Kamala Harris Rolled Out An Ambitious Economic Plan. Here’s What’s In It

Vice President Kamala Harris has released an economic blueprint focused on building an “opportunity economy” to reduce the pressure many U.S. households face because of job and housing insecurity, low wages and ineffective childcare support systems.

As the 2024 presidential election starts to lead up in genuine, Harris has aimed to cast herself as a champion on behalf of middle and working lower-income Americans who are struggling under soaring consumer prices from everything like basic goods (food) all the way through “essentials,” including housing costs or skyrocketing child care bills.

Key Components of the Plan

Harris’ economic agenda is built on top of a handful of key proposals she thinks could provide immediate relief to families under financial strain:

1. Federal Ban on Price Gouging

An important component of Harris’ plan is a federal price-gouging ban on groceries and other vital items. It aims to prevent big businesses from artificially inflating prices at the cost of consumers. To enforce this ban, Harris would give the Federal Trade Commission (FTC) and state attorneys general powers to investigate and punish violations, mainly with respect to food-and-grocery matters.

The roadmap would set tougher rules on unions by big food producers to preserve competition and stop monopoly practices from being able to push prices higher.

2. Support for First-Time Homebuyers

Harris is also running for president, and one of her campaign proposals offers as much as $25,000 to first-time homebuyers in down-payment assistance. This help is particularly for such consistently great tenants and gives the first-time homeowner variation some additional assistance.

For affordable living, she is proposing a $7.5 billion plan of tax credits for developers to build entry-level homes and 3 million new housing units in the next four years.

3. Expanded Child and Earned Income Tax Credits

The child tax credit, first included in the COVID-19 stimulus bill passed last March and expanded for one year by Biden’s American Rescue Plan earlier this month, is a more likely potential compromise, with Harris publicly touting it as well.

For one year after they have a newborn, she would also provide up to $6,000 in tax benefits for their families. Meanwhile, Harris is looking to bulk up the cost of her childless workers’ Earned Income Tax Credit (EITC) proposal by about $1.

4. Health Care Cost Reduction

Harris also wants to extend the Biden administration’s $35 price cap for insulin and reduce prescription drug costs on Medicare “to all Americans.” She wants to hold the pharmaceutical industry accountable for anti-competitive behaviour by taking on drug makers and middlemen who drive up prescription costs.

Contrasting Economic Visions

Harris has drawn stark lines between her various economic plans and those of former President Donald Trump throughout the campaign. Meanwhile, Harris continues to lower the cost of goods for consumers and provide certain types of targeted financial assistance but will also aim for Trump’s economic policies, especially his tariffs on imported goods.

Harris claims that these tariffs would work as a national sales tax, increasing prices on basic goods like food, gas and clothing. Trump and his supporters hit back at Harris with “Soviet-style” price controls. Republican analysts, including former Trump administration economic advisers, argue that Harris’ plans would represent government overreach and could hurt the economy if they stripped competition or innovation.

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Political Implications

For Harris, this economic agenda is not just a set of policy proposals but also an opportunity to position herself as someone who knows about the financial struggles faced by the millions upon whom those corporations depend.

It largely aims to maintain the gains of the Biden administration and introduce new items he believes will appeal to voters concerned about rising inflation.

The Road Ahead

While Harris continues to campaign across the country, she also has her work cut out for herself in trying to make good on all of that ambition should she be elected, especially a Congress where things are about as politically divisive as possible.

her proposals have received some favourable reviews, they are also deeply unpopular with many Republicans, and much of the economics profession is wary that a large federal deficit would drive up inflation or force the government to pick winners in capital markets.

Despite it all, though, Harris is staying true to her vision of an opportunity fund, one that she says could “get our families through the month” but also afford them a way to lift themselves up. With fewer than 90 days until Election Day, the stakes are high, and Harris is betting that her economic message of fairness and opportunity will resonate with voters who feel squeezed by the financial pressures of modern life.

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