I don't know where you are getting your information that poverty is somehow much worse under Biden than it was under Trump. Census Bureau statistics don't bear that out. In 2020, the last year of Trump's presidency the official poverty rate was 11.5%. Last year, the poverty rate was 11.1%. (The numbers are, of course not yet out for 2024.)  Given the margin of error in these numbers the numbers for the two administrations are not all that much different. When you look at the actual numbers instead of the political posturing of candidates, you sometimes get a very different picture of reality versus political posturing, as in this case. The truth is that the rate of poverty did not change all that much from the start of the Trump presidency to now.

That does not mean that everything in the economy has been just peachy; inflation has made the cost of living go up more than wages, which means that in particular the middle class has had to do some belt tightening. But the recent in the Fed's interest rate indicates that inflation is cooling. How that might affect the election is hard to say. Voters need to feel the benefit of the rate reduction to really feel better about the direction of the economy and interest rate changes take time to ripple through the economy.