The next U.S. president will face a daunting challenge of inheriting a booming economy.

• Prior to the election, the U.S. economy is performing well in terms of private job creation, pending home sales, consumer sentiment, and gross domestic product.
• Both Kamala Harris and Donald Trump are positioning themselves as the ideal choice for the well-being of the U.S. economy in the future.
• The next U.S. president must preserve the recent surge of positive economic developments.

The upcoming U.S. president will face a formidable task of maintaining the country's robust economy following a week of positive economic developments.

Despite some expectations, GDP growth is still occurring, though it is slightly below what was anticipated. Additionally, private job creation is exceeding estimates, pending home sales data is showing positive signs, consumer sentiment is increasing towards optimism, and inflation is expected to decrease even further from its pandemic highs.

Since President Joe Biden assumed office in January 2021, the S&P 500 has experienced a 50% increase, and a 24% rise this year, as per Morning Consult.

During an event at the Port of Baltimore, President Joe Biden announced new infrastructure grants and stated, "We were on the brink of depression, but now we have the strongest economy in the world. The whole damn world."

Both Vice President Kamala Harris and former President Donald Trump are positioning themselves as the ideal guardians of the U.S. economy's future well-being.

Both candidates are striving to distinguish themselves from the norm, acknowledging the ongoing discontent among voters regarding the economy, despite the positive economic indicators.

An October YouGov poll found that 44% of U.S. adult respondents believe a "total economic collapse" is likely, with a margin of error of +/- 3.8 percentage points. The survey was conducted among 1,113 U.S. adult citizens from Oct. 17 to Oct. 19.

Trump and Harris have introduced economic policy proposals to address the pessimism among voters.

Trump has promised to implement universal tariffs on all imports from all countries, a comprehensive immigrant expulsion plan, substantial corporate tax reductions, and other measures.

Trump's proposed universal tariffs, mass deportations, and tax cuts could cause temporary economic shocks, potentially leading to market crashes, according to economists and some of his own allies.

Harris proposes hiking corporate tax rates, implementing a federal ban on corporate "price gouging" in the grocery sector, and offering subsidies and tax credits for housing development, child care, and other initiatives.

Critics, including economists and corporate leaders, have criticized the vice president's proposed ban on price gouging and plans to increase corporate taxes.

The stable economy presents an opportunity for the next president to focus on their campaign policies, according to Justin Wolfers, a professor of public policy and economics at the University of Michigan.

Both Obama and Biden assumed office during a period when stabilizing the economy had to take precedence over their usual priorities, according to Wolfers. Their main task was to extinguish the recession rather than pursue their agendas.

The present reality makes the presidential election even more consequential, Wolfers said.

"Regardless of whether you're a Democrat or a Republican, your primary goal during a recession is to resolve it," he stated. "On the other hand, if Trump's objective is to cut taxes for the wealthy and Harris's goal is to tax the wealthy in order to provide cuts to the middle and working class, they may each have the ability to achieve it."

The next president must strike a balance between fulfilling their promises to reform an economy that voters dislike and preserving the current path of economic growth.

Biden's economic rescue plan allowed him to implement large-scale stimulus bills and policies to keep American households and businesses afloat during the pandemic-induced economic crisis.

Even though Americans have not yet felt the benefits of the strong economic numbers, Biden's administration and the Federal Reserve can claim success in stabilizing the economy.

"Mark Zandi, Moody's Chief Economist, stated in a Wednesday post on X that it is difficult to see the economy improving, particularly for lower and middle income Americans who are not benefiting as they should. The next President and Congress must prioritize addressing this issue."