Democratic presidential candidate and Vice President of the United States, Kamala Harris, plans to outline some details of her economic plan in a speech on Friday (August 16) in North Carolina. However, her campaign team hopes she will avoid discussing details to prevent dividing voters or attracting attacks from business groups. Therefore, she is expected to maintain a “strategically vague” approach, especially in areas such as energy.
Harris’ aides and advisors vaguely stated that her economic agenda will focus on reducing the costs of groceries, housing, and healthcare while increasing child tax credits.
Her economic policy mainly revolves around combating “price gouging” and similar issues.
Harris’ campaign team stated later on Wednesday, August 14, that she would criticize practices of price hikes by meat processing companies on Friday and call for the enactment of federal laws to prohibit setting excessively high prices.
Earlier this year, Harris’ former Senate colleague Elizabeth Warren and other lawmakers reintroduced legislation aiming to ban price gouging and authorize the Federal Trade Commission (FTC) and states to enforce prohibitions against price spikes.
Harris’ economic agenda will empower the FTC to investigate abusive practices in the food and grocery industry and impose penalties. Her government will also increase scrutiny of mergers within this sector.
Earlier this year, the FTC announced plans to sue Kroger to stop its nearly $25 billion acquisition of its competitor Albertsons.
Harris’ campaign team mentioned in a statement describing her plans that she would continue to challenge such mergers and actively investigate and prosecute price-fixing behaviors.
An advisor to Harris told Reuters that in addition to controlling prices, she is also deeply concerned about “families with children.”
This advisor stated, “She is an advocate for child tax credits, a policy that can alleviate the tax burden on low-income families.”
Harris will also push plans to reduce rental and homebuying costs, including subsidizing more affordable housing and constructing climate-resilient communities.
Marcia Fudge, Harris’ advisor and former Secretary of Housing and Urban Development under the Biden administration, said, “She indeed focuses on housing issues because both she and we are very much aware that housing is a crisis in this country.”
Advisors mentioned that Harris will present sharp contrasts with Trump on tax policies and tariff issues, standing by Biden’s promise not to raise taxes on individuals earning $400,000 or less per annum. Trump reduced the corporate tax rate from 35% to 21% and implemented other tax cuts set to expire next year.
Trump pledged to make tax cuts permanent and suggested imposing new comprehensive tariffs on imported goods, a proposal that Harris rejects.
Moreover, Harris’ economic agenda will address prescription drug costs and housing expenses.
These policies aim to appeal to voters across different social strata. Her campaign advisors noted that with less than 90 days to the presidential election, Harris will particularly focus on maintaining a good reputation among battleground state voters.
Despite progressive economic ideals often garnering high support among voters, they have historically faced challenges in becoming law.
Harris’ economic platform is expected to align closely with President Biden’s economic agenda.
An aide of Harris stated, “They share the same values and have different visions. She won’t be far off from him on substantive issues, but she will highlight the most important issues for her.”
Harris shows signs of adaptability on economic issues. Her advisors mentioned that she no longer supports measures she proposed during her brief 2020 presidential campaign, such as banning hydraulic fracturing and advocating for Medicare for All.
The Labor Department reported on Wednesday that the inflation rate in the United States fell below 3% for the first time in nearly three and a half years in July, but prices of groceries and consumer goods remain significantly higher than pre-pandemic levels.
Economics consistently ranks as the top concern for American voters, with many believing that Republicans are better economic managers than Democrats.
Karoline Leavitt, spokesperson for Trump, stated, “America cannot endure four more years of Kamala Harris’ failed economic policies. President Trump has a strong track record in making this country prosper and affordable. Americans can trust that he will once again put more money back into their pockets.”
(This article references reporting from Reuters)