Walmart Prices Going Down Hands Kamala Harris a Huge Win

Walmart has announced it is lowering prices on thousands of products in what could be a big win for Kamala Harris in the run-up to November’s presidential election.

The retail giant is set to slash prices on more than 7,000 items, including groceries, with just over two months left before polling day. “As it relates to value, we’re lowering prices,” Walmart CEO Doug McMillon said in a call with investors regarding second-quarter earnings, according to CNBC. “We have less upward pressure, but there are some that are still talking about cost increases, and we’re fighting back on that aggressively because we think prices need to come down.”

Overall inflation was flat for the quarter for the retailer, and revenue growth came in due to selling more units instead of charging higher prices, Chief Financial Officer John David Rainey told CNBC. “We want to drive everyday low prices,” Rainey added on the call. “We do not intend to achieve any of our margin performance by passing this along to our customers and members in the form of higher prices.”

Walmart is not the only retailer to take this step. According to The New York Times, Swedish furniture behemoth Ikea has lowered prices three times in the past year. Best Buy has reduced prices on its appliances, and crafts chain Michaels said it has cut the cost of 5,000 items including canvases and T-shirts.

How is this a win for Harris?

Harris is already attempting to woo voters with plans about cost cutting for Americans, including bringing down grocery prices, banning “price gouging” and helping first-time buyers with real estate purchases.

If her promises are realized while she’s already in office as vice president to the outgoing Joe Biden, it could shine favorably on her in the presidential election—and Americans who are unhappy with the state of the economy are likely to be pleased by news of Walmart’s price drop.

According to polling conducted exclusively for Newsweek by Redfield & Wilton Strategies, 46 percent of Americans believe the economy is in a worse state than in January 2021, when Donald Trump left the White House, compared with 33 percent who think the opposite.

Of the 1,500 eligible voters surveyed on August 15, 41 percent said the economy is currently in a bad state, with 47 percent saying Harris, as vice president, is significantly responsible.

“By any measure, our economy is the strongest in the world,” Harris said on the campaign trail in North Carolina. “Many Americans don’t yet feel that progress in their daily lives.”

But Harris is already more trusted on the economy, albeit slightly, with a recent poll by the Financial Times and The University of Michigan Ross School of Business finding that 42 percent of voters believe she would be better with it than her opponent Trump, who was trusted by 41 percent of respondents. Her rating was also seven percentage points higher compared with Biden’s numbers last month.

Flavio Hickel, associate professor of political science at Washington College, told Newsweek: “I think the impact of reduced prices anywhere—but particularly with respect to groceries, and particularly with respect to Walmart—is that this news, whether heard through traditional media, social media, or word of mouth, will signal to lots of people that the economy is getting better overall.”

“This will obviously benefit the Harris campaign as they are the incumbent party,” he continued, but warned that its scope could be somewhat limited.

“The opinions of ardent Trump and Harris supporters won’t be moved by this news. The positive effect for Harris is likely to be restricted to the smaller segment of Biden voters who are flirting with support for Trump because of economic concerns and the very small percentage of the electorate that remains undecided,” Hickel said.