In her first economic policy address, Kamala Harris advocated for millions of new houses and first-time buyer assistance, tax incentives for families, and a prohibition on grocery “inflation in prices”.
Kamla Harris gave her first economic policy address
The Democratic presidential nominee’s policies draw on concepts from the Biden administration and try to address voter concerns following a price increase since 2021.
Donald Trump claimed that the vice president had already had more than three years with the government to deliver on her pledges, which he described as “dangerously liberal”.
“Where has she been and why hasn’t she done it?” was the query.
Ms. Harris responded at a speech in North Carolina on Friday, noting, “I believe that if you want to know who someone cares about, look at who they fight for. “Donald Trump advocates for billionaires and major corporations. “I will fight to return money to working and middle-class Americans.”
The campaign’s proposals include a “first-ever” tax credit for builders of houses sold to first-time buyers, as well as up to $25,000 in down-payment aid for “eligible” first-time buyers, which her campaign estimates could benefit four million households over four years.
She has also advocated for setting the monthly cost of diabetes medication insulin at $35 for everyone, finding ways to eliminate medical debt, and providing families with a $6,000 tax credit the year they have a new kid.
She supports a federal law that prohibits businesses from charging high grocery costs.
Democrats and their allies are hoping that Ms. Harris will be a stronger and more trustworthy spokesperson on economic misery than President Joe Biden.
Ms. Harris’ ideas were described by Robert Weissman, co-president of the consumer organization Public Citizen, as a “pro-consumer, anti-corporate abuse agenda”.
“The [Biden] administration did talk about it, but they did not promote proposed measures anywhere near as aggressive as Kamla Harris is doing,” he explained.
However, pollster Micah Roberts, a partner at Public Opinion Strategies predicted that inflation would continue to be a problem for Democrats, pointing out that people generally trust Republicans and Trump more when it comes to economic matters.
Some of Harris’s ideas, including outlawing price gouging, are expected to be well-received, according to analysts, but other economists have criticized them.
Many states already have laws against price gouging, which are enforced after natural disasters like hurricanes.
However, economists argue that the phrase is ill-defined and that extending such regulations can have the opposite effect of what is intended, preventing businesses from producing more when resources are scarce.
Professor of markets, public policy, and law at Boston University’s Questrom School of Business Michael Salinger noted that while he was the chief economist at the Federal Trade Commission under President George W. Bush, discussions on a similar prohibition took place.
“I thought then that it was a bad idea and I think now that it’s a bad idea,” he stated. “To impose controls on competitive markets will lead to shortages – that’s always been our experience.”