Vice President Kamala Harris presented an in-depth look at her economic policy vision during a speech in North Carolina on Friday. Her proposed “opportunity economy” targets key issues such as grocery prices, prescription drug costs, and the ongoing housing crisis, with a strong focus on supporting the middle class.
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Addressing Grocery Prices
Harris emphasized the need to tackle rising grocery prices, pledging to push for a national ban on “price gouging” within her first 100 days in office. She aims to empower the Federal Trade Commission and prosecutors to take action against companies engaged in price gouging, particularly in the food and grocery sectors. Harris also plans to support small businesses and scrutinize mergers between major grocery companies, with a specific focus on investigating potential price-fixing within the meat supply chain.
@borderObserver (The Border Observer) “Chris Cuomo blasts Kamala Harris’ ‘price gauging’ gaffe while calling for ‘better people’ in politics https://news.meaww.com/chris-cuomo-blasts-kamala-harris-price-gauging-gaffe-while-calling-for-better-people-in-politics… … shortly after she made a gaffe while presenting her economic plan to voters in North Carolina.”
Twitter August 18, 2024 https://x.com/borderObserver/status/1825281516231864809
Tackling the Housing Crisis
The vice president proposed a multi-faceted approach to the housing crisis, including providing $25,000 in down payment assistance for first-time home buyers. Harris envisions the creation of three million new housing units over the next four years, incentivizing developers with a tax credit for building starter homes. Additionally, she plans to invest $40 million in an innovation fund aimed at resolving the housing crisis.
Harris also addressed the issue of rising rental costs, advocating for an expansion of tax credits for developers who build affordable rental housing. She called on Congress to pass legislation to curb predatory investors who buy rental properties and drive up rental prices through collusion.
Family and Worker Support
Harris outlined her commitment to supporting families through tax credits, proposing a $6,000 tax credit for newborns in their first year and a restoration of the pandemic-era $3,600 tax credit per child for middle and lower-class families. She also plans to expand the Earned Income Tax Credit for lower-income workers, potentially reducing their taxes by up to $1,250. Harris reiterated her stance on maintaining President Joe Biden’s pledge not to raise taxes on households earning $400,000 or less while supporting higher taxes for the wealthy and corporations.
In a move that echoes a controversial proposal by former President Donald Trump, Harris has endorsed eliminating taxes on tips for hospitality and service workers, though a campaign official clarified that tips would still be subject to payroll taxes. The plan would include income limits and safeguards to prevent abuse by high earners.
Prescription Drug and Healthcare Reforms
Harris proposed significant changes to the healthcare system, including capping insulin prices at $35 and limiting out-of-pocket expenses for prescription drugs to $2,000 per year. She also promised to expedite Medicare negotiations on drug prices and to crack down on anti-competitive practices within the pharmaceutical industry that drive up costs. Furthermore, Harris suggested working with states to cancel Americans’ medical debt and expanding Affordable Care Act subsidies, potentially saving consumers an average of $700 on health insurance premiums.
Paid Leave and Minimum Wage
Though Harris has not yet released a specific proposal on paid leave, she has previously co-sponsored 12-week paid leave legislation. Regarding the minimum wage, Harris has called for an increase but has not specified the target amount.
Federal Reserve Independence
In a pointed remark, Harris affirmed her commitment to maintaining the Federal Reserve’s independence, distancing herself from Trump’s assertion that the president should have influence over the Fed’s decisions. Harris stated, “The Fed is an independent entity, and as president, I would never interfere in the decisions that the Fed makes.”
Harris concluded her speech by emphasizing her focus on creating opportunities for the middle class, calling for an economy where “everyone can compete and have a real chance to succeed.” She expressed her vision for a country where work is rewarded, talents are valued, and both labor and business collaborate to strengthen the economy.
Upcoming Economic Proposals
In her North Carolina speech, Harris hinted that more economic proposals would be revealed in the coming weeks. As of now, she has not issued a full policy platform nor addressed policy issues beyond the economy, but these are expected to be disclosed soon.
Comparing Harris’ Policies with Biden’s
Harris’ economic agenda closely mirrors that of President Biden, though it reflects her personal priorities, such as the child tax credit. A Harris aide remarked, “Same values, different vision,” indicating that while Harris aligns with Biden on substance, she emphasizes issues that are particularly important to her. Harris appears to take a more aggressive stance on certain policies compared to Biden, such as her proposal to give the FTC and prosecutors greater authority to address price gouging and her plan to invest $40 million in addressing the housing crisis, which is double the amount allocated by the Biden administration.
Comparing Harris’ Policies with Trump’s
Trump’s economic agenda is largely focused on raising tariffs on imported goods, which Harris has said she opposes. The former president has also advocated for cutting taxes and regulations in an effort to reduce inflation, including lowering the corporate tax rate, and has pushed for increased oil production to bring down energy prices. Additionally, Trump has proposed ending taxes on Social Security benefits, a proposal Harris has not yet addressed. Experts have expressed concerns that Trump’s proposal could hasten the insolvency of Social Security and Medicare, with projections indicating that exempting taxes on benefits could reduce revenue by $1.6 trillion between 2026 and 2035.
The Trump campaign criticized Harris’ economic proposals, with spokesperson Steven Cheung stating, “Kamala Harris can’t hide from her disastrous record of skyrocketing inflation … Americans are struggling under the Biden-Harris economy, and now she wants to gaslight them into believing her bald-faced lies.”
Harris’ Strategic Approach to Economic Policy
While Harris‘ economic agenda has been outlined, it lacks depth in certain areas, a strategy reportedly designed to avoid attacks and attract broader support from business groups. This approach has led to criticism, but it aligns with her campaign’s goal of presenting her as a candidate with a fresh perspective capable of addressing the key economic challenges facing the nation today.
