A recent CNBC CFO survey indicates that Vice President Kamala Harris is favored to win the upcoming presidential election, despite former President Donald Trump being viewed as stronger on inflation and economic issues. CFOs are preparing for Harris to become the next U.S. president, while Trump’s economic policies still resonate with a significant portion of the business community.
Kevin Lamarque | Reuters
Kamala Harris Likely to Win Presidential Election, CNBC CFO Survey Finds
A CNBC survey of top chief financial officers (CFOs) indicates that a majority believe Vice President Kamala Harris is poised to win the upcoming presidential election. The Q3 CNBC CFO Council Survey, conducted between August 19 and September 19, shows that 55% of CFOs predict Harris will be victorious, marking a shift from the previous survey when Donald Trump was seen as the likely winner. This trend aligns with other recent polls in the business world.
Trump Rated Higher on Economic Issues
Despite the prediction of a Harris victory, many CFOs still believe former President Donald Trump is better suited to handle key economic challenges. According to the survey, 55% of CFOs see Trump as stronger on inflation and the overall economy, while only 17% favor Harris’ economic policies. Inflation, interest rates, tax policy, and regulation remain the top concerns for businesses, while trade and tariffs, a signature issue for Trump, garnered less attention from the CFOs surveyed.
Harris’ Efforts to Sharpen Economic Message
In response to these concerns, Harris has been working to refine her economic platform. During a speech to the Economic Club of Pittsburgh, she outlined plans to support middle-class families and promote union jobs, particularly in manufacturing industries like steel. Harris emphasized her belief in working with businesses to grow the economy and distanced herself from more extreme economic policies attributed to the left.
Business Leaders Lean Towards Harris
While Trump remains favored on economic policy, Harris has gained support from notable figures in the business community. Billionaire Mark Cuban has publicly endorsed Harris, stating that she is pro-business and different from President Biden. Harris has also received backing from a group of over 80 corporate leaders who see her policies as favorable to both the middle class and economic growth.
Election to Result in a Divided Government
In addition to their predictions about the presidency, CFOs expect that the U.S. government will remain divided after the election. Nearly 74% of respondents foresee a split Congress, with Democrats retaining control of the Senate and Republicans holding the House of Representatives. This expectation of a divided government suggests ongoing challenges in passing comprehensive economic legislation.
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