Bidenomics Hits Home: Why American Wallets Are Voting Against the White House

Goldman Finds Inconvenient Truth About Bidenomics Just Weeks Before Presidential Election

US Vice President Kamala Harris has crisscrossed the nation, giving speeches at campaign rallies in key swing states and adjusting her accent to match each town and region. 

She recently proclaimed herself a "capitalist" in Pennsylvania while pushing her vision for an "opportunity economy." However, Harris has also floated communist-style price controls to solve elevated inflation that has financially crushed low-mid-tier households sparked by her and President Biden pushing disastrous 'Bidenomics' policies over the past 3.5 years.

On Monday night, CBS "60 Minutes" aired an interview with Harris that drilled into her economic plan to strengthen the economy. The shocking part was that she couldn't even answer how her plan would be paid for...  The entire interview, along with her running mate, Minnesota Gov. Tim Walz, was not optically pleasing for Democrats with the presidential election just weeks away. Watch the interview here.

Harris' effort to distance herself from the failures of Bidenomics is nothing short of astonishing. 

As Americans are plagued with backfiring Bidenomics that has sparked elevated inflation and high interest rates, she has zigzagged across the country to convince the public that doubling down on Democrats will lead them to the promised land. 

An inconvenient truth for Harris and Democrats is a new consumer survey from Goldman, which reveals in a note to clients titled "Americas Retail: Supermarkets 3Q Consumer Survey Reveals Incremental Focus on Value," that value-seeking behaviors dominate consumers.

The survey included a series of questions for 2,000 consumers of various ages, incomes, education, and employment backgrounds. Most questions were tailored to preference metrics relevant to shopping at supermarkets or big-box retailers.

One of the first key takeaways of the survey is that failed Bidenomics pushed consumers into value-seeking mode.

Consumers were asked, " What is the main reason for switching where you shop for groceries?" Well, they answered, "Prices." About 52% of the respondents said price was the main reason, up from 38% in 1Q20. The four-year average stands around 43%. Notice the trend for respondents answering prices soared under Biden-Harris' first term. 

The survey reveals an inconvenient truth: Most respondents shop at Walmart. This wasn't the case pre-GFC when the standard of living was much higher. Walmart used to be for bottom-of-the-barrel consumers, but not anymore. Rich and poor shop at the big box retailer. 

Here are the top subscription-based memberships that respondents hold:

Respondents are in hibernation mode. Bad news for restaurant stocks! 

Elevated inflation and high interest rates keep respondents at home for their meals. 

The main takeaway here is that struggling consumers will never forget who was in the White House that stoked the worst inflation storm in a generation. Many will be voting with their empty wallets in the coming weeks. 

Originally sourced from Zero Hedge

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