Kamala Harris’ Draws Economic Hard Line in Raleigh
North Carolina has 16 electoral votes—making the state an important place to make a statement. Kamala Harris’ speech on Friday solidified her financial plan for the country—if elected—and helped separate her from her predecessor.
“Now is the time to chart a new way forward,” Harris said.
While the similarities between Biden and Harris’ plans are present, Harris’ plan seems to be more focused—unafraid of offending those on the right, and directly going after big spenders through tax consequence.
Before her speech, team Trump preemptively spoke to the press, anticipating an attack on his proposed policies. Brian Hughes, a spokesperson for the former president’s campaign had this to say, “(Harris’) policies rival some of the most socialist and authoritarian model models from world history. Instead of unleashing American energy and reducing the burden on American people, she would impose price controls that are something out of Venezuela or Cuba.”
Here are some key takeaways from her speech:
No To Trump’s Tariffs
During her speech, Harris said that Trump wanted to propose a national sales tax on everyday products and necessities, costing a typical family $3,900 a year. This number was calculated, she said, by economists.
But what is a “typical family?” and if Trump’s plan is going to cost that family $3,900, how would his plan impact low-income and higher income families?
Trump’s plan involves raising tariffs 10% to 20% on all imports and up to 60% on imports from China.
Lowering Cost of Drugs
Harris stated plainly that she plans to lower the cost of drugs. While prescription medications are costly, some of big pharma’s powerhouse companies tried unsuccessfully to file suit against the government which would have stopped them from negotiating lower pricing on medications. This may be how she plans to lower the cost. Trump and Biden administrations achieved $35 insulin copay caps for certain Medicare recipients.
Certain, does not mean all; and it’s important to note that Harris used the term “everyone” during her speech.
“I’ll lower the cost of insulin and prescription drugs for everyone.”
Ban on High Cost of Groceries
“As president, I will take on the high costs that matter most to most Americans. … And I will work to pass the first ever federal ban on price gouging on food.”
Currently, grocery prices are 25% higher than they were prior to the pandemic. Harris didn’t lay out a plan for how she planned to achieve this feat, or even an overview.
Economists expect that wages will raise to accommodate inflation.
That’s not the same thing—not even close.
Housing Prices and Home buyers
“And by the end of my first term, we will end America’s housing shortage by building 3 million new homes and rentals. … While we work on the housing shortage, my administration will provide first time homebuyers with $25,000 to help with the down payment on a new home.”
The housing shortage has grown from 3 million to 7 million. To address this problem, Harris’ plan involves tax incentives to builders which could potentially shrink the shortage. Hurdles that Harris’ tax incentives won’t remedy in this vein include: restrictive zoning laws, higher costs for building materials, and even shortages of construction workers.
“Costs are still too high. And on a deeper level, no matter how much they work, it feels so hard to just be able to get ahead,” she said. “As president, I will be laser-focused on creating opportunities for the middle class that advance their economic security, stability and dignity. Together, we will build what I call an opportunity economy.”
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