GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
it’s possible for you to read more about oureditorial guidelinesand our products and servicesreview methodology.
Knowing this, many Americans are wondering how a Kamala Harris win may affect their household income in 2025.
Would they see growth or deflation or would things stay pretty much the same?
GOBankingRates spoke with two professors with decades of experience in finance andeconomics.
They offered a nuanced perspective on how the political landscape could shape Americans financial futures.
Heres how economists predicthousehold incomes could be affected in 2025 if Harris wins the election.
In this situation, Kass predictsmodest but steady growthin household incomes.
In this scenario, he thinks there are potential benefits for low-income households.
Wealthier people might have less spending money if the government raises taxes on their investments.
Consequently, some of that wealth could get spread to other parts of society.
If there were to be a decline in stock prices, that could affect retirement investments.
Kass added, This would likely lead to a reduction in disposable income for those with these investments.
Galici explained that historically, the stock market has trended upward regardless of which party controls the White House.
This is because numerous factors beyond presidential control influence market performance.
Price Controls and Labor Market
Ernest thinkssome proposed policiescould potentially have unintended consequences.
This policy could provide financial relief for young families, potentially offsetting other economic pressures.
Trade Policies and Consumer Prices
Ernest shared the potential benefits of Harris approach to international trade.
This could help stretch household budgets further.
This could lead toincreased job specialization and productivity, which might boost wages.
Higher earners might face higher taxes.
Of course, all of this remains to be seen.
Until then, all we can do is practicegood financial health savings, investing and planning for the future.
More From GOBankingRates
Share This Article:
