Recent polling in several battleground states indicates that the national debt is becoming a significant factor in how voters decide on presidential candidates.
A survey by the Peter G. Peterson Foundation, which included 2,800 participants from seven pivotal states—Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin—found that an overwhelming majority view the national debt as a “critical” issue in the election.
More than 90 percent of voters in these states believe it’s crucial for candidates to present a plan for managing the debt, with even stronger sentiments among voters for both President Biden (95%) and former President Trump (97%).
Many voters want to see more dialogue around the national debt, with around three-quarters expressing a desire for candidates to address it more—surpassing interest in other pressing topics like immigration, abortion, and climate change.
With the national debt exceeding $35 trillion and projected to rise without substantial policy changes, Michael A. Peterson, CEO of the Peterson Foundation, remarked, “Voters in these swing states are not just interested; they’re connecting fiscal issues to broader economic concerns like inflation, interest rates, and essential programs like Medicare and Social Security.”
Interestingly, while tax cuts are typically popular, the survey suggests that most voters oppose them if they contribute to increasing the national debt. About 74 percent said they would support a candidate who pledges not to add to the debt, potentially at the cost of allowing tax cuts to lapse or implementing spending cuts. This perspective was consistent among both Democratic and Republican voters.
Previous analyses indicated that Biden’s policies could increase the debt by $3.5 trillion, while Trump’s could hike it by approximately $7.5 trillion. However, some experts argue that for many voters, party allegiance will still outweigh concerns about the national debt. “I believe many voters are set in their ways, and those who claim indecision might not be genuine,” said one analyst.
Nonetheless, perceptions about the national debt are shifting. According to Alex Beene, a financial literacy instructor, prior to the pandemic, many Americans were indifferent to the debt’s implications. Now, they are more aware of its potential consequences as they consider their voting options.
