consistently prioritized reducing wealth inequality, though.
This could, in theory, alleviate some of the higher costs for the average person.
Bidens focus on strengthening the economy through infrastructure could lead to job creation and potentially higher wages.
This could be a boon for the average worker.
Wages also vary wildly based on industry, location, expertise, company, and other factors.
In fact, Godur believes, its quite the opposite.
This is in contrast to Bidens more balanced progressive goals andmore pragmatic policies.
Depending on how successful these reforms are, a Harris Administration could mean faster, positive changes.
Social Programs
Both Biden and Harris have long emphasized the importance of sustaining social programs.
But Godur believes that Harris is more progressive in these areas than Biden was.
In particular, she seems to prioritize making substantial investments in social programs likeMedicare and Social Security.
This could be both a good and a bad thing for the individual.
Conversely, Bidens infrastructure-driven approach aims atlong-term economic growth.
Bidens approach was more aimed at stabilizing inflation, something thats been seen in recent times.
The Federal Reserves targeted inflation rate is 2%.
During the COVID-19 pandemic, it hit a nearrecord-high of 9.1%.
In June 2024, however, the inflation rate was 3%.
For the average consumer, inflation which also impacts interest rates is a major concern.
The higher the inflation rate, the more expensive everyday consumer goods and services are.
This results from Harriss push for higher minimum wages and expanded social safety nets.
The downside is that business owners may see higher operational costs as a result.
That said, both individuals have made great strides in this area.
Take student loan borrowers as an example.
Under the Biden-Harris Administration, approximately $153 billion in student loans have been forgiven for almost4.3 millionborrowers nationwide.
While more relief would be beneficial, even this has had positive effects on the individuals wallet.
Both have or had policies and goals that could influence finances on an individual scale.
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