Vice President Kamala Harris Unveils Economic Agenda Focused on Middle-Class Families

Key Takeaways

• Vice President Kamala Harris promises tax breaks for middle-class families and a crackdown on companies raising rent and grocery prices.
• Many of Harris’s proposals build on President Joe Biden’s policies.
• Harris’s economic agenda contrasts with Republican opponent Donald Trump, but they share some common policies.

Vice President Kamala Harris has laid out an ambitious economic agenda for her presidential campaign, focusing on reducing key costs of living for middle-class families. In a speech delivered in North Carolina, Harris made a series of proposals that expand on President Joe Biden’s policies.

Expanding on Biden’s Policies

Harris’s proposals build on Biden’s initiatives and take them further. For example, where Biden proposed $25,000 in downpayment assistance for first-generation first-time homebuyers, Harris called for the same amount for all first-time buyers, regardless of their parents’ homeownership status. Similarly, while Biden aimed to expand the child tax credit to a maximum of $3,600 per year per child, Harris wants to increase it to $6,000 for newborns. Additionally, Biden proposed a $20 billion fund for local construction to promote affordable housing, and Harris is calling for $40 billion.

Harris emphasized the need to create opportunities for the middle class that advance their economic security, stability, and dignity. Her economic agenda aims to address the challenges faced by hardworking individuals who struggle to get ahead despite their efforts.

Harris and Trump: Contrasting Agendas with Some Common Ground

Harris’s proposals contrast with those of her Republican opponent, former President Donald Trump. While Trump’s economic agenda lacks specifics, he has previously proposed ideas such as deporting immigrants, raising tariffs on imported goods, and using the proceeds to pay off the national debt.

However, there are some areas of common ground between the two campaigns. Both Harris and Trump have proposed expanding the child tax credit, with Republican vice presidential nominee JD Vance suggesting a $5,000 per child credit. Additionally, both campaigns aim to end income taxes on tips.

It’s important to note that even if Harris wins the 2024 election and becomes president, implementing her ideas would require the support of Congress. With Republicans controlling the House of Representatives and Democrats in control of the Senate, the outcome remains uncertain.

Housing: A Key Focus for Harris

Harris’s economic agenda includes a range of policies aimed at curbing the high cost of housing, which economists have attributed to a long-standing shortage. To address this issue, Harris proposes the construction of 3 million new houses to bridge the gap between supply and demand, thereby putting downward pressure on prices. She plans to achieve this by offering tax incentives to builders, funding local construction, and reducing bureaucratic red tape that slows down projects. Additionally, Harris aims to assist buyers directly through a first-time buyer credit.

Promising Corporate Crackdowns

Harris also intends to crack down on companies that own many apartments and allegedly raise rents using pricing algorithms. She plans to implement a law that prevents large investors from buying houses to rent out, as this practice drives up prices by competing with individual private buyers.

In the food industry, Harris promises a federal ban on price gouging on food and groceries. She also wants the Federal Trade Commission to focus on preventing food companies from merging, which she believes reduces competition and increases grocery prices.

Furthermore, Harris pledges to lower prescription drug costs. She highlights the success of the Biden administration in reducing drug costs paid for through Medicare by allowing the government to negotiate with manufacturers. Harris plans to expand these efforts by implementing a $35-per-month cap on insulin prices and a $2,000 yearly cap on out-of-pocket drug costs for everyone, not just seniors.

Vice President Kamala Harris’s economic agenda aims to address the challenges faced by middle-class families. By focusing on reducing key costs of living, such as housing and groceries, Harris aims to improve the economic security and stability of hardworking individuals. While her proposals contrast with those of her Republican opponent, there are areas of common ground between the two campaigns. However, the implementation of Harris’s agenda would require congressional support, making the outcome uncertain.

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