Could Kamala Harris be America's next president?
Kamala Harris is yet to become the Democratic nominee – but when she does, can she beat Trump?
Despite being rumoured for weeks, US president Joe Biden’s decision to drop out of the presidential election “came as a shock to most political observers”, says Kaleigh Rogers for ABC News.
Technically, the Democrats now have no candidate until they formally decide at their August convention, “so nothing is set in stone until that vote happens”. Vice-president Kamala Harris is, however, already calling herself the “presumptive nominee”, having quickly garnered widespread support.
Does Kamala Harris stand a chance?
She has also been endorsed by Biden and the Democratic establishment, so Harris “does look set to become the Democratic presidential nominee”, says Matt Goodwin on Substack. That will be a “total disaster” for the Democrats. She’s a “very unpopular vice president” – polls taken before Biden’s withdrawal suggest Trump will do much better against her than Biden, especially among “wavering Republicans” who would “certainly not flock” to Harris.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
What’s more, she “is just not a very good campaigner or natural communicator”. In a contest between her and Trump, it looks likely that “Trump will win and most likely win easily”.
Don’t underestimate Harris, says Jacob Heilbrunn in The Spectator.
Her early years as vice president were marked by scandal and press scrutiny, but that appears to have “toughened her up” and her public-speaking skills have markedly improved. Even immigration, seen as her Achilles’ heel given her role as “border czar”, isn’t the weakness it once was thanks to “record lows in crossings over the past few months”.
Trump’s days may be numbered.
Biden stays put, for now
Biden will remain president until January and hence will continue to be “the most powerful person on Earth”, says Ed Pilkington in The Guardian. His priority is likely to be supporting Harris by ensuring continued progress on cutting immigration.
But “merely holding the country steady to the benefit of whoever replaces him” is unlikely to satisfy a “legacy-minded” president. Congress is divided, but Biden could “shape the narrative of his presidency through executive orders”. He could cut student debt, for example – “a running theme” of his presidency. He may also seek foreign-policy victories and to shore up Ukraine.
Biden is now a so-called “lame duck” president and this could decrease his leverage with foreign powers, says Felicia Schwartz in the Financial Times. Yet it “could also free him from political constraints and allow him to act with more freedom on the world stage”.
The test of this will come when Biden meets Israel’s prime minister Benjamin Netanyahu and seeks to “advance what could be his most significant legacy: an end to the war between Israel and Hamas”. A Biden-brokered ceasefire deal would allow Harris to avoid the issue on the campaign trail.
Biden’s decision not to run may even increase his leverage on the world stage, says Richard Haass of the Council on Foreign Relations, now that he might be “succeeded by someone who’s largely in line with him, as opposed to someone who might undo a good deal of what he stood for”.
This article was first published in MoneyWeek's magazine. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
Matthew graduated from the University of Durham in 2004; he then gained an MSc, followed by a PhD at the London School of Economics.
He has previously written for a wide range of publications, including the Guardian and the Economist, and also helped to run a newsletter on terrorism. He has spent time at Lehman Brothers, Citigroup and the consultancy Lombard Street Research.
Matthew is the author of Superinvestors: Lessons from the greatest investors in history, published by Harriman House, which has been translated into several languages. His second book, Investing Explained: The Accessible Guide to Building an Investment Portfolio, is published by Kogan Page.
As senior writer, he writes the shares and politics & economics pages, as well as weekly Blowing It and Great Frauds in History columns He also writes a fortnightly reviews page and trading tips, as well as regular cover stories and multi-page investment focus features.
Follow Matthew on Twitter: @DrMatthewPartri
-
Pension warning: one in five don’t know how much is going into their pension
How to check your pension contributions and why it matters
By Katie Williams Published
-
50,000 power of attorney applications rejected – how to avoid common mistakes
A freedom of information request shows that thousands of lasting power of attorney (LPA) applications are rejected due to errors. We explain how to avoid mistakes and reveal tips to make the process as straightforward as possible
By Ruth Emery Published
-
Are Chinese consumer brands challenging global chains?
A new wave of Chinese consumer brands is starting to push out into global markets. Complacent Western giants are not nearly ready for the threat that they pose
By Matthew Lynn Published
-
What Trump's presidential election win means for the US economy
What will Trump's US presidential election win actually mean for Americans and the rest of the world?
By Stuart Watkins Published
-
Media mogul James Dolan takes straight shot at the limelight
Controversial media mogul James Dolan has been hailed as a visionary for his Sphere arena in Las Vegas. But can he square the circle financially?
By Jane Lewis Published
-
US election – is the Trump Trade back?
The US election is around the corner. How does Trump influence US markets?
By Alex Rankine Published
-
Will turmoil in the Middle East trigger inflation?
The risk of an escalating Middle East crisis continues to rise. Markets appear to be dismissing the prospect. Here's how investors can protect themselves.
By Philip Pilkington Published
-
The Gulf states: a new competitor for the City's financial crown?
Bahrain and other Gulf states could eventually threaten London's financial dominance.
By Matthew Lynn Published
-
A bull market on borrowed time
While the US enjoys a bull market, it may not last. Will the US rate cut push stock prices down?
By Alex Rankine Published
-
Working from home: is it working?
While Labour plans to make working from home the legal default, some employers are calling workers back into the office. What does the future hold?
By Simon Wilson Published